Week at a Glance:
1. Marketing on Offense
2. Campaign of the Quarter
Fulcrum Thought: Are we spending to win, or just spending to keep up?
Marketing on Offense
When is the path ever truly free of hurdles? In our world, certainty is always a moving target. While many may argue that this time is different, I’d challenge you to consider: what if this uncertainty is also presenting opportunities; ones that are more within our control than we might assume?
Q1 2025 brought clarity, recalibration, and competition. While market uncertainty lingers, major FIs doubled down on consumer acquisition, digital brand building, and owning key intent moments.
I’ll cover earnings next week and focus on marketing spend today.
Top Themes from Q1 2025:
1. Spenders are gaining share: The Big 3 (American Express, Capital One, and Chase) continue to lead the pack. I’m reporting primarily on consumer-only marketing, but throw in B2B marketing and the lead these 3 have is exaggerated even further.
2. Credit Cards lead the offense: Marketing spend on credit cards stays ahead of prior years. With spring break coming to an end and consumers thinking of summer travel next, I do not expect any significant slowing in Q2 2025 either.
a. While I will cover bank earnings next week, I can’t not share that Delta noted in their earnings that Amex paid them $2B in Q1 (up 13% YoY). Cobranded acquisition, especially travel-related is not slowing down.
3. National TV is staying alive: While 2025 is the year, many projections suggest that Connected TV will overtake National TV, for now in Q1 we continue to see National TV alive and well. As we know from Direct Mail, too, marketing tends to be more additive than most other functions. It’s more of a Yes, And….
