Why Has the Debt Management Market Stagnated?

The debt management search market has been flat in terms of growth in searches since 2011 – in the middle of one of the worst recessions in recent times, Why?

GOOGLE TRENDS FOR THE TERM DEBT MANAGEMENT 2011 TO DATE

source Google Trends

source Google Trends

You would have thought it would have grown as more and more people struggled with debt – but it hasn't, its stagnated - its been the same according to Google trends for the past four years

The real growth has come from Pay Day lenders as people turn away from the harder option of debt management and go for the easy quick fix of a loan. .

Front and centre in their mind is the thougth "I need money", Let’s get a loan, I have bad credit, I know I get a Wonga Loan.- because Wonga was all over the TV when I was watching Coronation Street. 

Debt and the perception of debt, and the way people feel about debt is a very negative and stressful experience, so they are not as liable to search for information it, as they should

People don’t talk about it, they don’t tweet about it, and they don’t like it on Facebook or share it, they bury their heads in the proverbial sand. 

The solution has to be in their perception and a change in their consciousness, and the solution has to be put in front of them.

Few people even know about the idea of debt management as it is not a product they are used to, it not one people talk about - they need to be educated first.

There is a perception in most marketing managers minds that this all about internet advertising and that is the main way to get customers – in fact it’s the opposite now – peoples internet consumption has moved to specific areas of interest – “Watching videos of cats and sharing them on Facebook. They are not searching for Debt Management!

Most people only visit a set number of website – like shopping or reading magazines was a few years ago.

What is the answer? Education though traditional advertising, TV, Radio, Press and wait for it Direct Mail.