Gone are the days where bank marketing merely consisted of a few shiny tri-fold brochures along with print ads and/or a sponsored event. In today's digital world, most of a bank's customer base spends time online, and this is where advertising dollars need to be directed to get the best return on investment. The good news is that much of online advertising is appreciably cheaper than print ads, and in many cases you only pay for the impressions or actions that are created. The bad news is that there is a slight learning curve and technology adoption period to overcome. Here are the top marketing online strategies for banks that will help you create and prove ROI.
Search Engine Optimization (SEO)
Let's face it. You're not even in business today unless you're online. However, what some banks may not understand is that when customers look for them on the internet, they aren't likely to enter your exact website address. Instead, they'll search for relevant keywords or your bank’s name and targeted SEO efforts help ensure that you are found among your competition.
Google Pay-Per-Click (PPC)
Speaking of search results, another way to gain placement on the first page of Google search results is to buy it. Google PPC advertising allows your ads to be placed at the top of the first page for the keyword terms that you select, and you only pay when those ads are clicked on by potential customers. Google PPC comes with detailed reporting that can be used to continually optimize and improve ad campaigns.
Another feature of Google advertising is called "retargeting". Have you ever shopped for financial services or retail products online and then suddenly see ads for those products everywhere you go online? This is what retargeting can do for your bank marketing program. It's estimated that 2% of shoppers convert on their first visit to a website, and this strategy goes after the other 98% by keeping brand recognition high.
IP Marketing utilizes reverse IP address look up to send customized ads to potential customers directly based on their IP address. This allows banks to target customers and serve them ads directly based on website visitors, sales prospect lists, direct mail lists, and more. Coupling IP Marketing with a traditional campaign can boost results and response rate by 10-20%.
With over 1.55 billion active monthly users, Facebook is both the most popular social network in the world and one of the best places to advertise your banking services. From setting up a Facebook Page to employing laser-targeted Facebook Ads, it's been shown that when done properly, Facebook advertising pays off. Facebook provides reporting and analytics that can be used to continually support and prove the ROI on your campaigns as well.
Internet radio has fast replaced traditional airwaves, and Pandora has over 80 million current users. They have several ad spots per hour on their channels, and they provide a great opportunity for marketing banking and financial services. Pandora ads are only served to engaged users based on activity, can be targeted based on demographics and geographics, and have a high click through rate to advertiser’s websites and landing pages.
Marketing for banks has changed dramatically in the past decade. Handing out mass-marketed promotional material no longer works with today's savvy customer who does their own research and looks for engagement from a brand. Digital bank marketing can deliver on many levels through targeted ad placement, providing the highest and most proven ROI for the business. To learn more about proving the ROI on your marketing campaigns, download our FREE eBook now!