Marketing methods for banks that want to attract small business owners have changed. In order to reach and do business with this target market, banks now need to utilize digital marketing strategies. Gone are the days when you could rely on strictly print advertising to reliably drive the number of new business checking accounts up. In today's market, companies need to go where their target customers are: online. Most business owners are spending time online, whether for business or personal reasons, and savvy banks are utilizing digital marketing to reach them.
The Bottom Line
When it comes to marketing in any industry, the return on investment (ROI) is of great importance. The ROI refers to the results delivered versus the cost of driving those results. In order to pack the greatest punch for the lowest price, firms offering small business banking can use a variety of methods to reach their customers via digital marketing. Some of the best digital marketing strategies for banks to acquire new small business banking accounts while proving ROI include:
Search Engine Optimization (SEO): This method requires businesses to post content containing keywords that will be easily found by people using search engines. This can be done in the form of articles or blog posts, and it requires banks to understand how their customers will be searching for their services. Search engine optimization campaigns also involve a lot of research, continual optimization and back-linking to succeed. It is usually best to work with an agency for the best SEO results.
Google Pay-Per-Click: Google provides a pay-per-click paid advertising in their search results for targeted keywords for businesses. You pay per keyword/ad that you run and how many clicks that ad receives. Keywords for the financial industry can be pricey, but it is worth it if you are getting in front of your specific target audience with the terms they use to find your services.
Facebook Ads: Running Facebook ad campaigns that specifically target small business owners is a great way to get in front of them while they are consuming personal content on social media. Facebook ads can be targeted by age, interests, location and more to ensure your ad is being shown to your exact target market.
IP Targeting: IP Targeting can be used one of two ways. IP addresses of specific businesses and households can be mapped via mailing address and you can serve custom ads directly to the mapped IP addresses, guaranteeing your target is seeing your ads. Additionally, banks can install software on their website to look up the IP addresses of those who visit their website, and then they can advertise to them directly via IP Targeting. This method can increase marketing conversion results by 10-20%.
Digital strategies can be more successful and trackable than conventional methods as they are accompanied by detailed analytics and reporting. This takes all the guesswork out of small business banking marketing, and it allows for advertising techniques to be adjusted to provide greater effectiveness. Each listed method provides analytics and reporting to give users a wealth of information about their consumers' habits which allows companies to figure the cost per acquisition and assess whether the marketing strategies are successful and creating a positive ROI.
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