Facebook Ads for Banks: Are They Effective?

Posted by Lindsay Borgen on April 10, 2017

There are currently a whopping 1.86 billion Facebook users worldwide. That means that as the world is becoming increasingly connected, a bank can harness Facebook’s network to reach their potential customers. Target customers of your bank most likely spend ample amounts of time on Facebook, which opens the potential for reaching them where they’re already consuming online content.

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Are Facebook Ads Effective for Banks?

More and more companies are able to reach their customer base with ads that are targeted specifically for them. This has proven to be an effective strategy in many industries, as 1.23 billion people log on to Facebook every day. Facebook ads for banks can shown to the specific demographic the bank serves, and can also be targeted based on demographics and behaviors like age, geographical location, online interests and more. Using Facebook advertising to promote your bank to targeted customers gets your brand visibility where users spend time and can direct users to your bank’s website to generate potential leads. So in short, yes, Facebook ads are effective for banks.

Tools for Success
Facebook equips its users with statistics to show how many clicks, likes, and views their content is receiving, and provides other useful analytics like gender demographics, device types and more. This means that banks can vary their approach based on analytics and also track their progress to ensure a positive ROI is being achieved. Advertisements can be used to point people to the bank's website and they can contain a call to action or can focus on generating new page likes. If a bank can direct people to like their Facebook page, this means more impressions and a greater likelihood of people developing positive feelings around the bank's brand.

Facebook ads for banks are effective, because they are shown to the pool of people who are the most likely to be interested in them. This means that impressions are not wasted and that a bank's time, resources, and budget are put to the best possible use, giving them the best possible ROI. Put simply, the effectiveness of targeted advertising coupled with the sheer volume of people on Facebook means that a bank stands to gain a great degree of influence through its proficient use.

For more information about digital advertising and proving ROI on financial marketing, download our eBook now!

Marketing ROI for financial Institutions

Topics: Financial Marketing, Bank Marketing, Financial ROI, Bank Digital Marketing, Facebook Advertising

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