It is no longer possible for bank advertising to simply consist of a brochure given out at the front of the financial institution and print ads in the local publications. Today’s digital world finds banks’ customers online most of the day, staring at ads for a number of different products.
Bank advertising dollars should be spent where they can reap their best return on investment, which, right now, is online. The good news is that digital advertising boasts many benefits, including targeting, analytics and the ability to prove the ROI for the bottom line.
These strategies can help financial institutions create the most effective advertising plans and prove ROI.
Search Engine Optimization (SEO): When it comes to online advertising, many banks don’t understand what customers are searching for. Customers who are searching for banking information are not simply typing in your website address or official product names, instead, they are using relevant keywords to find the information they are looking for. Search Engine Optimization tailors your website to meet customers’ most popular search criteria. Targeted SEO can help ensure you stand out among your competition and can be tracked with analytics tools such as Google Analytics to study user behavior and further optimize the site for search engines.
Google Pay-Per-Click (PPC): Another way to gain top placement in search results is by purchasing it on Google. Google’s PPC advertising program allows you to purchase ads and place them at the top of the first page of the keywords you choose. You only pay when those ads are clicked upon by potential customers. Google Pay-Per-Click also provides you with detailed reports which you can use to continually optimize and improve your advertising campaigns while also proving how many of those clicks became actual customers via a landing page form.
Retargeted Ads: Google also offers another form of advertising called ‘retargeting’. This retargeting is designed to keep your brand recognition high. When a potential customer shops for your financial services on your website and then moves on, Google begins putting your bank advertising up on advertising space on websites the user visits. Placement varies, and your ad might be in a banner ad or in a sidebar on a webpage. Google estimates that just 2% of shoppers purchase on their first visit to your website, but retargeting goes after the other 98%. Retargeting also is accompanied by important analytics that can help you track user behavior, and sending retargeted ads to a specific landing page can help you track success and prove ROI.
Facebook Advertising: The social network has more than 1.55 billion active users each month. It is the most popular social network in the world and one of the best places to advertise banking services. Banks can use laser-targeted Facebook ads that are targeted based on demographic information, interests, behaviors and more. Facebook provides analytics and reports on clicks, click through rate, demographics of users, and more, which continually can be used to prove the ROI on your campaigns.
LinkedIn Advertising: LinkedIn is a great platform to advertise B2B banking services, as it is the only large professional social network platform. It is one of the most important social networks for connecting with business buyers and professionals. It allows you to build relationships, generate leads, conduct market research and even improve your company’s reputation. Paid advertising is available on this platform and can be utilized by banks to reach businesses that fit their target markets.
Marketing for banking has changed drastically in the last few years. Brochures and print ads no longer work with today’s tech savvy customer. Since customers do the majority of their research online, as well as much of their banking, finding them there is the best way to engage and get the greatest ROI from your advertising. For more information about digital advertising and proving the ROI on your digital campaigns, download our free eBook.