Most people today prefer doing their business and research online from the comfort of their home or on the go; and that includes their banking, too. Even if a potential client feels fairly confident they'll walk into a branch to sign up for a loan, chances are high that they will do research about that mortgage company and loan options online beforehand.
Your potential customers are looking online for their loan options; therefore, digital loan marketing is the best way to get in front of your potential customers during their decision making time. It's also the best way to track the effectiveness of your marketing strategies, so that you can be certain you're getting optimal ROI from your loan marketing and can optimize the strategy as necessary.
By targeting a specific customer-type and/or demographic of your choice, you can effectively choose the most fruitful market for your loans. Not only that, the highly trackable activity and analytics tools that come with online loan marketing gives you real, quality feedback on the ROI of your campaign(s). There are different ways you can target a specific demographic.
- Based on Location
If you only do business in a certain area, there's no reason you need to pay to advertise to everyone online. Employing a Google Adwords campaign that targets the specific zip codes you do business in allows you to optimize your marketing budget to reach potential customers. Google Adwords also provides extensive analytics reporting that will allow you to adjust your campaigns based on click through rate, demographics, phone calls, URL clicks, and more.
- Based on Recent Searches and Online Activity
If you’re promoting a certain type of loan, you can target users based on their online activity and recent searches. Retargeting allows you to serve ads across a multitude of websites to those who have looked at your website or other influential websites of your choosing. Retargeting will allow you to create an additional 5-10 touch points with potential customers you know are interested in your products, resulting in a higher conversion rate and ROI on your budget.
- Social Media Advertising
Facebook, Twitter, and Instagram all offer advertising platforms that put your ad in front of your target markets. Social media advertising allows you to focus your ads on users with the specific interests, location, demographic information and more. Facebook, Twitter and Instagram also all boast an Ads Manager that allows you to continually view the success and analytics on your campaign to optimize cost per click, user reach, placement position and more to ensure you’re getting a positive ROI from your campaigns.
- Media Streaming Services
Pandora, Spotify, and more all have millions of users and have local advertising programs that you can use to specifically target customers. These platforms allow audio as well as display ads that users can click to go directly to your website. These platforms also provide detailed reporting of your programs to ensure they are optimized and reaching as many users as possible.
Loan marketing can be especially tough in today’s extremely competitive banking environment. However, employing digital marketing strategies that are highly trackable, can be continually optimized, and reach users where they spend time researching purchase decisions will help you gain a greater ROI from your financial institution’s marketing budget. To learn more about employing digital marketing strategies and proving the ROI on your marketing campaigns, download our free eBook now!