If someone is looking for a loan, chances are that they are no longer going into a bank to pick up a glossy brochure; and companies are not able to rely solely on billboards or TV to make their pitches. Instead, people today demand freedom in their business and home lives and want to complete their research and transactions online. This behavior includes many researched purchases, including getting a loan. They may just research online before going to a bank branch; however, online loan marketing reaches your target audience during the decision-making process and where they spend much of their time.
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.
Digital advertising – such as social media, email marketing, SEO, AdWords and banner ads – are a virtual requirement for today’s banks and financial institutions. And, tracking and proving ROI is essential to any digital marketing campaign. If you aren’t able to accurately quantify the results of your marketing, it is impossible to make good decision about future marketing expenditures. So the question is – how are successful bank and financial institution marketing executives proving ROI?
If you want to market your bank to potential clients as successfully as possible, there are a few things that you need to do. Proving marketing ROI is one of them, and it is extremely important. You should use all of the necessary and available tools in order to determine and analyze ROI, so that you can continually optimize your marketing campaigns for success. Additionally, proving marketing ROI to C-suite and board members will help justify and even expand your bank’s marketing budget, ultimately leading to more new customer acquisition. The following are strategies and equations you can use to prove your bank’s marketing ROI.
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.