Big banks have big budgets. But community and regional banks have advantages too. Outperform big banks with flexible tactics, memorable creative, and laser point targeting. Here are three great tools that have proven successful for regional and community bank marketing.
TARGETED ONLINE ADVERTISING
Advertising on a news website where you also place print ads is not enough. To play alongside the big banks, you’ll need to diversify. The first step is to identify the target audiences for your creative. There’s no reason to run ads ROS when you can choose the specific audience you want to reach through big data. Second, allocate a digital budget at least equal to your print budget. Diversify between display ads, PPC ads, social media ads, pre-roll video and CPC rate tables. (If these acronyms confuse you, catch up on your homework here.) Lastly, place your creative on websites where users match your chosen audience profile and geographic targets. Use tracking links to closely monitor which placements are getting the best response and adjust impressions to optimize the campaign.
More and more viewers are turning to streaming services and the web for their entertainment and information. A pre-roll ad is a short promotional video message that plays before the content a user has selected. The video advertisements are often repurposed television ads and can reach a highly targeted audience that broadcast cannot. An added benefit of pre-roll video is the ability to capture advanced analytical data, making it simple to monitor success and plan for future modifications. While logic says most people would skip these ads, the analytics prove they are highly effective.
Keep in mind that all of your online advertising has to lead to somewhere. Customized landing pages on your website correspond with the look and feel of your online ads and give you the opportunity to continue the conversation. You can also add in-depth product information and a clear call to action. Through web analytics, you can track user behavior and the success of each specific campaign. Consumers typically make multiple visits to a website before completing a purchase, so it’s important to closely monitor these statistics in order to make adjustments as needed.
So now you know. Smaller and mid-sized financial institutions have more ability to be responsive and target specific audiences, whereas big banks have to be more generic, trying to appeal to all. Diversify your ad campaigns, know your audience and be flexible to optimize your placements for impactful results. Contact us today and let’s talk about how we can help your bank gain market share.
Digital Display Ads: Also knows as Banner Ads, this type of advertising is visually appealing using text, graphics and animation. Display advertisers frequently target users with particular traits to increase the ads’ effect. Cookies, which are unique identifiers of specific computers, are used to decide which ads to serve to web users. Cookies can track which pages a user visited, so the advertiser can later retarget the user with ads from the site the user visited. Display ads can be served on desktop, tablet and mobile devices.
PPC Ads: Pay Per Click Ads are mainly text based ads that are placed on the top and right rail of search engines such as Google, Bing and Yahoo. The placement is based upon a bidding process whereas the advertiser willing to pay the most per click is placed the highest. The advertiser only pays when a user clicks on their ad.
Social Media Ads: Show your content to a larger audience. With the many Facebook advertising tools, you can reach broad or very targeted audiences outside of those that already “like” your page. Facebook ads are generally very cost-effective and can be seen on mobile devices, where most users are.
Pre-Roll Video Ads: Online video content forces you to watch a 15-30 second advertisement before your selected content will play. This advertisement is called a pre-roll video. Some websites offer a skip button after 5 seconds, while others force the user to watch the entire pre-roll. The user may click on your video which brings them to your landing page, or they may go to your website in separate tab.
CPC Rate Tables: Cost Per Click Rate Tables are used to advertise mortgage, home equity and savings rates. The most popular website for this is Bankrate. Their rate search application is also embedded on hundreds of partner websites giving you a wider range of traffic. Similar to PPC ads, the advertiser only pays when a user clicks on the advertised rate.