Where’s the first place you turn when you need information? Whether you’re shopping for a product, looking for advice or searching for sources, we’ve all gotten accustomed to using Google as our guide.
Search engines are the first battleground for businesses across every industry. If you want to catch potential customers at the top of the marketing funnel, you have to win the search engine game. Organic search engine optimization (SEO) is a long-term effort – and one that is worthwhile. Search engine advertising, on the other hand, brings businesses to the top of search engine result pages (SERPs) much more quickly.
When we think about marketing for banks and financial institutions, search engine marketing is equally as important. Put yourself in the shoes of a young, potential homebuyer. If they are looking for educational material about mortgage loans, they’ll turn to Google. Once they have that information and are ready to purchase, they’ll turn to Google again to look for lending options. Through search engine marketing and cleverly-crafted content, your financial institution puts itself in position to be the first choice in their search.
Search engine marketing is a crucial first step in any financial marketing campaign and its benefits are numerous. Let’s take an in-depth look at 10 of them:
1. Increased visibility
Search engine marketing allows banks to appear prominently in results when potential customers search for relevant keywords or phrases. This increased visibility helps capture the attention of users who are actively looking for banking services.
2. Targeted audience
With search advertising, banks can target specific demographics, locations and keywords to reach their desired audience. This targeting capability enables banks to focus their advertising efforts on individuals who are more likely to be interested in their products or services, leading to higher conversion rates.
3. Cost-effective
Search advertising can be a cost-effective marketing strategy for banks. Unlike traditional advertising methods, such as TV or print ads, search advertising allows banks to pay only when a user clicks on their ad (a pay-per-click model). This helps optimize the marketing budget and ensures that the bank is paying for actual engagement.
4. Measurable results
Search engine marketing platforms provide robust analytics and reporting tools that allow banks to measure the effectiveness of their campaigns. Banks can track key metrics such as impressions, clicks, conversions and return on investment (ROI). This data empowers banks to refine their advertising strategies, optimize campaigns and allocate resources more efficiently.
5. Enhanced brand visibility and awareness
By consistently appearing in search results, banks can increase brand visibility and awareness among their target audience. Even if users do not immediately click on the ads, the repeated exposure to the bank’s brand name can lead to increased recognition and familiarity, making them more likely to choose that bank in the future.
6. Competitive advantage
Search engine marketing allows banks and financial institutions to gain a competitive edge by appearing above organic search results and even above competitors’ ads. This prime positioning increases the chances of attracting potential customers’ attention and driving them to the bank’s website or landing page.
7. Quick and flexible campaign setup
Search advertising platforms provide easy-to-use tools for setting up and launching campaigns. Banks can quickly create and modify ad copy, keywords, targeting criteria and budget allocation to adapt to changing market conditions or promotional offers.
8. Local targeting
For banks with physical branches or localized services, search marketing enables the ability to target specific geographical areas. This feature is especially useful for promoting local offers, announcing branch openings or driving foot traffic to nearby branches.
9. Ad customization and extensions
Search advertising platforms often provide options to customize ad extensions, such as adding call buttons, site links, location information or reviews. These extensions enhance the visibility and relevance of the ads, making them more compelling to potential customers.
10. Remarketing opportunities
Search advertising platforms offer remarketing capabilities, allowing banks to retarget users who have previously interacted with their website. By displaying tailored ads to these users, banks can reinforce their brand message and increase the likelihood of conversions.
Overall, search engine marketing provides banks with a great opportunity to reach targeted audiences as they begin the customer journey. By getting in front of competitors, your bank has a better chance of converting leads and building a larger customer base.
At MHP/Team SI, our performance marketing experts have extensive experience designing search advertising campaigns for banks, credit unions and other financial institutions.
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