We know banks, credit unions, and other financial institutions are under pressure to perform. Whether you need more customers to open checking accounts or you need an increase in mortgage loan applications, your marketing strategy is crucial to your future success. And, many times, you need a partner to help implement that strategy.
MHP/Team SI is a trusted marketing partner for banks around the country. We’ve developed a performance marketing playbook that connects our banking clients to people actively looking for their products or services, in their geographic market, and converts them into customers at an incredible rate.
What’s more? Our bank marketing strategies end up costing less and producing more return on investment than the financial and banking industry benchmarks according to Wordstream.. With our bank marketing strategy team, we’ll be able to “show you the money!”
We want to be transparent and show how affordable and accessible bank product performance marketing is with MHP/Team SI . So, in this blog, we’ll define performance marketing, break down our tactics, and make a case for why you should explore a partnership with MHP/Team SI to take your financial institution’s marketing results to the next level.
What is Performance Marketing?
Performance Marketing is a type of marketing strategy in which the budgeting and media tactics are driven primarily by the measurable results of that campaign. It is a cost-effective way for businesses to reach and convert new customers. End-to-end reporting helps to focus your goals and allocate your resources appropriately. Ultimately, this leads to a better conversion rate and a higher ROI for your banking products.
By using FLA-compliant data, precise targeting and effective creative, our strategies locate interested parties and convert them into new customers. Due to the specific and targeted nature of the tactics, performance marketing is particularly cost effective, both saving financial institutions money on the front end and making them more on the back end for some incredible ROI.
3 Easy Steps to Performance Marketing Success for Banks
1. Define the Audience: Targeting In-Market Customers for Banking Products
The first step of an effective performance marketing strategy is defining your audience. Our proprietary Doppio® targeting approach features more than 381 Fair Lending Act-compliant data layers to help identify potential customers who have demonstrated interest in banking products like mortgage loans, credit cards, or premium checking through their search history or prior online behavior.
We then layer on additional data layers, such as age or location, to keep your audience targeting pool and ad spend as efficiently and effectively as possible.
When it comes to data layers, we understand that transparency is crucial in launching a targeted digital campaign for your bank. For this reason, we will share the data layers with your bank marketing team and compliance officers to ensure the data remains within the bounds of the FLA guidelines.
2. End-to-End Reporting: Customer Journey Mapping for Online Bank Applications
A second pillar of our proven performance marketing success for banking is end-to-end (E2E) reporting. E2E reporting measures the cost-per-conversion for each step of the marketing funnel.
For example, in our credit card performance marketing case study, we tracked the conversion costs for both starting an online credit card application and completing an online application. This means every time a targeted user from one of our digital marketing tactics clicked on “Apply Now” and then reached the Success page, we were able to measure the return on investment. This helps us determine which channels are worth investing in.
The above example isn’t a hypothetical: it’s a real-life case study! Our performance marketing strategies helped a financial institution increase its conversion rate by 236% compared to the 2021 Banking & Finance Industry Performance Benchmarks by Wordstream. Its $55 cost-per-application-completion was also 23% below the industry average of $72.
The proof is in the numbers: performance marketing works and its low cost-per-application figures save financial institutions like yours money on a regular basis.
3. Measurable Results: See Your Bank Marketing ROI in Real-Time with Hecate
We know proving the return on investment of your marketing dollars is crucial to financial institutions. As a marketing partner, we will “show you the money.” As a data-driven marketing company, our proven performance marketing strategies for banks, credit unions, and other financial institutions will demonstrate the ROI of your banking product marketing results in real-time. With the help of our on-demand, interactive performance marketing dashboard, Hecate, your bank marketing team and executives are able to see how each product campaign is performing.
Let’s look at how to apply this for budget planning. Say your the c-suite at your bank needs 1,000 new credit card applications. With end-to-end reporting from MHP/Team SI, our team established a $11 cost-per-application-start and a $55 cost-per-application-finish. In order to get 1,000 new online applications, you know you will need to allocate at least $55,000 to a credit card campaign to reach your goal. It’s simple math!
And, yes, it works! We have the receipts!
Our performance marketing strategies have been effective for many banks and financial institutions over the past few years.
One example comes from a bank which wanted to increase online mortgage loan applications. Through our performance marketing mix of paid search, social media and Doppio® display, retargeting and Connected TV ads, we were able to convert 1,745 customers at a $36 cost-per-lead. This cost-per-lead was 50% below the national average of $72 which equals more savings for the bank marketing team!
This approach is not just a one-off strategy for credit cards and mortgage loans. We’ve applied our performance marketing approach to multiple banking products:
- Performance Marketing Case Study – Mortgage Loans
- Performance Marketing Case Study – HELOC Loans
- Performance Marketing Case Study – Credit Cards
- Performance Marketing Case Study – Premium Checking
- Performance Marketing Case Study – Auto Loans
- Performance Marketing Case Study – SBA Loans
- Coming Soon.. Performance Marketing Case Study – Business Checking
Ready to Start Seeing Results?
Feel like you don’t know where to start? We have three easy ways to get started. Choose your own adventure!
- Download our FLA-Compliant Data Layers Booklet for Bank Marketing
- Request a Performance Marketing Scorecard assessment
- View our Banking Performance Marketing Pricing guide
If you’re ready to start, fill out the form below or call us at 501-376-0321 and say “Show me the money!”
