Excerpted from BAI Banking Strategies, July 5, 2016, by Mark Gibson.
Marketing has changed more in the past three years than in the previous thirty as new media channels have proliferated. Bank marketers know they need to move an increasing portion of their ad budget to digital, but how much and to what?
The first thing to do is clearly understand who you are targeting with your campaigns. Once you know this, conduct research into your target consumers’ media journey. What media outlets do they use and trust? Tools such as Comscore, MRI, Scarborough, Forrester and eMarketer can help you build a consumer insights profile. This is a good first step to obtain solid directional evidence of whether your investment mirrors your audience’s habits.
Another useful insight is to discover everything you can about your competition. Tools such as SpyFu, Borrell, Moat and Kantar that can help you understand what creative your competitors are running, which media they are using and how much they are spending.
Combining these insights should provide directional guidance on where you should be investing digital media dollars. A review of the various media alternatives and what they are best at achieving:
Search Engine Marketing (SEM) or Paid Search. This involves the purchase of key words on search engines. This tactic is used to drive online inquiries and sales for people who are searching for a specific topic or product. Very often the quality and value of those clicks are only as good as the branding efforts that precede them.
Online Display. Banner ads that convey an advertising message can be in standard sizes or involve rich media, be expandable and interactive. They can build brand or sell a specific product.
Online Video. With consumers viewing content across multiple devices, on-demand and in varying lengths, many marketers are hedging linear TV budgets with online video to touch light viewers and increase market reach. It is typically used for brand building rather than product sales.
Streaming Radio. In most major markets, streaming radio like Pandora, Spotify, and Rhapsody, taken together, constitutes the largest radio “station” in terms of listeners. It’s imperative to use streaming radio to complement your traditional radio plan.
Native Content. Informational content that is designed to educate the consumer and often resembles news can either be placed adjacent to contextually relevant publisher content, can stand alone on your website or be found via search.
Mobile. Mobile can be used for very tight geo-targeting, which allows banks to be very efficient in advertising around their bank branches. Most mobile campaigns are consumer-oriented and can be both promotional or brand-oriented.
Social. A few years ago, investment in this channel involved managing communities and generating content to engage. While that is still the case, most social outlets are now requiring marketers to pay-to-play. It is generally used for brand building, but can be used for direct response sales for certain bank products.
Bank executives expect marketing to be moving in the digital direction and to be measuring the effectiveness of its efforts. There has never been a better time to reach consumers how and where they want to be reached and to quantify the return on your marketing investment.
Where Do You Start?
There are four approaches you can use to pull apart each digital medium to determine which is actually responsible for customer sales. Find out more from CPG on this on BAI Banking Strategies.