Great product offerings or rates will always be important, but they don’t do enough to attract the attention of today’s hyper-connected, socially-driven, digitally-savvy, mobile-centric customer. If you want their attention, you’ve got to meet them where they spend the most time online (i.e. social channels). Then you’ve got to do the right things to catch their eye and inspire them to take action.
We chatted about this at our May 13th ‘Art of Attraction’ webinar. Here’s a recap of the top insights that came out of that discussion. Psst … there’s also a link to a video blurb of the webinar at the end of the article.
How much of my marketing budget should be dedicated to digital marketing? Most FIs are currently dedicating about 20% to 30% of their marketing budget towards online media, including web advertising, social media and SEM.
We talked about the value of shifting funds away from reliance on traditional vehicles to more digital channels. This is where most clients and potential clients are spending their time. Digital channels provide rich data, including real-time information on performance. It’s also simple to make adjustments if required.
How would you suggest an FI should divide its digital marketing budget between all of the vehicles?
We touched on four key areas for digital success:
In terms of how to allocate within these, it really depends on each organization and should align with its business goals, markets, geographic locations, etc.
Why is digital marketing so important?
It’s highly scalable and affordable, which means that FIs of any size can engage with their audience using a combined strategy. It’s also very measurable, helping FIs to get a full understanding of where their budget is being most effectively spent.
What are the stats on retargeting actually resulting in conversions?
Retargeting converts ‘window-shoppers’ into new clients or business. In general 2% of the people who come to your site will convert on their first visit. Retargeting brings back the other 98%, because it keeps track of who visits your site and displays your retargeting ads to them as they visit other sites online. Industry research1 tells us that website visitors who are retargeted with display ads are 70% more likely to convert on your website. So there’s that.
How much research does someone do when considering opening a bank account?
Consumers check 8.9 sources before making a decision to open a new account. Most of this research is performed online. The younger the person, the more sources they require before making a decision, and the more online sources they use2.
How many variables affect conversions from retargeting?
There is tremendous variation between and within verticals to offer a one-size-fits-all benchmark. Some factors that will impact conversion include:
quality of audience segment
quality of the ad creative
harmony between landing page and ad creative
In general, if all of the above elements are in place, you can expect a higher conversion rate via retargeting than via traditional display due to the fact that you’re focusing your ad on users who have demonstrated prior interest. The best way to benchmark is against your own past performance.
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1. CMO.com by Adobe, 15 Mind-Blowing Stats About Retargeting, 2013 2. Google/Shopper Sciences, Zero Moment of Truth Study, Banking 2011