While many banks and credit unions rely on traditional or legacy marketing, digital marketing is a powerful tool that continues to grow. With increasing competition and options for consumers, marketers need to discover new ways to showcase product offerings. While strategies like mailers may offer a level of customization to reach consumers, the cadence is limited. Digital marketing provides more options to reach consumers at times when it matters the most. Through location, contextual targeting, and other methods, customers can see ads when they are looking for services.
How New Marketing Tools Can Work With Old
Let’s say a financial institution sends out a mailer for the latest offerings of vehicle financing in January but the customer doesn’t start looking for a new vehicle until April. The mailer is no longer at the top of mind and the consumer may start looking elsewhere for financing. With digital ads, you can target consumers based on the context of what they are searching for. For example, a search for vehicle financing or an article for the best financing options for a new vehicle could prompt an advertisement from your financial institution on the rates currently being offered. This type of advertising that is placed on relevant sites is called contextual advertising. Unlike mailers or other traditional methods of advertising, you can target consumers in real-time.
While banks and credit unions may be able to place a billboard on a highway or send promotions to specific zip codes, the same limitations with time and relevance exist. Another way digital advertising allows better targeting is through location. With geofencing, virtual perimeters can be set in areas that are relevant to consumers. For example, we shared the topic of purchasing a new vehicle, well, virtual perimeters can be set around car dealerships, so as consumers are browsing other options online or looking up reviews, then ads can display with rates from financial institutions. Virtual perimeters can also be set around competitors. While someone is at bank A then Bank B can display ads that will appear when someone is browsing with their device in the waiting area.
How Banks and Credit Unions Bring More Awareness To Special Offers
Banking customers often receive emails or mail from their institution offering $200 for opening a new savings account, a pre-approval for a new card, or a perk with an existing offer. While tactics we previously described can be coupled with this as well, there is another marketing tool that can be used. That is mobile coupons. Mobile coupons aren’t just for getting an extra 50 cents off a grocery item. Mobile coupons can be used across various industries including financial institutions. Mobile coupons have many benefits including the ease of saving it on mobile devices, gaining customer leads, targeting, timing, expiration dates, extensive reporting, and more. For financial institutions, a mobile coupon offering a special for opening a new account could be the beginning of a new relationship with a customer who may later need a car loan, mortgage, or want to use credit card services through the institution.
Thumbvista can help with these specific marketing strategies, our team of experts can put together a customized plan to deliver successful results. Contact us here to start your journey with Thumbvista and mobile advertising.