One of the most powerful tools at marketers for Banks, Credit Unions and Mortgages Companies disposal is geofencing combined with data-driven programmatic advertising. By leveraging these technologies, financial institutions can reach potential clients more effectively, personalize their marketing efforts, and maximize their return on investment (ROI).
Quick links – What is Geofencing? – What is Programmatic? – Our Pricing
For mortgage companies and banks, geofencing allows them to target potential clients based on their physical location. This can include people who are visiting open houses, real estate offices, or even competitors’ branches. The ability to pinpoint potential clients in real-time and deliver personalized messages can significantly boost lead generation and conversion rates.
The Power of Data in Programmatic Advertising
Programmatic advertising is the automated buying and selling of online ad space, driven by data. By utilizing real-time data, programmatic advertising allows for highly targeted ad placements, ensuring that the right message reaches the right audience at the right time.
For financial institutions, data is a goldmine. Mortgage companies and banks have access to vast amounts of customer data, including demographic information, credit scores, home-buying behavior, and more. By integrating this data with programmatic advertising, they can create highly personalized and effective marketing campaigns.
For example, a mortgage company can use data to identify potential homebuyers who have recently searched for mortgage rates online. By combining this data with geofencing, they can target these individuals with relevant ads when they are near a real estate office or an open house. This level of precision targeting can dramatically increase the likelihood of conversion.
Benefits of Geofencing and Data-Driven Programmatic Advertising for Mortgage Companies and Banks
- Enhanced Targeting: By combining geofencing with programmatic advertising, mortgage companies and banks can target potential clients based on their physical location and online behavior. This ensures that marketing efforts are directed toward individuals who are most likely to be interested in their products or services.
- Personalized Messaging: With access to extensive customer data, financial institutions can create personalized ads that resonate with their target audience. Personalized messaging increases engagement and improves the chances of converting leads into clients.
- Real-Time Engagement: Geofencing allows for real-time engagement with potential clients. For example, a bank can send a special offer to a customer who is near one of its branches, encouraging them to visit and speak with a mortgage advisor.
- Cost Efficiency: Programmatic advertising optimizes ad spend by ensuring that ads are only shown to relevant audiences. This reduces wasted ad spend and increases ROI.
- Measurable Results: Both geofencing and programmatic advertising provide measurable results. Financial institutions can track the effectiveness of their campaigns in real-time, making it easier to adjust strategies and optimize performance.
Quick links – What is Geofencing? – What is Programmatic? – Our Pricing
Types of Data Layers That Can Be Used
The ability to used segmented data for programmatic advertising allows you to filter an audience down to actual in market customers. Here are some companies that give access to data segmentation files that are used as a data layer for more relevant advertising.
Demographic and Behavioral Data
- Nielsen, Oracle Data Cloud: These data providers offer demographic and behavioral data, such as age, income, family size, and online behavior. By analyzing this data, advertisers can identify likely first-time home buyers or those considering refinancing.
Financial Data Providers
- Acxiom, Epsilon: These companies offer extensive financial and demographic data, including insights into consumers’ financial behaviors, such as mortgage payments, loan applications, and credit utilization. This information is useful for targeting individuals likely to be in the market for home purchases or refinancing.
- Experian, Equifax, TransUnion: Credit bureaus can provide valuable insights into consumer credit behavior, including mortgage inquiries and refinancing activities. This data can help identify individuals who are actively seeking home loans or refinancing options.
Best Practices for Implementing Geofencing and Programmatic Advertising
- Define Clear Objectives: Before implementing geofencing and programmatic advertising, mortgage companies and banks should define clear marketing objectives. Whether the goal is to increase brand awareness, generate leads, or drive conversions, having a clear objective will guide the strategy.
- Leverage Quality Data: The success of programmatic advertising depends on the quality of the data used. Financial institutions should ensure that they are leveraging accurate and up-to-date data to create targeted and effective campaigns.
- Segment Your Audience: Audience segmentation is key to delivering personalized ads. By segmenting the audience based on factors such as location, demographics, and behavior, mortgage companies and banks can create tailored messages that resonate with each segment.
- Monitor and Optimize: Continuous monitoring and optimization are essential for the success of any marketing campaign. Financial institutions should regularly review the performance of their geofencing and programmatic advertising efforts and make adjustments as needed.
- Compliance with Privacy Regulations: It’s important to ensure that all geofencing and data-driven advertising efforts comply with privacy regulations such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). This includes obtaining consent from users before collecting and using their data for marketing purposes.
Conclusion
Geofencing and data-driven programmatic advertising offer mortgage companies and banks a powerful way to reach potential clients with precision and efficiency. By leveraging these technologies, financial institutions can create personalized, targeted campaigns that drive engagement, increase conversions, and maximize ROI. In an industry as competitive as finance, embracing these innovative marketing strategies is not just an option—it’s a necessity for staying ahead of the curve.