Performance-based marketing to grow your Bank and finance company.
What is Banking & Finance Marketing?
The average Banking & Finance business in the United States makes $113.2 million per year in revenue. Bank & Finance Marketing is the process of promoting the business to increase that number, or removing obstacles that are causing the ROI to be low. This can include paid social ads, paid search ads, local ads, radio ads, TV ads or traditional ads.
Most Finance companies struggle with a variety of factors such as an expensive workforce, finding adequate experts in each area, producing new creative content fast enough, and overseeing all aspects efficiently of their digital marketing. Let our team of Bank & Finance digital marketing and advertising experts manage the groundwork it takes to grow your Finance company. If you are looking to increase sales for your Finance business, please contact AdvertiseMint.
“Every bank business pays for advertising. You either pay for advertising or you pay in lost revenue to your competitors.” – Brian Meert, CEO, ADVERTISEMINT.
Popular ways to increase revenue for Banking and Financial Companies.
Increasing revenue for the banking and finance industry involves a combination of strategies and factors that contribute to financial growth and profitability. Here are five key factors that can boost revenue in this sector:
- Diversified Product Portfolio: Banks and financial institutions can increase revenue by offering diverse financial products and services to cater to various customer needs. This includes savings and checking accounts, loans, credit cards, investment products, insurance, and wealth management services. A broader product portfolio attracts a larger customer base and increases cross-selling opportunities.
- Digital Transformation: Embracing digital technology and providing online banking services can significantly impact revenue. Digital banking reduces operational costs, enhances customer experience, and allows for the introduction of innovative services such as mobile payments, digital wallets, and robo-advisors. A user-friendly and secure digital platform can attract tech-savvy customers and boost transaction volumes.
- Effective Marketing and Customer Engagement: Implementing targeted marketing campaigns and personalized customer engagement strategies can lead to higher customer acquisition and retention rates. Utilizing data analytics to understand customer behavior and preferences allows banks to tailor their offerings and promotions. This, in turn, can lead to increased revenue through higher sales and customer loyalty.
- Risk Management: Effective risk management practices are crucial for financial institutions. By mitigating risks associated with loans, investments, and financial transactions, banks can reduce losses and enhance profitability. Robust risk assessment, credit scoring models, and compliance with regulatory requirements can help protect the bottom line.
- Cost Optimization: Reducing operational costs while maintaining service quality is essential for revenue growth. Banks can achieve this by streamlining processes, optimizing their branch network, and investing in automation and artificial intelligence to handle routine tasks. Lower operating costs can result in higher profit margins.
- Interest Rate Management: Managing interest rate risk is vital for banks, as changes in interest rates can impact net interest income. Effective interest rate hedging and pricing strategies can help banks maximize interest income while minimizing interest expense.
Banking & Financial Industry Facts
Average Revenue for Bank & Finance Business: $113.2 million
Average Profit Margin for Bank & Finance Business: 18.11%
Average Employees for Bank & Finance Business: 123
Average ROI for Bank & Finance Business: 12.3%
Average Growth Rate for Bank & Finance Business: 3.5%
Total number of Bank and finance companies: 1,032,019
Average CPC on Google for Financial and Banking Institutions: $1.87
Banking and Financial Paid Social Ads
Paid social is a powerful way to help reach consumers interested in financial products or services. Paid social provides the ability to reach a wide range of people and then target your ads based on key attributes like age, gender, location, interest, behaviors or using custom audiences and lookalike audiences. Paid social ads are the leading advertising option to reach consumers on mobile devices. Paid social is also typically less expensive than other forms of advertising making it a powerful combination, however the pricing for paid social can increase as you get more targeted or if your ads appear to not be relevant by the ad platform algorithm. The most popular paid social ad platforms are:
- Banking Facebook Advertising
- Credit Union Instagram Advertising
- Financial Services TikTok Advertising
- Financial Services Snapchat Advertising
- Community Banking LinkedIn Advertising
- Financial Services YouTube Advertising
- Banking and Financial Twitter Advertising
- Financial Reddit Advertising
- Banking Pinterest Advertising
Financial and Banking Services Paid Search Ads
Paid search is the most efficient way to reach consumers who are actively searching for financial products or services. Consumers often search the internet for questions pertaining to where they are in the buying cycle. A general search would indicate they are just beginning to research companies. A specific search would indicate that the consumer is already knowledgeable and close to making a selection or purchase. Financial advertisers can bid specifically on the keywords that are most valuable for their business, which help them appear above their competitors for the most profitable keywords. Paid search ads are generally used for lead generation, local awareness or e-commerce.
Paid search ads can also be run on YouTube, where your business can advertise a specific video to appear first when consumers are searching on specific keywords or for competitors. The most popular financial and banking paid search ads are:
- Financial Google Ads
- Banking YouTube Ads
- Community Banking Microsoft Ads
- Financial Services Amazon Ads
- Credit Union Wal-Mart Ads
Banking and Financial Local Ads
Local ads are extremely important for financial companies and often overlooked because of the focus on larger ad platforms. Local ads allow you to reach customers that are physically located near your business and offer them a reason to visit your business instead of your competitors. Local digital ads typically include promotions, deals or coupons and often align with your current business reviews on that platform. This means having great customer service along with reputation management to help grow your five star reviews. Other physical ads like billboards, digital billboards, bus and metro ads allow you to ensure you are reaching customers located in your targeted area. Many times, the cost to reach a new local customer is small in comparison to the lifetime value that customer will bring to your business. The most popular local ads for financial institutions are:
- Banking Facebook Ads
- Financial ServicesGoogle Local Ads
- Credit Union Yelp Ads
- Financial Nextdoor Ads
- Community Banking Billboard Advertising
- Bank Metro Ads
- Financial Services Bus Ads
Financial and Banking Services Radio Ads
Radio ads allow banking intitutions to reach a captive audience often listening while commuting in the car, at the gym or while working. Radio ads allow you to talk directly to your customer and present . Radio ads are fixed in length and cannot be skipped, ensuring that your audience will hear your message. Due to the passive nature of radio listeners, it’s essential to have optimized audio creatives and a large enough ad budget to ensure that the average listener is reached at the recommended frequency. It’s recommended when possible to use the radio personality to read your ads as they have built Some of the most popular banking radio advertising options are:
- Financial Services Local iHeart Radio Ads
- Banking Services Spotify Ads
- Community Banking Pandora Ads
- Credit Union Podcast Ads
- Banking National Radio Advertising
- Financial Services Talk Radio Advertising
Banking and Financial Direct Mail
Direct Mail can be a powerful tool for banking companies to reach new and existing customers. With the increase of online advertising, direct mail can often be a hidden gem regarding reaching people inside their inbox with targeted messages. Direct mail can be sent in mass with new automation tools and can also be personalized prior to sending. The cost of the direct mail often depends on the size of the mail (postcard vs full size letter envelope) and while postage can be purchased at bulk rates, is still a rising cost to be considered. If you are interested in learning more about how your company can send out Direct Mail, please contact AdvertiseMint and our team would be more than happy to walk you through the options.
Banking and Financial Services TV Ads
There are several things that financial institutions should be aware of when running TV ads. TV advertising for financial products can be targeted to users on a local level which are perfect for a company with just one location, or can be shown on a DMA, state or national level for companies that have multiple locations. The price for TV ads will depend on the targeting of the ad, which often include channel, programming, time of day and frequency you wish to display the ad. If you have exact requirements, expect to pay more. If you are flexible on when and to who your ad is shown, the price is often much lower. TV ads often fall in 30 or 60 second video formats, so you’ll need to ensure all video requirements are met prior to submitting the ad to run. Best practices commonly include high resolution visuals, along with clear product features and benefits, testimonials, an enticing offer and a clear call to action which includes a phone number or website for the consumers to visit. There are also options for paid programming, which includes 30 minute or 60 minute segments that are played without interruption, typically between 11pm and 5am. If you are interested in TV advertising for your financial institution, please contact AdvertiseMint for more details and pricing.
How important are reputation management and online reviews for Fnancial companies?
Every Financial company knows that online reviews are essential for the growth of sales. In a digital world, online reviews on Google local, Yelp and many rating websites are used by your customers to validate your business and the products or services you provide. Most of the review sites will penalize you if you try to actively solicit reviews for your business, however, there are a variety of strategies that can be used to help ensure your online reputation is safe from negative reviews. In addition, you’ll need a plan to praise five star reviews while professionally addressing lower reviews, which are often read by potential customers. If you are looking to improve your total online reviews, average rating and help lower negative articles on your company from the organic search engine rankings, please reach out to AdvertiseMint to talk more.
Frequently asked questions about Banking and Finance advertising and digital marketing.
Who is the best banking and finance advertising agency?
Advertisemint is the best banking and finance marketing agency. Our team of financial advertising experts have proven experience in the banking and finanial industry. We bring a full-service team of expert account managers, copywriters, graphic designers, video editors and media buyers who are all ready to help you implement your marketing strategy and grow your banking and finance business.