Financial Services Marketing Tips and Tricks
In a recent poll of Americans between the ages of 18 and 30, 98% of respondents named the financial services sector as the topic that most excites them on a day-to-day basis. Within that group, every single person said that they completely trust banks and other financial sector entities to always act in the interests of the public good. The American adult population – especially the youngest ones – really love banks. Marketing in this industry is a layup.
Hey, still reading? Good. Scratch that. Scratch all of that. Ask anyone tasked with marketing financial services and they’ll tell you that their biggest challenge is gaining the trust of prospects. Plus, even when these marketers do find people who trust them, it’s difficult to spark any interest or urgency. Let’s face it: finances aren’t the sexiest thing in the world.
The good news: WordStream has worked with and continues to work with tons of advertisers across the financial services realm. All that experience has given us a lot of insight into what it takes for your company to nail your paid search campaigns. Let’s get to it!
First things first: you need to stand out. A great way to do that is to fill your ad copy with some of the best and most intriguing perks a prospect will enjoy if they convert. Do you provide 24-hour customer service with live representatives? Free materials and webinars for new clients? Whatever it is that sets you apart from your competitors, put it in your paid search ad copy.
The competition in the financial services sector is extraordinary. Why? Because each firm is working hard to gain and maintain the trust of skeptical prospects. Therefore, it’s not enough to do surface-level keyword research; you need to find out which keywords your closest competitors are targeting and outbid them. Once a prospect finds a financial service firm they trust, they’re unlikely to leave any time soon.
Use the demographic and income targeting tools in AdWords to narrow your focus and reach a more relevant audience. As long as you know the average age and wealth status of the prospect you’re targeting with a particular campaign, you can use these tools to eliminate wasted clicks and drive more conversions. Negative keywords are another great tactic for excluding searchers who you know are uninterested or disqualified.
Put the time into making custom landing pages according to ad group and keyword. Yes, this sounds like a given for marketers in every industry under the sun, but it’s often overlooked. Directing a prospect to a landing page that offers them completely irrelevant information or services is a surefire way to increase your bounce rate, reduce your conversion rate, and hurt yourself in SERP rankings. Good, unique landing pages offer high returns!
When you’re selling financial services, phone leads are easier to convert than click leads. So, considering launching some call-only campaigns (which advertise your phone number rather than a headline) and using call extensions (which allow prospects to either visit your website or call you directly). Phone calls are a great, direct way to establish trust, build relationships, and turn leads into sales.
Finally, if you can swing it, prepare to pay a lot of money for keyword bids. Financial services keywords are some of the most competitive and expensive across AdWords. CPCs can increase to upwards of $100, so marketers working with small budgets are facing an uphill battle. Every dollar is a bit more of an edge in a fiercely competitive industry.
For more marketing tips and tricks, read the awesome content on the WordStream blog.