But there are a lot of steps between someone recognizing your brand and becoming a client. So, we aim for conversions. In the financial world this can mean the exchange of a convertible type of asset into another type of asset. But we’re talking about marketing conversions—when a visitor to your website or a reader of your ad completes a desired action.
There are three types of marketing content used to gain exposure: earned, owned, and paid. Briefly, owned (marketing materials, websites, social platforms) and earned (public relations, reviews, news articles, word-of-mouth) are free. Paid media is what it sounds like. You pay to place your content in front of your audience as an ad or sponsorship. The use of influencers in financial services marketing is quickly gaining popularity and can be an effective form of paid media as well. Increasing traffic, leads, and conversions through paid media clicks, in turn, increases your revenue.
Often, consumers already know which financial services brand they’re going to select before they open a new credit card or brokerage account. Therefore, it’s important to reach these potential customers before they make a purchase, while they may still be open to considering your brand.
The benefits of using paid media in financial services campaigns are numerous. Some of the main ones are increased visibility and reach, targeting a specific audience segment, and enhanced brand awareness. Like many things in the financial world, it’s about numbers: the more times your audience sees your brand and your message, the better the odds they will engage. Keep in mind, however, the content must be both relevant and engaging.
The basics of paid media channels
At ddm, we recommend using an integrated approach to media advertising, one that encompasses both digital and traditional channels. While we focus below on just three of the many digital tactics that also include digital video, digital audio, native advertising, and influencer marketing, when it comes to paid media, it becomes far more robust when you add in traditional opportunities like billboards, TV, radio, direct mail, and sponsorships.
To start, marketers can have great success by leveraging paid media channels for conversion optimization in three ways: pay-per-click (PPC) advertising, display advertising, and social media advertising.
PPC is a three-legged stool.
It’s important to choose the right keywords at the start of your campaign so your content shows up when someone searches those keywords. There are keyword research tools available, but don’t forget to mine your own analytics to see how your audience is finding you. Equally important is creating compelling ad copy to entice the reader to click your ad that will take them to your landing page. Finally, optimize your ad targeting (who and when they should see it) and develop an effective bidding strategy.
A target cost per acquisition (CPA) strategy is the most risk-averse. It won’t chase volume or differentiate between higher or lower valued conversions. A targeted return on ad spend (ROAS) takes a bit more business acumen because it focuses on the highest chance of converting for a higher value. If you’re looking for pure volume, there are ways to maximize clicks and, while it might be a good strategy early on to quickly gather data, you could be focusing on some very expensive keywords in the long run.
Show up where your audience is with display advertising.
Promoting your products or services through a visual ad with a strong call to action (CTA) on relevant third-party websites is highly effective. Meet your audience where they already are. With a well-placed and eye-catching ad, invite users to your landing pages to learn more about your company. It’s important that all your ads and messaging be cohesive so a viewer can quickly recognize your brand. Maximize your conversions by adding geo-targeting into your display ad campaign. If a user clicks your ad and visits your website without engaging, make sure they see your ad again. Next time, they may be ready to enter your customer journey.
Social media is no longer taboo for financial services marketing.
Social media for businesses is no longer optional. It’s essential. The pandemic forced conversations online for everyone—including financial services. But trust is the elephant in the room because, historically, these consumers take longer to make decisions when entering the conversion funnel. They want to know they’re making the right decision. And then you have to consider the generational gap.
Choosing the right social media platform is important. When young adults want financial advice, nearly 80% of millennials and Gen Z go to social media, according to Forbes.com. YouTube, Reddit, and TikTok are the three most popular, with Reddit being the most trusted. LinkedIn makes the cut because serious users have self-selected to be there, even though it’s not a leading platform.
No matter the social media platform you choose, the most important thing is crafting and placing compelling ad content and visuals across multiple platforms. And be sure to make use of audience targeting and remarketing techniques.
Tracking + measuring conversion success
Tracking and monitoring conversions means putting numbers to your campaign results to determine if your campaign is meeting your goals. Tracking maximizes your ROI and informs your budget. It lets you separate clicks from conversions to tell a more accurate story.
Measuring how your paid media campaign is performing is crucial to meeting—or exceeding—your paid media goals so you can plan your next moves. Key performance indicators (KPIs) are how you do that. Determine the metrics needed to support your goals, some of which include total reach, total impressions, ROAS, click-thru rates (CTR), conversion rates, and brand recall.
Nothing stands still, especially in digital media. You must constantly optimize your campaign. At ddm, during campaign activation, we optimize using multiple artificial intelligence (AI) functions that push the highest performing ads more, or to more engaging audiences. The results inform our future ad creatives and content.
Best practices for maximizing ROI with paid media
Successful paid media isn’t just about the money spent. It’s about defining goals, determining the best strategy and channels, and the willingness to make changes when analytics and data come rolling in.
Defining goals comes by asking yourself whether you’re embarking on a paid media campaign to drive traffic, generate leads, increase conversions, or bring awareness. Defining clear goals helps measure effectiveness, allowing better optimization.
Understanding your audiences’ demographics, interests, and behaviors will influence the channels used for your campaign because each channel has its own strengths and weaknesses. For leads and conversions, your ads must be visually appealing, with a clear message and strong CTA. You want your audience to take action. For brand awareness campaigns, a strong CTA isn’t the focus, but this is where consistency in design and message is important. You want your audience to immediately recognize your brand.
Perhaps the most time-consuming—and vital—aspect of a successful paid media campaign is optimization. Let your data and analysis inform you of the need to change things up. Use targeted keywords. Create multiple ad variations for your initial A/B testing. Consider ad extensions, such as sitelinks, callouts, and reviews to encourage your audience to take action.
Owned + earned are great, but paid media quickly paves the way
Paid media campaigns are a powerful way for financial services companies to stand out, to reach target audiences, to drive traffic, leads, and conversions, or bring awareness. Think of it as a pay-to-play scenario. Despite working under a perceived cloud of regulatory hurdles, financial services advertising doesn’t have to be drab. The future is prioritizing a seamless and integrated customer experience across multiple touchpoints. Having owned, earned, and paid media all in your wheelhouse helps elevate customers through the journey, being present when the customer is ready to receive the information. It’s not meant to take away from physical offices/bank branches, direct mail, and face-to-face meetings, but, rather, to enhance those traditional methods.
Putting money on the line with paid media can be daunting. ddm’s team of paid media experts is ready to guide you through every step. Let’s get started on your future.