Digital Marketing: Effective Strategy for Lenders

In today’s financially unsure world, banks and other lenders need to focus on using digital marketing in the most strategic ways possible. The constant advancement of technology means that lenders always need a new plan for their video advertising and digital media.

Mobile Technology Is Everything

Many consumers are completely reliant on their mobile devices these days. So, lenders really need to make it a priority to cater to that shift in the norm. Even if a website redesign is needed, lenders have to provide something that allows consumers to get and provide the data they need to manage their finances using a mobile device. An effective app enables delivery of direct-to-consumer ads. It also gives consumers the convenience of being able to check their balances, transfer money between accounts, and perform other routine banking tasks. They don’t want to have to go to a bank branch to complete these actions.

A Personal Connection Is a Necessity

When a lender can establish a personal connection with each of their customers, they have the power to communicate with them in ways that drive business. One of the best ways to do this is to ensure their website caters to the needs and wants of customers. Appealing to a customer’s sensible side helps to build a connection that helps them feel they are more than just dollar signs to the lender.

A personalized campaign for each of a lender’s customers increases engagement and customer satisfaction. Using marketing automation, specific emails can be sent to the consumers that need or want something the lender can provide them with. Consumer loyalty is easier for lenders to build when they target individuals based on their preferences. This approach also eliminates the
need to create broad campaigns designed to attract the same consumers.

Personalized content is the key to forming long-lasting professional relationships. Marketing automation allows a lender to determine how each of their customers uses their website. Data analytics will show a consumer’s habits and preferences. This information can be used to create ads that target specific consumers and acknowledges the ways they prefer to use the site.

Targeting Specific Groups of Consumers

Securing a top spot in an organic web search is one of the most powerful ways lenders can drive business. It means that consumers will click on their site before anyone else’s. PPC programs such as Google Ads help marketers gain this coveted position in search engine results. This allows lenders to use pragmatic advertising to target consumers with the specific services they need to manage their money. By doing so, they make consumers more open to the idea of paying
attention to ads, leading them to use a particular lender.

One means of targeting a specific set of consumers is localizing advertising. Whether a lender is limited to one state or has a broader reach, they can connect with consumers in a way that addresses their needs directly. Different consumers have different needs depending on where they live. Using local SEO marketing gives financiers an edge over competitors who may not do that.

One of the best ways to employ SEO marketing on a local level is to ensure each of a lender’s locations are represented on the site. Consumers should be able to click on the page to view their local branch. When the website includes a page for each location, it helps a lender appear higher in the results, and this boosts the effectiveness of search engine marketing.

A location’s page should include obvious data, such as the address and phone number of the branch, as well as directions for getting there. The better optimized this type of content is, the higher a conversion rate lender will see.

Another way to build a strong local presence for SEO purposes is to ensure a lender’s site includes consumer reviews. These reviews should come from social media sites such as Facebook. Google also has a section for consumer reviews; a review on Google guarantees that a lender will appear higher in the search engine’s results.

Whether it is in a review from a consumer or information on the services a lender offers, the optimum keywords need to be used to fuel PPC advertising. By determining the search terms consumers most commonly use to find a lender, it is possible to secure the highest possible rankings in Internet searches. Search engines are used by 93 percent of those seeking a lender in the area. Failure to appear in the results of an online search severely limits lenders. It means they will only get business from the 7 percent that are not using the Internet to find a lender that’s appropriate for them.

Monitor Social Media Use by Consumers

Social media serves as more than just a way to gather consumer reviews. When it comes to Facebook, Instagram, and YouTube, lenders must ensure that their social media branding is always relevant. Most lenders’ customers, especially the younger demographics, already use social media sites significantly. As a result, any lender that does not have a social media presence is missing countless opportunities to target and interact with consumers.

The most important aspect of social media for lenders is who is using what. Many consumers limit themselves to only one or two social media sites. Lenders have to first determine which ones are used by the consumers they want to target.

Different generations of consumers are using different social media sites. Facebook is mainly used by the older generations, while those considered millennials split their time between Facebook and Instagram. Whichever social media channels a lender chooses to use, they can help that lender connect with their local consumers by sharing regional videos and photos. These are the tools that consumers are most interested. Providing a video or photo is an effective way for a lender to keep their special media pages in the spotlight. This increased activity helps them effectively market themselves in today’s digital playground.

Aside from the use of photos and videos to drive consumer interest, social media is also an effective platform for tightly focused ads. These ads are meant to cement a particular lender in the eyes of consumers.

Putting a Blog to Work

Maintaining an effective website and up-to-date social media sites is a priority that should not be overlooked or dismissed. Yet lenders can also strengthen their digital marketing efforts by putting a blog to work for them.

Keeping a blog that consumers can read, share, and comment on helps lenders connect with consumers in an interactive environment that puts their needs first. Consumers can use the blog to have their question answered, which also serves to assist other consumers.

For lenders, it means less time is spent repeatedly addressing the same questions. And for their company, it increases the likelihood of getting a positive ROI. Tracking a lender’s ROI is a complicated process that professional service firms often oversee.

Tracking Online Leads

Tracking online leads is a powerful way for lenders to leverage their digital marketing strategies. The more detailed this process is, the easier it is for lenders to identify the most effective way to connect with consumers. Many will enter information into a lender’s website while they are visiting it. Even if they don’t, lenders still retain some data about each consumer visit to their site. They will be able to tell which links a visitor clicked on. They can also tell where a particular consumer is from. This information can be used to build personal profiles that can help increase business.

Doing this serves two purposes: to connect with consumers who already know which services they are seeking, and to determine which pages within a lender’s website visitors are viewing the most.

The Power of Tracking Online Performance

Digital marketing works best when lenders pay close attention to their KPI. It enables the lender to determine if the marketing strategies they are using are working as intended.

By using a lender’s KPI to determine the conversion rate, they can focus on the areas of their marketing that need improvement. One of the ways they can help themselves is by measuring leading indicators. How well the economy is doing at any given time affects what consumers seek from their lender. Tracking the amount of time a consumer spends on a lender’s website gives the lender an idea of how they can help that individual consumer. The tracking system can determine if they are visiting a site briefly, or if their browsing session lasts a significant amount of time.

Strengthening Advertising Techniques

Full funnel digital media is a five-stage process. Each stage of that process is equally important in building a lender’s advertising power. It starts with the initial exposure that every lender needs in order to succeed. Developing a strategy for exposure requires lenders to focus on SEO and content marketing. Combined with PPC, this aids in the creation of a digital funnel that supports future success.

The second stage in the process is discovery. Motivating consumers to visit the lender’s web site leads to the task of retaining them. One way to do this is to suggest specific recommendations for each site visitor, based on the services they need.

The third stage of the process is consideration. The use of influence strategies induces consumers to choose the products that will help them the most, even if they don’t realize it consciously. The fourth step in the process is conversion. Getting consumers to utilize the paid services a lender offers builds trust and loyalty.

The fifth and final step in the process is to build customer relationships. The more value a lender can offer a customer, the more likely they are to keep using the services of that lender. Showing a customer that they will receive services that the competitors don’t provide, or don’t provide as well, builds a long-lasting relationship that lenders can count on.

Conclusion

Effective digital marketing is crucial to the success of any lender. Forward Media is poised to offer these services, assisting lenders with performance marketing and display advertising.

The right strategy can make a company, while the wrong one can break them. In today’s world, competition is cutthroat in every industry, and the financial industry is no exception. That means digital marketing has taken on a life of its own. Making use of the latest technology, lenders can connect with consumers like they never could before.