MARKETING BUDGETS ARE SHIFTING to include greater reliance on online paid media. Numerous studies have reported that online ad- vertising and paid digital media are becoming increasingly important o the marketing mix.
Ideally three components should
be in place to maximize digital media
results. First, how easy is it to open or
apply for an account and can those
actions be done seamlessly online?
Second, financial institutions need to
have appropriate products targeted to
meet market demands. Digital savvy
individuals of today want products
and services available online and
at their convenience. Your website
should make it easy for people to do
business with you. And third, the
proper online promotional channels
should be utilized in order to com-
municate your product offerings and
website capability. We call these three
components the Three-Legged Stool.
If one is not in place, online market-
ing efforts won’t be in balance.
desired activity with strong call-to-actions. Disclosures and compliance
logos are housed at the bottom of the
landing page, one click away from any
online ads or promotional mentions.
Search advertising is viewed as
the holy grail of online advertising. It
delivers high click-through rates and
prospects who often are at the end of
the buying cycle and ready to purchase.
There is an art to campaign setup and
management, such as selecting appropriate geographies and keywords,
writing effective ads and testing creative, effective bidding strategies, and
optimization of performance.
Display advertising can include
various media types such as static,
animated or rich media ads, mobile
and video. There are a number of ad
networks including Google and Yahoo
that sell display advertising units.
Display advertising is also offered by
newspapers, television and radio stations that are companion products to
their “traditional” offerings. In addition, a number of Web-only networks
are popping up that can be local or
banking-focused sites also offering
Regardless of which online venue
you choose, there are a number of
considerations when evaluating online media options:
Your website and landing pages are the hubs of online activity.
m;Cost: Are you buying on a cost
per thousand, cost per click or
a flat rate based on impression
m;Geography: Be clear about what
area you are buying. Many online
platforms allow hyper-targeted geographies down to a specific radius
around each branch. Others only
offer DMA-wide or other preset
geography which may not be ideal.