When we’re unsure of an answer, whether it’s that actor in some movie or the best restaurant in the area, we turn to our favorite source of information, Google! The premium search engine contains a wealth of knowledge, but it’s easy for a link to get lost in the mix. This especially applies to saturated industries, such as banking. It can be a challenge to compete with the larger corporations, but a smart Google Ads strategy can keep digital searches for a smaller financial services company in the game.
We’ve broken down Google Ads into three key components: copy, targeting and budget. Here are the best ways to tailor each component to promote banks and credit unions.
Ad Copy and Features
Promote perks and what sets your services apart from the others. For example, this American Express ad is utilizing sitelink extensions. This expands the ad and allows more headlines, descriptions and URLs. Amex is able to feature 5 offers within one ad and direct consumers to each respective landing page to avoid losing customers as they try to navigate the website on their own.
Targeting and Keywords
Google Ads show up in response to someone searching a word or phrase, but by adding demographic and income targeting in addition to relevant keywords, the ad will benefit from getting in front of the right customers. If your company services those with higher income or in a certain location, then the ads will only show up to real potential customers instead of anyone who searches the indicated keywords. Which leads us to the importance of Keywords and Negative Keywords. These are the search terms that will bring up your ad (or not bring it up when referring to Negative Keywords). The banking industry is very competitive, which means the price for your company to show up when someone types in a keyword associated with the ad can be expensive. It’s important to include keywords that are specific to your unique services and set you apart from the larger corporations.
The necessary budget to compete within the banking space is higher than other industries because keywords relating to the industry are common, which makes them competitive. Unfortunately there’s a low success rate with a small budget. For example, “asset management” has an average cost-per-click of $49.86
There are two ways to approach this situation:
- Big risk, big reward: New clients can bring in enough revenue to offset the costs. If taking this risk, keep a close eye on the spend so it doesn’t go over your already high budget.
- Start slow and see where your budget is best spent: Whether it’s for a niche offer campaign or if you have a large enough budget to run with the big dogs, slow and steady can win the race when competing for those high-bid keywords.
Once the ads are up and running, remarketing is key. Keep your company top-of-mind by implementing remarketing tools so your targeted consumer continues to see your ad as they browse the internet.
The banking industry space is very competitive to run successful search engine ads. The cost to stay at the top of the list when searching for general services can be hefty, but honing in on unique offerings and benefits can get your ad in front of the right potential new customers.
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