The demand for financial counsel is growing along with the financial service industry. In March 2020, the keyword "financial advisor near me" was searched three times more than it had been in the entire year combined. In recent years around 20% of Americans claimed to use a financial advisor while closer to 75% managed their finances. Recent volatility in the markets has pushed more people to seek financial advice. It is projected that the financial service industry will grow to $22.5 trillion in 2021 at a growth rate of 9.9%. If you are in the financial service industry, it is more important than ever to market your business accordingly.
Need some direction when it comes to your business's marketing strategy? Connect with the DaBrian team today to discuss our Inbound Success Plan.
Pay Per Click (PPC) advertising is a paid marketing technique. PPC ads appear across many online platforms and search engines. Advertisers only pay the publisher when a user clicks the ad. Several different types of PPC advertising include display, search, social and retargeting ads and each has its uses depending on campaign goals.
PPC is a great advertising option for businesses in the financial service industry. Some benefits of Pay Per Click Advertising are:
PPC advertising puts your brand in front of specific audiences. Instead of broadly advertising to everyone, PPC allows advertisers to market to particular types of users. For financial services that want to reach a younger audience who may not have chosen a financial service company yet, advertising on search engines and social media is a great, low-cost option.
Once you decide that Pay Per Click is the right way to market your financial services, the next step is to choose the correct platform to advertise on. Platform choice is essential to paid advertising success. Before choosing the best platform for your business, owners should ask themselves who their target audience is and where they live on the internet.
Below are three great platform options for financial service businesses:
Often overlooked in favor of exclusive advertising on Google, savvy marketers find that advertising on the Microsoft search engine (Bing) allows them to reach their target audience effectively. According to WordStream, Bing and partners control 36% of the US desktop search market. Sixty-six million web users search on Bing Network exclusively. Microsoft powers Bing search, it also has 1.5 billion Windows devices, all of which direct search engine traffic to Bing.
Bing users are typically more mature, averaging 45 years old. 50% of users are college-educated, and 17% have advanced degrees. ⅓ of users have a household income of $100,000. 46% of Microsoft search engine users are married, and 30% have children. The Bing search engine is an ideal platform for businesses like banks and credit unions to incorporate into paid search efforts because of its user demographic.
LinkedIn advertising is one of the most successful social media advertising for B2B businesses and financial institutions. LinkedIn members are 2x more likely to seek advice on the platform and are 1.7x more receptive to brand messages. According to LinkedIn Marketing Solutions, LinkedIn is the most trusted platform and media source for financial advisors. In one survey, 62% of B2B marketers said LinkedIn generates leads at 2x the rate of the next-highest channel.
According to the LinkedIn Marketing blog, "What Financial Services Marketers Need to Know About Audience Quality, Mindset, and Value," digital ad spending on financial services grew to almost $20 billion last year. Many banks, credit unions, and financial institutions succeed in advertising on LinkedIn because platform users trust the site.
Google search engine and partners dominate the online market. Google owns 92% of the search market share and holds the world's largest display advertising network. Main Street ROI states that more than 80% of Google's total revenue comes from its advertising, making Google Ads user satisfaction the top priority. One might ask, "Is running ads on Google worth it when customers can search businesses directly?". The answer is yes; in fact, Google Ads converts 50% better than organic search results.
Other Things To Consider
It is important to note that advertisers should always be aware of platform policies surrounding specific industries. In the past two years, Google has updated and added policies surrounding the advertisement of financial products and services. Before starting a Google Ads campaign, research how these policies could affect your campaigns.
PPC advertising can be highly successful for businesses in the financial service industry. Choosing the right platform to attract your target audience is key to starting a great campaign. Don’t miss out on new clients; advertise on the platforms they use the most.
Do you need help running PPC for your Financial Service Business? Get in touch with DaBrian Marketing today to start the journey to digital marketing success.