In the last 10 years, the world of financial marketing has changed dramatically. The internet has made creating a savings account, signing up for a credit card or applying for a loan exponentially easier.
Coinciding with the rise of online banking was the rise of digital financial marketing. It’s now easier than ever to identify and reach target audiences with online ads — and all within federal compliance regulations.
MHP/Team SI recently teamed up with a federal credit union for a few digital marketing campaigns. While the campaigns focused on different financial products, each had the same end goal: increase the number of online applications the products received.
The results of these campaigns were spectacular. Our conversion rate averaged 17.76%, which was 326% above the industry benchmark. How did it happen? We’ll walk you through the process.
Identifying a Target Audience
The first step of each campaign was identifying our target audience. This differed based upon the financial product we intended to market. Different people apply for HELOC loans than apply for credit cards.
Regardless of the product, our process for identifying a target audience is the same. We utilize the client’s first-party data to understand the demographics of their current customer base. Then, we use those demographics to develop personas. Finally, we use those personas to meet the target audience where they interact online.
Streamlining the Digital Marketing Strategy
With a target audience and personas in mind, we set out developing a digital marketing strategy to reach these audiences and convert them into customers.
Our digital marketing strategy essentially focused on three channels: social media marketing, Doppio® display advertising and search engine marketing. Taking our personas into account for each of these, we delivered ads and saw results.
What were the results?
Across our three federal credit union campaigns, we saw some incredible results. Not only did people see our ads, but they converted and became customers.
Here’s the breakdown of our results for each campaign.
Credit Card Campaign
- 12,380+ unique page views
- 2,860+ application starts
- 394 application completions
- 14% conversion rate
- <$11 cost-per-application start
- <$55 cost-per-completed application
Our 14% conversion rate was 236% above the industry average. We also attributed 49% of all online application starts to our campaign.
HELOC Loan Campaign
- 2,200+ unique pageviews
- 125 application starts
- 6% conversion rate
- <$100 cost-per-application start
Our 6% conversion rate was 44% above the industry average. We attributed 21% of all online application starts to our campaign.
Mortgage Loan Campaign
- 4,600+ unique pageviews
- 422 application starts
- 12% conversion rate
- <$54 cost-per-application start
Our 12% conversion rate was 188% above the industry average. Additionally, we attributed 30% of all online application starts to our campaign.
What does this mean for you?
Do you work for a bank, credit union, or other financial institution that’s interested in digital marketing? We’d love to partner with you. Fill out the form below to get in touch!