How Financial Institutions Can Adapt to a Digital-First Marketplace
Consumers are making a substantial investment when they choose to work with your financial institution. Outside of the financial commitment itself, the decision of which company to work with also requires a significant amount of time and research. This is true whether selecting an institution for banking, loans, or retirement funds.
To win over finance customers, you must build a robust, flexible strategy that establishes trust, provides an open line of communication on preferred platforms, and simplifies the finance decision-making journey. Keep reading for Coegi’s how-to guide on financial services marketing.
In this guide you’ll learn how to:
- Capitalize on market opportunities
- Target and motivate financial consumers with personalized messaging
- Create an effective omnichannel financial marketing strategy
- Track, measure, and improve advertising performance
A strong audience strategy backed by a robust understanding of their behaviors, motivations, preferences, and media consumption will drive reduced media waste by ensuring your ads are being shown in the ideal places and with an effective message.-Maggie Gotszling, Account Strategy Director
Key Digital Channels for Financial Marketing
During the COVID-19 pandemic, everyone – even late adopters – began exploring ways to conduct finances online. We saw a surge in usage of online bill pay, Apple Wallet, Venmo/PayPal, digital check deposits, investment apps, and more.
With this shift in behavior, the volume of physical banks is shrinking. From 2012-2021 there was a 16% decrease in US branches. On the other hand, there will be over 3.6B online banking users globally by 2024.
Changes in digital adoption are prevalent among both financial professionals and consumers across age groups. As a result, 87% of financial marketers increased their digital marketing budget in 2022.
Use the following digital channels to focus your dollars on the most cost-efficient and effective channels that align with a digital-minded consumer.
Finance brands are realizing the value of video in driving awareness through storytelling, which is important for major financial decisions. Consumers are shifting more and more to video content. In fact, around 84% of consumer internet traffic is on video content. So use quality video content to educate your audiences, show your brand personality, and bring your message to life.
YouTube is the preferred source of finance-related video content among Gen-Z. Additionally, one in three Millennials cited YouTube as their preferred source of investing and personal finance guidance.
Streaming TV received the highest investment of any digital channels by consumer banking and consumer finances brands in the past year, according to Pathmatics data.
Why are finance marketers leaning so heavily into CTV?
- High-impact video content on the largest screen in households
- Addressability with contextual and behavioral targeting
- More flexibility and affordability versus traditional TV
Short-form videos on social media platforms typically receive higher engagement and promote better brand recall. This is why video ads are expected to account for 35% of social media ad spend in 2023. Use quick, straightforward video content to efficiently convey your brand message.
Search engines drive nearly all website traffic and are the third most popular source for consumer financial education behind families and banks themselves. It’s critical to show up as a top-ranking site on Google. Pair effective keyword bidding with strong website SEO to ensure your brand is visible at key points in the consumer journey.
Display ads are a cost-effective option for building brand awareness. They can also drive consideration and lead generation through specific CTAs. We recommend using dynamic creative for personalized offers which drive measurable actions.
Native display ads are especially useful for targeting finance buyers when they are reading contextually relevant content. It can position your brand as an additional resource to the topic they are reading about without being intrusive.
59% of financial marketers expect to increase their social media marketing budget in 2022
Why? Four out of five financial marketers gain new leads through social media.
Social media is useful in bringing your brand to life and building trust and authenticity with followers in an environment where they are active daily. It also goes a long way in driving new prospects and increasing customer lifetime value.
High Performing Social Channels for Financial Marketing:
LinkedIn has millions of active professionals with detailed targeting capabilities for reaching a business-focused target audience. On LinkedIn, individuals are more likely to engage in business activities. You can also use tactics like job title targeting to ensure you are reaching the right individuals.
Facebook and Instagram
Instagram is the most highly invested-in social channel for consumer banking, followed closely by Facebook. Together, these channels make up nearly half of all digital consumer banking ad spend. Lead generation ads on both platforms offer a reliable way to collect first-party data in exchange for educational content.
No other social platform enables the potential virality or mass reach as quickly and easily as TikTok. Plus, there’s a huge niche on TikTok for financial content. Younger audiences looking to increase their financial literacy follow creators who post relatable and digestible finance content. There is a great opportunity for banks and finance brands to educate consumers and build awareness via influencer partnerships and paid advertising on TikTok.
Twitter is especially effective for targeting financially-minded individuals. 41% of users report that financial and business content on Twitter can impact their investment decisions. The platform has a very active crypto and fintech community. Members are consistently discussing the latest news and trends in the space. Align your brand with this content, trending hashtags or popular creators to capitalize on the opportunity Twitter offers.
Reddit often referred to as the “first page of the Internet,” is a discussion-based platform that allows advertisers to reach a very niche audience at a cost-efficient rate. It is most popular among the 18-34-year-old age group. This makes it a great option to reach younger generations with a financial interest. Look for relevant subreddits where your brand can show up as a helpful resource.
Regional finance brands need to be active in their communities. Local partnerships are a great way to establish that presence and boost brand affinity. For example, a regional bank could sponsor a professional sports team or non-profit. Even for national brands, it’s important to identify the key regions where you have the greatest traction and find partnerships to help amplify your brand.
Content Marketing and Publisher Partnerships
Less human interaction with advisors and representatives means your online content has to work harder. Thought leadership content can humanize your brand and help guide your customers through their financial journey. Through publisher partnerships, brands can establish authority in particular industry niches.
Digital-First, Not Digital-Only, Engagements
Despite the strengths of all these channels, digital tactics shouldn’t stand alone. Accounts opened in person have up to 10x higher balances after four months than those opened digitally. A positive physical onboarding is ideal to enhance customer lifetime value.
A PWC report quotes, “Most consumers do still want to work with real bankers along with technology — especially during initial acquisition and onboarding activities — as long as it’s on their own terms”. So explore ways to create immersive experiences that blend physical and digital worlds for both customer service and advertising.
Creating an Omnichannel Financial Marketing Plan
Only 9% of customers say their bank offers an excellent digital customer experience. The top way you can improve the banking customer journey, according to BAI, is to improve the omnichannel experience. It’s easy to get absorbed in individual channels. However, this causes campaigns to turn from strategic to tactical quickly.
Instead, leverage a consumer-focused approach that determines who your most valuable audiences are and how you can best reach them.
Forward-thinking finance brands have an exciting opportunity to leverage the digital marketplace to their advantage. With a digital-first approach, audience personalization, and strategic targeting, you can reach your highest potential buyers with maximum efficiency.
As you continue to navigate these challenges, Coegi is here to guide you. Reach out to us at firstname.lastname@example.org for a strategy consultation to enhance your customers’ digital journey.
OTT/CTV advertising has officially met the reach of broadcast television. Streaming and connected TV devices exploded in 2020 as more consumers stayed home and cut the cord. In 2021, there were nearly 214 million connected television users, and that number is projected to increase to 230 million by 2025.
If streaming TV ads are new to you, you likely have many questions about the landscape.
- How are users consuming television today?
- Who is streaming versus watching cable?
- How do you address cross-device streaming?
- How do you measure and test connected TV ad performance?
You’re not alone. These questions are top of mind for many marketers. CTV is constantly changing and capabilities evolve seemingly overnight. To clear up some of that uncertainty, we answer these and many more questions in this webinar.
Coegi partners with leading industry experts from TheTradeDesk, Magnite, and iSpot.TV. In this webinar, the panelists clearly explain the immense opportunity available to advertisers in streaming TV. You’ll come away from this webinar with a much stronger understanding of the advertising opportunity on CTV and how to leverage it for maximum marketing ROI.
In addition, you’ll learn:
- The latest trends in OTT/CTV advertising for brands and consumers
- Ways to strategically incorporate premium CTV inventory into your campaigns
- Recommendations on how to effectively measure CTV
For more resources, download our free CTV Advertising Guide.
The travel and tourism marketing is rebounding as the industry surges above pre-pandemic levels.
Are you taking advantage of it?
This digital guide to travel marketing gives you everything you need to know before launching a campaign.
How to Succeed at Travel and Tourism Marketing
Travel books and printed pamphlets are a thing of the past. Now, it’s time to lead with digital tactics.
Today’s travelers are finding inspiration for trips on digital channels. Younger travelers in particular are taking this a step further by shifting to mobile devices over desktop, looking to the brand’s website or Instagram to get a sense of what they can expect.
To reach the modern traveler, brands need to create a seamless experience across digital channels from awareness to check out/visit.
You’ll also need to create a strategic, customized approach to target your optimal audience on the most impactful channels.
Your Guide to Success
Download this guide to learn how to:
- Leverage the latest travel and tourism marketing trends
- Create the optimal media mix for your brand with the most impactful channels
- Implement cookieless solutions to reach your target audience
- Measure the ROI from omnichannel travel marketing campaigns
Ready to take off?
View and download the guide below!
The Return of Travel and Tourism Marketing
After the tumultuous years of the pandemic, travel and tourism is finally experiencing a surge in demand. Travel digital marketing spend dipped 51% in 2021 but is now growing by 14.2% in 2022. An additional 12.1% increase is expected in 2023, according to eMarketer.
What do travel and tourism marketers need to do to prepare for this opportunity?
Lead With Digital Tactics
Travel books and printed pamphlets are a thing of the past. Today’s travelers are finding inspiration for trips on digital channels. Younger travelers in particular are taking this a step further by shifting to mobile devices over desktop, looking to the brand’s website or Instagram to get a sense of what they can expect.
As the saying goes, “not all who wander are lost.” Allow yourself to experiment, becoming smarter by letting continuous learning guide your marketing strategy. The best way to do that is to start with digital, where flexibility and agility allow for quick learnings and pivots.
Digital marketing is the perfect petri dish to test out tactics and creatives before making a major investment. For example, you can run a short-form video ad on social media and identify which creative is performing best. Then, use those creative learnings to inform a more premium CTV placement or Cable TV buy with an added layer of confidence.
Is your travel brand ready for a digital-first marketing strategy?
Here’s your digital housekeeping checklist to prime your digital travel and tourism marketing for success:
High Impact Travel and Tourism Marketing Channels
When choosing travel marketing channels, consider these four aspects:
- Budget: If budget is limited, maximize spend on fewer channels. If you have more dollars, consider diversifying, testing something new or incorporating premium placements.
- Audience: Identify where your audience is most active and receptive to advertising.
- Customer Journey: Understand how your customers behave, and shape your advertising around their decision making process.
- Storytelling: Include highly visual channels that allow storytelling to tap into their emotions.
To keep pace with digital-first users, prioritize your digital marketing efforts on these key digital channels:
- According to Pathmatics data, Facebook is the leading social media channel for Travel/Tourism ad spend. Explore various ad formats to help lead your traveler down the funnel, such as Facebook Lead Ads. Tailor educational resources to unique audience groups to establish trust and consideration.
Endemic Travel Sites
- Travel blogs and sites are highly valuable for travel brands. 59% of families use travel websites to plan vacations. Another 13.5% of leisure travelers use travel blogs to plan trips. Use these sites establish brand awareness and trustworthiness among potential travelers.
- UGC is used by 58.2% of travelers for planning leisure travel. Word of mouth is, and always will be, the most impactful form of marketing. Encourage customers to leave quality reviews on your site or other travel pages to boost your brand status. In addition, encourage users to create content FOR you.
- Speed and agility are crucial for travel brands. You need to appear as a top option for during the research and discovery process. Optimize a combination of branded, unbranded and competitive paid search terms. This will help you show up for relevant, high value queries.
- Twitter is especially effective for targeting luxury and business travelers on a platform where users are highly engaged, especially surrounding news and business. To expand your targeting pool, use the platform’s AI to find follower lookalikes from competitor brands.
- While a picture is worth a thousand words, a video is priceless. Online video placements across YouTube and Display allow brands to tell a rich, visual story. YouTube offers various travel category targeting options such as Business Travel, Family Travel, and Frequent Travel. You can also layer these with geo targeting to narrow in on your core audience.
- Connected TV amplifies online video by placing it on the largest screen in the household. It’s one of the most impactful visual mediums travel brands can use, while offering more flexibility and addressability than linear TV. CTV ads are a great option to reach family travelers or promote kid-friendly destinations.
- 49% of Gen Z adults and 50% of Millennials follow at least one travel influencer on social media per a MorningConsult study. These online figures are beginning to play a pivotal role in how travel is planned. Explore how creators can help boost your brand affinity whether it be local nano-influencers or macro-influencers.
- Instagram is a go-to source of inspiration for Millennial and Gen-Z travelers. Travel brands can build community by interacting with users through various formats – reels, stories, and posts. Use post comments, story polls, and Q&As to start a conversation with interested travelers. Avoid being overly curated and don’t be afraid to use trending phrases, sounds or hashtags.
- Travel engagement on Pinterest is at an all time high with travel-related searches increasing by over 60%. Pinterest is primed for planning and purchasing, and can facilitate real bookings. This platform is a great place to hone in on ‘Travel’ and ‘Foodie’ audiences.
- No other social platform enables the potential virality or mass reach as TikTok. Users spend an average of 52 minutes per day on the app, and 90% of TikTok users use the app multiple times daily. Although TikTok has a strong younger presence, 51% of users are now 30+. The app is growing in popularity amongst millennials with disposable income for travel. DisneyParks has over 4M followers on TikTok and Delta Airlines gained nearly 19.5M views in the initial 36 hours of their first TikTok campaign.
- Activating first-party shopper audiences through retail media networks is a great way to reach travelers. For example, the Marriott Media Network uses search and reservation data to serve relevant ads to consumers.
- Digital out of home spend is soaring as people are traveling again. Screens in airports, inflight video, taxi cabs, bus stations, billboards near attractions, and more can place your brand in front of traveling audiences. DOOH is a great tactic to educate users once they are at a destination.
- 78% of survey respondents want to support local small businesses when they travel. State and city tourism brands can leverage this trend by partnering with local artists, chefs or businesses. Thise partnerships can drive travel consideration and boost awareness for both parties. Consider unique creative options like how-to videos, downloadable guides, or co-branded social posts about the partnership.
Ad Targeting for Travel and Tourism Audiences
It’s important that you don’t create a one-size-fits-all approach when marketing to future tourists. Consider who your existing traveler base is, and identify attributes to qualify other individuals in your prospecting audience. From there, tailor messaging to drive education and consideration.
Are they solo travelers seeking adventure? Young families looking for a cost effective, kid-friendly trip? Foodies wanting luxurious and avant garde dining experiences? Create profiles to understand these individuals from a 360-degree perspective. Build as many personas as makes sense for your brand.
Next, personalize your messaging to meet their unique motivations, behaviors and interests. Speak to each group differently and adjust visuals to resonate with their interests. If you’re looking to reach the adventure seeker, show fun activities like zip lining, hiking, concerts, etc. If you’re speaking to the budget-friendly family, showcase the value of the experiences you offer, without a major bill.
Reach Your Travelers Throughout Their Journey
To reach today’s consumers, brands need to create a seamless experience across digital channels from awareness to check out/visit.
An omnichannel strategy is vital to keep a loyalty loop and encompass all phases of the customer journey. Use your marketing mix to show up at key moments in the consumer journey from planning to experiencing. ThinkWithGoogle identified four core micro-moments in the travel process: Dream, Plan, Book, and Experience.
- Dream – Spark inspiration and educate during the dreaming phase
- Plan – Provide helpful information and build trust
- Book – Offer a compelling value proposition and enable seamless transaction
- Experience – Ensure the visit is positive and meets expectations. Follow up with post-visit marketing to keep customers engaged. Encourage reviews and social media posts during and after.
Measuring Travel and Tourism Marketing Campaigns
Create a Data Terminal
It’s easy to get absorbed in the performance of individual channels. However, this causes campaigns to quickly turn from strategic to tactical. Instead, manage your advertising holistically within one dashboard. Doing so allows you to share and optimize performance trends and learnings across tactics. By looking at the data from a macro lens, you can identify important signals and weave a cohesive story.
Check your unnecessary baggage
Marketers need to ensure they are looking beyond vanity metrics to identify trends that signal success. It is especially important to synchronize data sets as we prepare for cookie deprecation. Instead of solely looking for direct attribution, explore a variety of business and media metrics over time. This will unveil unique learnings and better show the incremental impact of advertising.
Onboard advanced measurement
When media metrics do not answer your business questions, layer advanced measurement tactics, on top of traditional media efficiency metrics. These data points will provide a more robust view of marketing’s impact on business goals.
For tourism brands, foot traffic lift is especially impactful in providing a clear view of how advertising drove incremental increases in visitors.
Refuel with continuous learning
When creating a marketing strategy, it’s critical to fuel ongoing campaign learnings to answer key questions and improve results for future initiatives.
At Coegi, we combine a measurement strategy and a structured learning agenda. This ensures we are optimizing campaigns toward business goals while also continuously improving.
Key Takeaways for Travel and Tourism Marketers
- Lead with digital tactics to reach the growing audience of travelers
- Lean into highly visual channels such as social media and online video
- Understand your unique audiences and tailor ads to their consumer journey across channels
- Implement a comprehensive measurement strategy to see the impact of your campaigns
For more strategic insights and campaign activation, contact Coegi to set up a meeting with our travel marketing experts.
Interested in DOOH advertising?
This primer gives you everything you need to know before launching a digital out of home advertising campaign.
What Is Out Of Home Advertising?
Out-of-home advertising (OOH) traces back thousands of years, with the earliest civilizations using it to publicize laws and treaties. The first large-format American poster originated in New York advertising the circus in 1851.
OOH has since expanded to placements on park benches, transit, restaurants, and more. In 2005, the first digital billboards were installed and forever changed OOH advertising.
What Is Digital Billboard Advertising?
Digital out-of-home (DOOH) is a subset of the larger OOH category. This format provides an automated, targeted, dynamic and interactive way to reach on the go consumers in public places.
DOOH ad spend accounts for roughly a quarter of all US OOH spending. Growth can largely be attributed towards an increasingly mobile consumer, which in-turn increases the visibility of out-of-home media.
According to the OAAA, Americans now spend 70% of their time outside of the home, an increase of 50% over the past two decades.
Furthermore, consumers consume 60% of media via their smartphone or tablet on mobile web and apps. This lends to advertisers’ ability to connect with on-the-go audiences across touch points, including DOOH.
Download the full primer below to start leveraging this key advertising channel for your brand today.
What You’ll Learn:
- How DOOH advertising is bought and then measured
- When you should consider out of home advertising
- Digital out of home content strategies and best practices
- Available environments and ad inventory
- The major players in the industry
If you have any further questions, contact Coegi to learn more!
Digital Out of Home – A Brief History
Out-of-home advertising (OOH) can be traced back thousands of years to early civilizations. The first large-format American poster, measuring 50 square feet, originated in New York advertising the circus in 1851. By 1900, a standard billboard structure was established in America.
With more products entering the market over the century, new and creative ways of reaching consumers became necessary. OOH expanded to park benches, transit, restaurants, etc. In 2005, the first digital billboards were installed, forever changing OOH advertising.
What is Digital-Out-of-Home?
Digital out-of-home (DOOH) is a subset of the larger OOH category. DOOH markets to consumers when they are on the go in public places. Instead of interrupting a user’s online experience with an ad, it meets them in real life. Also, rather than traditional billboards, these placements can be dynamic and interactive.
The Growth of DOOH Advertising
Various eMarketer studies suggest DOOH ad dollars account for roughly a quarter of all OOH spending in the US. Growth is largely attributable to increasingly mobile consumers who are in turn increasing the visibility of OOH media. According to the OAAA, Americans now spend 70% of their time outside of the home. This is an increase of 50% over the past two decades. Plus, consumers consume 60% of media via their smartphone or tablet on mobile web and apps. This lends to advertisers’ ability to connect with on-the-go audiences across touchpoints, including DOOH.
How is DOOH Inventory Bought?
Direct – Sign individual IOs and contracts with OOH vendors to secure space upfront using specific parameters. Space is usually secured on a monthly, quarterly or annual basis.
Open Exchange – Purchase inventory at auction within seconds before the impression is served. The buyer gains control of when and where their ads will be shown. However, publishers reserve some inventory for direct buys. Advertisers can engage in private marketplace deals to secure more premium inventory through programmatic channels.
Private Marketplace – Secure priority access to premium inventory like airports and roadside billboards through private marketplace (PMP) deals. This offers greater control of creative messaging, ad timing and data usage, while still giving publishers higher yields. PMP inventory is typically higher in price than open-exchange inventory.
How to Measure DOOH Campaign Results?
As a one-to-many medium, multiple people can see an OOH ad at once. Nielsen and Geopath provide US industry standards for measuring impressions using variables such as speed data, traffic, on-site counts and audience distribution data.
Geopath does the majority of roadside billboard measurement. Nielsen assigns each type of signage a multiplier based on average views per ad play. If using a DSP, advertisers can use 1×1 tracking pixels to track how many plays an ad receives.
High-Impact Use Cases for Digital-Out-of-Home Advertising
DOOH for Lower-Funnel Campaign Objectives
Programmatic technologies allow for more targeting controls throughout the day. They allow a creative digital media buyer to control spend only when and where a user is most likely to convert.
- A coffee brand only advertises before 2 pm.
- A food delivery app optimizes spend towards areas where drivers aren’t getting rides.
- A pharmacy only serves to DMAs where allergy counts are high.
- A sports team pauses a campaign when tickets sell out.
DOOH for Targeting Niche B2B Audiences
Many B2B marketers view out-of-home as a mass-market medium, rarely leveraging it outside of industry events. However, with smart use of customer data, planners can confidently buy screens when their niche audience is most likely to see them.
Example: A trade group targeting architects want to geofence a four-day conference in Las Vegas. They can buy the DOOH signage within a radius of the conference and at the airport. Additionally, they can upload attendee data to continue the campaign after the conference to reinforce messaging.
DOOH for Testing Multiple Creative Messages
With static billboards, the same creative often is deployed for 6 or 12 months at a time. Programmatic creative is deployed with an ad server, allowing for more robust creative testing. By pairing this technology with an intelligent measurement strategy, brands can test messaging. Additionally, by porting other data points, creatives can be dynamic and change in real time.
- A hospital shows current ER wait times
- A sports team displays a countdown clock to tip-off
- An auto shop displays weather conditions and alerts
How to Design a DOOH Advertisement
You should approach your DOOH content strategy differently than typical display or video campaigns. These placements truly reach people on the go, so you must capture the attention of onlookers immediately and leave them with a memorable message.
Consider these design elements for your DOOH assets:
- Loop or slot length (if applicable)
- Physical display size
- Resolution of display and aspect ratio
- Whether or not sound is available
- Motion types accepted
- File type and maximum size accepted
- Video codec type (if applicable)
- Capabilities: linear, dynamic, data-driven, real-time optimization, etc
- Content restrictions such as adult content, alcohol, violence, drugs, etc.
DOOH ad content should be relevant to both the brand and the display location. Also, make sure the brand name is present and viewable to drive awareness and make the brand connection with viewers.
How to Access Digital Billboard Advertising?
Contact Coegi to get a full list of venues available in your target geo and the accompanying creative specs. Creative opportunities differ by venue and can include static and animated ads, large format ad sizes, sound-off or sound-on creatives and more.
To achieve maximum scale, DOOH advertisers should send creatives that can scale across multiple venues. Your Coegi account team can advise on which venues are best for your audience and goals and provide creative requirements accordingly.
You can also read our DOOH FAQ article with Vistar Media, one of our industry-leading technology partners.