Paid search marketing for financial services can be an effective component of a marketing strategy — use it to build brand recognition and boost conversions quickly.
Financial services encompass everything from credit unions and banks to insurance, credit-card companies, and investment funds. But even though everyone should be thinking about at least some of these topics regularly, not everyone does.
This makes it a challenge for marketers. Luckily, Google Ads can give your financial services digital marketing a boost and build brand recognition, while paid search can attract leads quickly and drive conversions for finance-based services. Below, we highlight 13 tips to help you develop top-notch search marketing strategies in the finance industry.
1. Understand the regulations
Financial products and services are highly regulated. When creating ads, make sure you comply with local, state and national regulations. This may include specific disclosures that provide transparency to the product or services highlighted by the ad. Google and other search engines may also require specific information within the ad for it to be approved, such as:
- Disclosure of associated fees
- Contact information and physical location
- Links for implied third-party endorsement or accreditation
Personal loan advertising must also contain info about the quality, fees, features, benefits, and risks associated with the product. The idea is that these disclosures provide valuable information to help consumers make informed decisions. When creating an ad, make sure your content contains:
- Annual Percentage Rate (APR)
- Minimum and maximum repayment period
- An example representing the total cost of the loan, including applicable fees
2. Know the financial products Google won’t accept
Google doesn’t allow advertisers to promote a variety of financial products, including:
- Short-term loans (loans that require full repayment within 60 days)
- High APR personal loans
- Trading binary options or similar products
- Complex speculative financial products
Advertising for loan modifications and cryptocurrencies is allowed, but there are strict rules. If you’re planning PPC for financial services in these areas, review the guidelines carefully. If your ad is not approved, Google provides guidance for what you can do to fix the issues.
3. Start paid search marketing slowly
Whether you’re experienced in PPC or are new to paid search, starting slowly can help ensure you get the most efficient results possible.
Start with one to three campaigns and a core group of four to ten keywords, then measure the results. You’ll see where your budget is being spent most effectively so you can cut the underperforming ads.
4. Prepare for higher cost per click (CPC)
Financial keywords are competitive. When it comes to digital marketing for financial services, this often translates into a higher cost than for other industries. Focus keywords in your niche rather than the industry as a whole to help attract the most qualified leads.
5. Narrow the target audience
If your company has locations in a few areas, tightly focused search engine marketing can help you make the most of your budget. In addition to geographic location, you can take advantage of targeting options such as age, gender, and household income.
The more specific you can be, the easier it is to find your ideal target audience. For example, if you want to attract management-level consumers, use income levels and demographics. This can help you find the clients that want your products in a sea of unqualified leads.
6. Create original copy
To stand apart from the crowd, you’ve got to get creative. By writing unique copy that features offers and benefits, you can increase click-through rates and attract the right consumers. For example, if you’re developing PPC for credit unions, credit cards or banking institutions, you may want to promote no annual fees or 24/7 customer service.
If your campaign revolves around insurance company products, what perks or savings can you offer? Create a call to action (CTA) that stands out and catches the consumer’s eye.
7. Customize landing pages
If your ad simply goes to your company’s homepage, you could be missing out on conversions. Make sure the link on your ad goes to a page that has the matching content.
The messaging across ads and landing pages should be consistent, relevant, and valuable to the consumer. You can even customize it based on the keywords and ad groups to encourage further interaction.
8. Leverage display advertising
Although the requirements for advertising may be strict, millions of consumers need financial products – from help with tax preparation, retirement, and home equity loans to auto insurance and basic banking accounts.
Display advertising offers you several options to improve engagement and boost conversion rates:
9. Know these display ad best practices
The marketing strategy for an insurance company, banking institution, or financial products group must have the right mix of elements to be successful. Here are a few to consider:
- Go local: Localize your ad to make your interactions more relevant. Use familiar local terms and graphics to increase messaging and conversion rates.
- Add a focused hero image: If your product benefits a particular audience, use images that resonate with that specific consumer. For example, a happy young family in a yard for first-time homeowners may resonate better than a generic image of a wallet.
- Build trust: Fear and uncertainty are common emotions associated with financial decision-making. Keep the message simple and repeat it, since most consumers need to see an ad several times before they believe it. Add any certificates or recognized local customers to establish trust.
- Combine search marketing with display: Display ads increase brand recognition. As more consumers become aware of your product, they’ll search for it as they move through their decision-making process. As the search numbers increase, your search engine ranking improves, which can result in more sales.
10. Be aware of competitor positioning
Who are your top competitors? What features do they highlight? Be ready to outdo them with your product’s value proposition benefits.
Consumers often comparison shop, so they’ll be looking for ways that you are similar to competitors and what makes you different.
11. Make it a user-friendly experience
Keep your message simple and make it easy for consumers to understand what to do next. Use a quick form that lets them speed through the process, whether the desired action is downloading content, registering an account, or completing a request form.
Minimizing the number of steps and removing unnecessary fields has been shown to increase conversions significantly.
12. Test, adjust, and test again
Take your PPC insurance, loan, or banking campaign’s search marketing results to the next level by testing individual components. Start by auditing keywords for funding value, rather than for leads or conversions, to help you tune for the highest return on investment.
Look at the segment breakdown for tablet, mobile and desktop to see which ads perform best. You may find that it makes sense to run some ads only for mobile and others only for tablets or desktops.
All leads are not created equal. Because of this, it’s a good idea to align your sales and marketing goals by using lead scoring. This method prioritizes leads, allowing you to respond to people most interested in your products and increase the conversion rate. It assigns points to contacts so you know which leads require ongoing communication and which should be fast-tracked.
The most effective systems use a variety of attributes including but not limited to:
- Website visits
13. Add retargeting to your ads
Retargeting can be an effective method for increasing conversions. It encourages consumers to return to your website and complete an action they may have started but not finished, such as filling out a form or completing an order.
However, there are rules that may limit how much you can do in this area, so take some time to research the requirements in your niche to find out if it’s worth it for your company.
When people are seeking out financial services, they’re often in the midst of making their decision, so timing is critical. You have a short time frame to attract and convert prospects to customers.
Paid search marketing can jumpstart your efforts and show results quickly, which can help you tighten the focus of your messaging and improve ROI.
PPC advertising campaigns can deliver targeted, highly qualified traffic when developed correctly. At HawkSEM, we provide a customized approach based on your particular needs. Our passion for results and drive to meet goals ensure we do right by you, generating a higher ROI. Contact us today to learn how we can help dramatically improve your digital marketing results.