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General Managers, Loan officers and directors of marketing at banks and financial institutions care about a number of things, but at the top of the list is attracting customers who either want to deposit more money into their bank or are in need of loan products ranging from credit cards to mortgages. With many marketing channels to consider, we've found geofencing marketing to be an attractive mechanism due to the opportunity to micro target locations that give us an indication that someone fits a particular profile AND could be considering moving their dollars to another bank or are in need of a financial product. As loan officers and directors of marketing, you care about how you can get your advertising dollars concentrated to mostly those people likely to become a good client for your bank. Geofencing helps in that respect.
As you know, not all digital marketing or even offline marketing channels are created equal. Take for example, billboards do not provide the same level of certainty in driving walk-in visits to banks as you may discern from SEO or Google AdWords, but you know you have to leverage it to an extent. We see many banking institutions and credit unions utilizing billboard advertising, but when we ask how many new banking clients visited their bank from Billboards, we usually hear crickets, because they do not have an answer. At least that's what our banks and credit union clients tell Propellant Media.
But as a banking institution, your concern must be reaching people who are MOST likely to be in the market looking for or considering going to moving their money or in need of a financial product. Google Search offers a great opportunity to reach prospective banking customers because if someone does a Google search for popular banking terms such as 'low interest credit cards' or '30 year fixed loan rate,' you know those people have expressed an interest in needing a banking product. But here's an important question. How do you know they are simply curious about learning more about those financial products rather than knowing for sure they're in the market looking for a financial product?
That's where geofencing marketing can overtake Google AdWords and SEO in many cases and get customers in front of your banking institution who are likely to be looking to for such banking product. You no longer have to worry about targeting an entire city reaching everyone.
For example, you can geofence car dealerships if you are a bank looking to provide auto loans to people. Or you can geofence mortgage loan offices if you know their mortgage product is inferior to yours. And finally, you can geofence banks up and down the road from you if you want to give yourself more exposure to those same banking clients.
The truth and the challenge most banks have are switching costs. Meaning, it's difficult for a customer to simply move all of their money from one bank to another without a compelling reason. So getting those same people to start experiencing 1 or 2 financial products leads to those greater and larger comprehensive relationships with banking customers.
There are many strategic ways to utilize geofencing advertising for banks. In this guide we discuss the process of geofencing, a few strategic initiatives banks can deploy with geofencing, and how it's helped a number of banks and credit unions our agency has worked with.