Want to drive demand deposit accounts (what bank doesn’t)? Do it digitally.
We recently created a digital-only marketing campaign for one of our regional bank clients that netted 140 new non-interest-bearing checking accounts in just one month. The average customer acquisition cost was only $28! What was even more impressive was the demographic breakdown:
- More than 36% of the new accounts were opened by 25 – 35 year olds.
- More than 44% of the new accounts were opened by 36 – 55 year olds.
- The checking account campaign helped boost overall account openings by 50%
This was accomplished with a combination of hyper-local banner ads and paid search. Based on these results, we’re now tightening the focus further by targeting the 25 – 35 year old market with pre- and mid-roll videos.
Now, we’re not advocating total abandonment of traditional advertising. We actually ran a fairly aggressive print campaign for other bank products during the same time as the digital marketing campaign, which certainly helped build brand awareness. But for direct response, our digital ads did the trick.
With this kind of success, it’s easy to understand why AdWeek predicts Internet advertising will eclipse broadcast advertising in 2017. If you’re interested in producing similar success, keep these parameters in mind.
- Digital works best with direct response—make an offer to boost response rates.
- Target your audience as much as possible—geographic fencing, age parameters, and even the time of day all drive response rates.
- Creative counts—Your ad is in heavy competition for attention. Make sure it stands out.
- Buy judiciously—Ditch the traditional model of buying individually from media outlets. It’s far more cost effective to purchase on the open market.
If you’d like to see how digital advertising can best work for your financial institution, contact Netwave today.