We’ve all left a website with a full shopping cart, only to forget about it and move on. How companies go about reminding you of your intent to purchase can make a massive difference in their conversion rates, and therefore the long-term success of the business.
For financial institutions, it isn’t always quite that easy. Most don’t have a “cart” for you to place your desired financial products in, and deciphering a potential consumer’s intent from other limited data sources can be extremely difficult.
So, how can FIs improve on their remarketing strategies? What strategies work best for FIs compared to other industries? Prisma’s years of experience crafting marketing strategies give us unique insight, so we thought we’d share the three strategies that have been most successful in revamping our partners’ remarketing efforts.
One of the major challenges that FIs face is a lack of actionable data on potential leads. Simply dousing audience members with ads based on a few webpage visits is unlikely to lead to substantial conversion, but there are ways to tweak this strategy that can help.
By studying consumer behavior on your site, it’s possible to gauge which actions indicate true intention. A homepage visit may not be equivalent to an SBA loan page view, so tagging them differently can help prevent you from wasting time and resources. Identifying which stage of the buyer’s journey the audience member is at can help you send more relevant and actionable material their way.
Tagging audiences in this way also helps you personalize communications. Knowing the intention of the audience member and targeting them with material directly related to their initial inquiry helps build confidence and trust in your brand. Rather than being bombarded with irrelevant messaging, the audience feels the solution to their problem has fallen right in their lap!
This method can also help with building more robust data sets and identifying weak points in your overall strategy. Pay attention if you notice that users frequently navigate to a certain point of the website, but seem to taper off after that. Web traffic should funnel at a regular rate as the inquiry becomes more specific, so sharp drops on certain pages could be an indicator that the page is not performing well.
As financial institutions know, the process of converting a lead takes much more time and effort than in other industries. People expect to have financial products and services spelled out for them in detail, and rightfully so!
While ads certainly have their place in a remarketing strategy, remarketing with more comprehensive material can be a real game-changer for FIs. If a person is looking into auto loans, their ad experience can be a constant flood of “great rate” advertisements that lack substance. Giving your audience the fine print upfront can help them feel more confident in their choice of financial partner, and it saves them the extra step of looking the information up on their own.
This is an even more effective strategy when used for less intuitive financial products like business or home loans. By giving the audience members access to this information, they are more likely to see you as an authority and seek your advice on things they are confused about. This creates another opportunity for the FI to convert, as the audience member has now initiated direct contact.
This strategy requires an omnichannel platform and the ability to collect contact information from audience members such as their email address. Remarketing efforts are less effective when relying solely on cookies, and it will be increasingly important for FIs to find less intrusive ways to keep track of their audience as the web moves away from cookie tracking. This method of remarketing will work well for FIs that are already in the process of future-proofing their marketing strategies.
If it ain't broke, don’t fix it. A consumer who has already trusted you with one or more financial products is much more likely to be receptive to remarketing efforts. Not only do you already have the consumer’s direct contact information on hand, you’ve already built up trust in your brand through service in other areas.
It also becomes easier to remarket to existing consumers when you have access to the types of financial products they are already using. People’s financial lives can follow along a relatively predictable path when you have enough data on hand.
For example, someone who has recently taken out a SBA loan may be in need of tertiary business loans for working capital or expansion. A consumer who has recently taken out a home loan is unlikely to be receptive to advertising for auto loans, as they’re just settling into a mortgage. This type of information can lead to massively successful remarketing metrics and can help you win lifetime loyalty from consumers.
Better remarketing comes from anticipating the needs of your audience members and meeting them where they’re most receptive. Both of these can be difficult to achieve without the right partner.
Prisma has years of experience helping FIs like yours substantially increase the effectiveness of their marketing efforts with automation and personalized campaigns. If your marketing strategy could use a leg up, schedule a demo with us today.
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