When your bank places advertising, partners, produces content or conducts events, it is helpful to statistically know which subject matter is most, and least conducive to banking. For example, by our marketing data, if you are interested in banking, and getting the most out of your banking relationship, you have a 31.4% probability of also being interested (to the point of engaging with content) in travel. Conversely, if you are interested in parenting, for whatever reason, you have a 44% chance of NOT being interested enough in banking to engage with banking content or advertising. Thus, if you are advertising a savings account, you want to market on travel sites and not parenting sites as you will experience almost double the return.
Content That Is Correlated To Banking Advertisement
This data not only impacts digital marketing but also effects what blogs your banks work with, what white papers it produces, promotions and what type of events it holds. For example, an influencer campaign or in-branch event around cooking/food is usually a hit while doing something around a new art exhibit is likely not.
We track some 35 different categories and look to expand this list and get more granular over the next couple of years. Below is our top 10, that while this is data from our bank, it is likely the same for yours as well. To be clear, this isn’t to say that people that are into TV and film don’t like banks, only that they are not likely to click on a banking promotion or advertisement.
While the travel correlation is well known and are currently successfully utilized by the likes of Chase, Capital One, Ally and others, other categories may surprise. Music, environmental issues, humor/comedy, and personal productivity are usually the categories overlooked by most banks but have some of the better response rates. Because these categories have lower demand, they are also much cheaper than a category like travel and thus, a bank’s return is much greater.
Where Not To Advertise
While some topics attract the type of attention that is conducive to banking, others do not. While most banks don’t advertise on parenting or People Magazine-type celebrity gossip sites, many banks do advertise on sports sites which don’t do that well in our experience. It also occurs to us while many banks sponsor sports teams and sports venues, it might make more sense to put marketing dollars to tourist locations, airports and music festivals.
Other surprises, at least to us, include outdoor, politics and business (which you think would be a natural).
Putting This Into Action
Banks can use this data to make their marketing more effective. As always, we are big fans of experimenting and testing out various campaigns on different sites to validate the above data and to further expand this data set with various other topics and with more granularity.
If you have similar data or would like our help to run various marketing experiments, feel free to contact us. If you are interested in how banks practically leverage this data to gather more deposit customers, join us for our free webinar on the topic by registering below.
Submitted by Chris Nichols on June 24, 2019