January 16, 2017
Financial services is famously cutthroat – and not just on the trading floor. The industry’s marketing teams are equally competitive. Just look at the spend: in the U.S. alone, advertisers in this sector spent $8.77 billion in 2016. That’s almost 20% more than the previous year, eMarketer says.
If you’re in the credit card business, this is old news. After all competition for credit-card signups is fierce, and finding an edge gets harder every day.
But here’s a tip financial services marketers can bank on: Focus on people first. The best way to boost signups in a challenging market is to understand exactly who your target audience is and what motivates them.
“eMarketer’s number one 2017 Video Advertising Best Practice is ‘Buy Audience First’,” Ryan Vaspra, Sightly’s SVP, Media Strategy likes to say. His advice: “Don’t buy cookie pools and don’t buy context. Buy your audience and use third-parties to validate your accuracy and reach. That’s what makes a successful campaign and it’s the best way to boost your impact.”
And there’s strong proof this works. Consider this: Nielsen’s 2016 Digital Ad Ratings targeting accuracy average for adults 25-54 is 59%, while Sightly averages a whopping 78%.
“With a people-centered, audience-first buy, credit card brands can significantly optimize their targeting and truly connect with the people they want to reach.”
What else works? Ryan and the video ad experts at Sightly say credit card marketers can boost signups by following these video advertising best practices.
Target Offers with Personalized Video Ads
Knowing what motivates your ideal customer is critical. For 59% of U.S. consumers, rewards are a major selling point, TSYS found in its 2016 Consumer Payment Study. Another 30% say they’re attracted to the card brand, while 19% say the card’s alerts and mobile options are the deciding factor.
One way to guarantee you’re bringing the right card offer to the right consumer segment? Use predictive audience targeting. Don’t take our word for it: eMarketer’s #2 2017 Video Advertising Best Practice is “Refine Your Targeting.”
Know Your Millennials
People are most likely to sign up for a credit card during the holiday shopping season – a very tight window to attract new cardholders. That’s one of several not-so-surprising findings from a recent Yahoo analysis. Another not-so-shocking finding? The top target for credit-card marketers is Millennials, who make up about half of the applicant pool.
With every financial marketer targeting the same group at the same time, you really need a stand-out marketing strategy.
Video content around “credit cards” had 247 million views on YouTube alone during the past year, according to a Sightly analysis. That’s 60% of all video content across competing social networks! Cutting through this content with precise audience targeting is key for any brand seeking to connect with Millennials.
Be Screen Agnostic
Shopping, bill paying, applying for credit cards, research. It’s all happening on mobile devices, and if you don’t have a strong mobile strategy, you can find yourself at a disadvantage. Here’s a compelling proof point to underscore this need: 60% of American Express’s total mobile traffic was from video content in 2016, and mobile over-indexed by 31%. That’s what American Express marketing executive Trudie Newcomb told the crowd during her remarks at Mumbrella’s Marketing Summit in Sydney. We’re not sure what attendees will do with this information, but here’s our advice to you.
Accurately reach consumers across their smartphones, tablets, laptops and connected TVs based upon their profile – not browsing cookies.