Customer acquisition goals can be met by driving more traffic to your website and by improving conversion rates for those that visit. Having wide-ranging educational content on your site to draw traffic, drive engagement, answer key questions and encourage prospects with a call to action or next step can help you accomplish both.
As mass advertising and direct marketing have become less effective as a means for acquiring new customers, financial education content has been building momentum. Consumers have tuned out radio and television ads, they let their phone ring to voicemail and direct mail gets tossed in the trash unread. Grabbing the attention of today's consumer requires that you put something in front of them that they find interesting and engaging and where they can tell they'll receive immediate value from the interaction.
Generating Increased Website Traffic
The first KPI that financial education solutions can help address is the amount of traffic to your website. Since so much financial product research begins at search engines, and almost all banks and credit unions offer the same, similar or variants of the same basic products, competing for search listings when consumers are searching for "mortgage" or "car loan" or "checking account" is a fairly fruitless endeavor. Mostly every bank and credit union has content on their site relevant to such keywords.
But not all content is the same. Educational content focused on better understanding financial products, reaching financial goals or dealing with specific financial situations is not commonplace on bank or credit union websites, so it provides a unique opportunity for financial marketers to gain unique search engine positioning for keywords related to those topics.
The alternative for banks and credit unions to obtain traffic from those keywords is to initiate costly keyword advertising campaigns on search engine sites.
Improving Conversion Rates
Financial education content can have a dramatic impact on conversion rates. According to the Content Marketing Institute, "when content marketing adopters and non-adopters are compared, the adopters have conversion rates that are nearly six times higher than their competitors."
Conversion rates are impacted in the following ways:
- Encouraging repeat visits through superior engagement and availability of meaningful educational content
- Answering key questions that need to be answered prior to conversion
- Driving calls to action as educational content is reviewed
- Building consumer trust in your organization and their decision-making capability
Impacting the Bottom Line
The combination of increased traffic and improved conversion rates can drive deposit growth, lending opportunities and the bottom line, easily offsetting the required investment in financial education solutions and producing an ROI that's superior to most other marketing activities.