3 Shifts in Digital Advertising In the Wake of the Coronavirus That You Need to Know
In just a couple of months, the coronavirus pandemic has changed almost everything about our world. It has resulted in changes to the advertising, marketing, and media world, forcing businesses to reevaluate their thinking about advertising and marketing campaigns. During the crisis, more brands have fully adjusted to a digital environment, and their customers have done likewise. Overall, digital marketing has once again shown its resilience, and marketers have done a good job weathering the storm. Due to the ever-changing nature of the digital environment, businesses need to keep up with marketing changes now more than ever. Highlighted below are recent digital marketing shifts that institutions should know when developing an online strategy.
1. Google Ads Click-Through Rates (CTRs) Have Increased
The number of people looking for experienced help online has increased during this time of uncertainty. Data shows that the average CTR on Pay-Per-Click (PPC) ads has increased since February, especially on Google search campaigns. As a result, many industries have garnered more impressions and clicks on their Search Engine Results Pages (SERPs).
The finance field is among those industries that have experienced higher click-through rates. This is due to financial uncertainty that made many consumers actively look for financial assistance, better rates, or lower-cost accounts. The highest CTRs were from products like Auto Refinancing and Checking Accounts. The spike in CTRs provides a unique opportunity for financial institutions that continue or increase advertising to reach more customers and receive higher ROIs.
2. Website Visits Are Up
During the second week of April 2020, traffic to websites and online resources of many banks and credit unions reached all-time highs. Much of this increased digital engagement is being driven by people practicing social distancing. The way people shop has changed as they spend more time shopping online doing pre-shopping research, tracking interest rate changes looking for ways to save money. Many customers have also started utilizing digital banking to pay for bills and perform other transactions. While the web traffic rates are high, it’s an ideal time for financial institutions to optimize and update their websites with helpful resources. Financial institutions should strive to be a source of trusted advice and financial support, as people navigate their new normal. Keep in mind that when the coronavirus pandemic is over, consumers may stay with those institutions that were there for them when they needed support.
3. New Searches & Keywords
COVID-related searches are the most popular searches on Google today. They make up 25% of searches, far exceeding other news, weather and politics. This is an unprecedented situation, meaning that 1/4 of searches have never happened before. For financial institutions, this trend means that it’s time to take a deep dive into search terms related to financial products and services. Take a close look at keywords in campaigns to ensure they are adjusted accordingly. If you don’t pay attention to new keywords in your industry, you risk missing out on the new search behaviors, or worse, paying for impressions for keywords that don’t make sense. Review Google Trend Coronavirus Hub regularly to see how people’s search interests change and include appropriate keywords in your campaigns and blog posts. However, be careful with using COVID-19-related keywords in your campaigns as Google might recognize these keywords as sensitive and block your ad.
Need expert guidance on how to adjust your financial institution’s communication strategy and media efforts during this time of uncertainty? The Strategis team is here to help. With the right communication and marketing strategy, you’ll stay ahead of the curve, meeting the true needs of your customers and the local community. If you’d like to talk, we’d like to listen. Connect With Us!
