The loss of customers can be caused by several reasons. Here are the main ones:
- Successful promotion of any brand is based on three pillars: audience trust, quality of services provided, and popularity among the public. If you neglect to develop your brand, you can fall far behind your competitors, making it difficult to attract new customers and retain existing ones. As a result, the bank loses credibility, popularity and credibility. And customers!
- Misunderstanding of the sales funnel. In the popular AIDA model, lead generation is located at the very bottom-at the “action” stage. You can attract customers at this level by expanding the top of the funnel. This is achieved through information and media campaigns. They help you communicate information to your audience-unique Sales Offers (USPS). In addition, the bank attracts the attention of consumers and in the future has every chance to force them to take certain measures.
- Your brand is not known to your audience. If the name is well-known, and friends and acquaintances talk about the bank, then the probability of applying to such a financial institution is higher.
If all three elements are combined, the audience does not respond well to advertising, the cost of attracting customers increases, and their number remains low. Ineffective campaigns become a blow to your budget and a waste of time.
The elements of performance and branding have combined to give marketers a powerful new approach to brand promotion and awareness. At the same time, it is possible to track the effectiveness of advertising activities, which makes this method indispensable when demonstrating brand elements and increasing knowledge about the company. You must have a landing page where you can get detailed information.
- increase the reach and effectiveness of your ad campaigns;
- reduce the cost of attracting customers;
- increase your return on investment;
- engage your audience on social media;
- improve the quality of your branding;
- create financial coefficients;
- evaluate the effectiveness of your marketing campaigns.
As for the tools used in brandformance, they are not something completely new: they have long been used in performance and branding in various combinations. These can be individual options or combinations of them: targeted and contextual advertising, email marketing, SMM, SEO, content marketing, interactive sites, or individual pages.
It is important to identify a set of Google tools that can be useful in your work.:
- search ads;
- remarketing, dynamic remarketing, search engine remarketing;
- inteligentne banery;
- Performance Max;
- podobni odbiorcy (Look-alike);
- inteligentne kampanie w Google Display Network (Smart GDN);
- commercial advertising;
- creating Demand using Demand Gen;
- mobile app ads;
- Campaign wizard.
You should combine standard tools with smart campaigns that minimize manual work and save time. The most popular ones today are Performance Max and Demand Gen, although not all agencies can offer these tools from Google. However, the prospect of their implementation opens up huge opportunities for the brand.
Demand Gen is responsible for creating demand from a cold audience – recommendations are published on sites that users trust. We are talking about a target audience that is already looking for a specific product or service on the Internet, but is not yet familiar with the brand’s offerings.
This type of ad campaign is new to Google Ads. It is created on the basis of artificial intelligence-today it is expected that the tool will replace Discovery by the end of this year. Compared to paid social campaigns, the cost of working in Demand Gen is 61% lower. The advantages also include:
- significant qualitative expansion of the sales funnel coverage stage;
- improving the audience quality;
- choose unique sites to host with Google – even those that didn’t have ads before;
- creating demand among a cold audience;
- similar user coverage and more detailed settings;
- a 3-fold increase in click-through rate compared to regular ad campaigns.
Performance Max simplifies your Google ad campaigns by combining search and display ads. For starters, there are different formats and placements available: YouTube, Ad network, Discover, Search engine, Gmail. At the same time, the advertiser’s participation is practically not required. The advantages of the tool also include::
- additional reach compared to standard campaigns;
- Display ads across all Google channels using the entire product range;
- attract the attention of a new audience that you can’t interact with through other channels;
- launch multi-channel campaigns with budget constraints.
The advertiser can measure specific results, which allows you to measure performance more accurately than standard campaigns.
Depending on the needs and goals of the business, various tools are used to help achieve balance.
A flexible approach is to quickly adapt the brand to an ever-changing market environment.
By increasing the company’s visibility and credibility, the cost of attracting a customer is reduced.
Customers can appreciate another advantage-the optimal distribution of the advertising budget as a result of a combination of branding and performance.
This tool helps you solve the dual problem of attracting new customers and effectively branding your company.
In addition to increasing your customer base, you can expect to build a loyal community.
As a rule, the effectiveness of a campaign increases because ads for a brand that is well-known and familiar to the audience attract attention faster and are clicked more often. However, brand effectiveness alone will not produce significant results. Combined with leadgen, this tool demonstrates an exceptional track record.
This explains the complementarity of approaches: performance is responsible for creating traffic and sales, while branding creates a positive audience response. Lead generation is focused on short-term goals; it allows users to quickly acquire contacts that are ready to interact with the bank. To build long-term relationships with customers, it is necessary to gradually strengthen the brand’s position in the market, including brandformance.
The case of one of WR Digital’s clients is illustrative as a demonstration of the effectiveness of combining lead generation and brand effectiveness.
The main desire of the client is to increase the number of potential customers who come to the call center every day.
At the time of contact with the agency, the ad does not give the expected effect.
Data analysis showed that a campaign with a focus on attracting potential customers led to a decrease in the number of requests sent to call centers. The main focus was not on attracting new customers. It was necessary to assess whether the target audience knew the brand.
A strategy that uses a combination of brand effectiveness and lead generation proved to be the solution. A special feature of brandformance is the lack of a call to action – this confused the client, but after detailed conversations, he trusted the team.
To work at points of contact with new clients.
To increase awareness and positive reactions.
After a month, the load on incoming potential customers increased by more than 30%. Brand awareness has increased and the percentage of positive reviews has increased. All this became the basis for building an effective marketing strategy to promote the brand in the future.
