Advertising for banks (and financial businesses) is essential in today’s world. Mostly advertising for banks is used in promotion. Banks such as Santander and Lloyds are regular advertisers on TV. Everyone over the age of 16 does need a bank account, so there are lots of potential customers. However since banking is such a competitive industry, competition is high in capturing new customers. You need to stand out, to be the first port of call.
There are a wide number of options open to banks, the main one being TV adverts, which most of your competitors do use. Despite being very expensive, most banks choose TV advertising over other forms of marketing (such as billboards, radio and viral) even the internet. The main reason is that almost everyone viewing the TV adverts will be potential customers, that may be looking for a loan, looking for a mortgage or looking for a student account. But, other forms of advertising work just as well, maybe even better. Social media advertising is a rising star. It can be targeted to sector, location, gender even age.
It is normally very expensive, and normally involves a high profile agency. Costs do vary depending on the route of promotion (radio, TV etc.) and also on the agency that is selected (as all agencies have different rates and fees depending on their profit margins).
When considering an agency, it is wise to select one that has experience in the sector and with financial institutions. There are hundreds of agencies around the UK, but selecting one that has a track record of success in the financial sector will only add benefits. If they have done advertising for banks in the past, they should know what will get you the quickest and best ROI.
We do advise getting advice and quotes from a few different specialist agencies before signing up with one. Compare advertising prices is essential, as they do vary quite considerably. Just fill in the form and we will get you quotes from 5 local advertising agencies that work in the banking sector.