The financial sector is dominated by brands such as Visa, MasterCard, Santander. Do you remember the listening bank, the TV advert from the 1990’s? The main reason for advertising is for brand awareness. Advertising lets consumers know about new services on offer, loans to be had, student overdrafts, pensions, savings and all other kinds of financial packages. There are many advertising mediums on offer:
Many financial companies make use of TV advertising, depending on the focus. Banks, investment companies, credit card companies all make use of TV promotion as there is such a captive audience that would be relevant to the products and services. Of course TV adverts are targeted at certain times of the day to capture certain demographics (hopefully).
Billboard advertising (or visual promotion) again for brand awareness. For the same reason as promotion on TV, banner marketing is a much cheaper option that many companies in this sector make use of.
Radio advertising is a popular form of promotion for many financial businesses. It can be targeted geographically so that people living (or based) in specific areas of the UK can be targeted with specific messages relating to specific products that may be applicable to their demographic.
Facebook advertising (and social media marketing) is a new form of promotion (in the scheme of things) and is being used by more financial businesses. Due to the ability to do specific targeting of adverts including gender, age groups, location, career. Social media is much cheaper than other kinds of promotion and is a popular form of marketing for many kinds of business in this sector. Great for brand awareness and used by leading brands across many market sectors.
Many financial businesses will sponsor events (sports events and the like) as they are a good opportunity to get brand awareness and brand visibility. Sponsoring the Olympics, world cup, the tennis open, all things that are open to the highest bid. Bespoke financial companies (such as hedge funds etc.) do not to promote themselves in the same way as larger main stream businesses. They would tend to use other marketing techniques that are connected to other sector businesses based on market research and data collection.
The UK has a wide selection of advertising agencies, ranging from smaller more personalised companies, up to top London advertising agencies that work with global firms. The best advise is to talk to an agency that knows the financial sector (that has financial marketing experience). Advertising can be quite hit and miss, so ensuring the best chance of success is very wise (as all promotion is expensive). Success is difficult to quantify. When a TV promotional campaign runs, measuring the success is difficult. Whatever advertising medium is being considered, it is always advised to meet up with an agency before signing up with them. Promotion generally is quite an expensive process and if it is not fruitful, will leave quite a dent in your marketing budget (which during times of economic downturn is not good). All agencies produce their own websites, writing about what they can do and how successful they are. Meeting the agency is the only way to get a good feel for whether what they say is true, or just marketing spin.
Advertising is going to be expensive, all promotional agencies are privately owned and as such, set their own rates. Some of the top companies charge huge fees for promotion (on the grounds that they work with global companies); however successful campaigns do not come from paying high fees. A small agency can produce just as good results, if not better. Shopping around and comparing prices is very wise so as to not overpay an agency and add to the directors new house or car. As a price comparison website, we want to help you get the best advertising agency for the lowest possible price.