The more you spend on marketing and advertising, the more your revenue grows. Well, it’s obviously not that simple… But, if you have a small budget, how can you compete with the big guys with big budgets?
The story of David and Goliath is a well-known trope. Goliath is a big bully who strong-arms his way into everything as he’s big, he’s got resources and he’s hard to defeat.
However, along comes Wiley Dave with his handful of stones and a sling. Before long, through laser-like targeting, David defeats Goliath with a mighty whack to the forehead. Killing him dead.
Whether that really happened isn’t a subject for this blog, but the core principles very much are.
Through smart targeting, Fintech companies can make the most of any marketing, advertising, or sales budget.
Out of home advertising – OOH
On its own, OOH – such as billboards, point-of-sale, street furniture or taxis – can be expensive and hard to attribute ROI to. However, there has long been an affinity with out of home advertising and financial products for the simple fact that it works.
By getting your Fintech ads onto OOH in specific locations, you can amplify your reach and create more impact than you would with demographics-based targeting alone.
Research from Outsmart shows that heavy OOH consumers are 26% more likely to purchase online.1
Along with that, according to Top Media Advertising, 75% of people who saw an OOH ad in conjunction with other ad types recalled the brand seven days later. 2
So if OOH advertising is so good, why do more Fintechs not do it?
Cost and risk
There’s a simple answer – costs and risks are too high for a lot of Fintech budgets.
More organisations would love to take the OOH plunge. One marketing director we spoke with stated they wanted to use OOH to get above the noise, but it was too expensive to compete.
However, once they realised they could be laser-focused with OOH spend, it took away the risk.
So, how exactly can you be laser-focused in a medium that can be similar to shouting in the middle of the street? What hope do you have in getting your message across?
As a challenger in the finance market, you’re always going to be working with less budget and resources to reach your customer. The biggest advantage is your existing users. If you can tap into their network, you’re on to a winner.
Let’s take a look at how that could work.
Jack and Jill are in the pub. As Jill pays for the next round by holding her phone to the payment machine, Jack sees her Monzo card flash up.
Jack’s been thinking about changing banks and asks her about the Monzo card. Jill has nothing but positive things to say.
The next day as Jack walks through town, he sees a sign on the bus stop showing Monzo. Now Jack knows about Monzo, it registers and he makes a mental note to find out more, or even signup.
Later, Jack is browsing Facebook and again sees an ad for Monzo, which he clicks and creates an account.
“What the hell has that got to do with laser targeting?” I hear you ask. Well, it’s all about knowing where to place your ads.
Targeting all bus stops where your demographic live is expensive, as is targeting all the bus stops where you have customers.
But, if you knew the areas where people are talking about your brand you could target the bus stops in those specific area(s), making the most of your budget.
This is where GDlabs can help you, your marketing ROI and your sales goals.
AI, network theory and how it can help you
GDlabs is an audience targeting intelligence platform that enables you to see accurately where your brand is being discussed or new clusters of potential customers are forming.
We use an emerging branch of AI called network theory to boost marketing ROI and increase sales conversion.
In simple terms, physical networks like Facebook or the internet are predictable. Our AI methodology looks at how physical networks behave and align that to invisible, real-world networks – such as word of mouth – to as accurate as a street level.
Our AI platform can analyse your company’s historical data, such as:
- Where a sale happened
- What the date and time of a sale was
From this analysis, we can map the location of future predicted customers. Taking the guesswork out of OOH advertising and allowing you to plug OOH into your wider marketing plan/strategy.
That’s a powerful targeting tool for brand owners, sales, and marketing teams. One that helps reduce marketing ROI and boost sales conversion.
Contact us for a demo today to find out more and see where people are talking about your brand or products.
1 Why Out of Home works for Financial brands / outsmart.org.uk
2 Top OOH advertising statistics / topmediadvertising.co.uk