Every successful fintech company uses all strategies at its disposal to identify and get customers. While digital marketing often comes to mind first, tech companies and startups that incorporate out-of-home (OOH) advertising strategies tend to fare better.
Why?
OOH advertising often gets a bad rap when compared to other digital advertising strategies. This is usually because this form of traditional advertising did little to target a specific market. However, the pandemic brought with it a creative renaissance in geo-targeted advertising which enabled tech companies to boost their customer acquisition using OOH.
Businesses providing financial services face three niche challenges: there is a need to target a specific market; their marketing strategies must adhere to strict privacy and security regulations; and, they must identify targets with the highest potential to convert and use the most effective and measurable strategies to reach them.
Here are three ways OOH advertising for fintech brands helps achieve this.
1. Remain Privacy-Compliant with Geo-Targeting
Just like cookies help marketers track behavior via online platforms, app-enabled GPS does the same in the physical world. This anonymized data allows fintech brands to target their consumers based on demographics, psychographics, interests, habits, and more. When buying OOH advertising for fintech brands, this step is crucial in making sure that you target the right audience.
Advertising channels such as vehicle wrapping make it easier to target desired audiences with the right message at specific times. Brands can also improve the accuracy and relevance of their advertising while boosting customer acquisition with contextual targeting. When combined with contextual targeting, advertisers can personalize OOH advertising to cater to specific groups of potential customers in specific locations.
2. Identify POIs That will Convert Higher
Along with strong, contextual advertisements, fintech brands can push conversions by being as relevant as possible. In today’s economy, it takes little to engage customers constantly looking for better financial services and products. But potential customers of a financing app will be even more likely to consider these services while they’re shopping for groceries leaving the bank, or more often now, at the gas pump. These point-of-interest (POI) moments take relevancy into consideration and provide fintech brands with a customer more likely to buy.
But how would a brand identify points of interest, and how can they stand out from a sea of banners, booths, and billboards? Fintech brands can take advantage of POI targeting by being at the right place at the right time. During SWARM events, wrapped cars show up in one specific area for a set amount of time. And your customers can’t help but take notice when they see 5, 6, or even 20 cars with your brand logo in one place.
3. Measure Performance in OOH Advertising for Fintech Brands
It may seem difficult to measure the success of an OOH advertising campaign. This is an understandable concern, especially considering that there are no clicks to count. After all, the financial industry is primarily data-driven, and real-time actionable insights are necessary to understand the impact of an advertisement. However, measuring the effectiveness of out-of-home advertising is easier than you think!
Based on the same app-enabled GPS discussed earlier, certain types of OOH advertising can measure ad exposures while capturing Mobile Ad IDs (or MAIDs). These MAIDs then unlock more information about a user, allowing marketers to view net lift measurements in foot traffic, app downloads, or even website conversions when properly executed. The measurement capabilities of OOH advertising are often underrated, but it goes wayyy further than just impressions.
In many cases, targeted customers may take some time before taking action, even when an advertisement has impacted their feelings about a brand. This is an upside and not a downside of OOH. Conversions outside the measurable period of ad returns are proof of lasting impressions and evidence that the ad resonated with the right audience.
Final Thoughts
OOH advertising for fintech brands has many use-cases and benefits. This underrated advertising mechanism has become particularly popular and effective thanks to the development of better geo-targeting technologies and the target market’s appreciation of relevant, financial products.
Wrapify is a performance-driven advertising platform that has streamlined the art and science of out-of-home advertising. We offer a lot more than just ads on vehicles. Our approach to OOH, geo-targeted advertising, attribution, and performance measurement are what a modern financial brand needs to supercharge its brand and marketing efforts. Go to wrapify.com today to discover how we can help your brand reach out to and convert local customers.