It's no longer just a trend, but a vital tool. By Amy Neale Sponsored by CU Solutions Group
If more and more of your credit union's marketing budget is going to digital, you'll want to read this article. Financial institutions nationwide increased their online advertising spend from $2.4 billion in 2013 to $2.9 billion in 2014, according to eMarketer. While this figure may not seem overly impressive, the study also shows a decline in media ad spending in all other categories: television, newspapers, magazines and newspapers. Pick Pandora It’s become obvious that digital marketing can no longer be seen as an industry trend, but should be viewed as a vital marketing tool instead. One of the best bets for your digital marketing dollar is quickly becoming Pandora Internet Radio. Many advertising dollars are being shifted toward Pandora media buys, and here are some reasons why it's worth it:
- You can target your marketing efforts with almost pinpoint accuracy, with segment and sub-segment choices that include household income, auto preferences, ethnicity, education levels, and home and business ownership.
- 28 percent of U.S. adults who are online stream music on their computer or smartphone; yet only 6 percent are willing to pay for commercial-free online music.
- Compared to other online advertising options, Pandora only plays one in-stream ad at a time, so marketers have the listener’s full attention.
- Users are less likely to tune out the ads since Pandora runs less than two minutes of commercials per hour compared to the up to 10 minutes of ads on broadcast radio stations.
- Pandora is a clear favorite of the 13-to-35 age group with 39 percent of them using it. The next closest is iHeartRadio with only 11 percent.
- Ten out of the 10 best-selling passenger vehicles in the U.S. now come with Pandora.
Other Options When it comes to shifting your marketing budget dollars to digital, don’t stop at Pandora. Social media and paid search marketing are two other essential ingredients of a digital marketing mix. The trick is finding the right combination. The CU Solutions Group CUSO worked with one credit union on a diverse loan campaign that included Pandora, paid search and a host of traditional marketing efforts. At the end of its three-month campaign, the credit union booked over $5.3 million in balance transfer loans for a total of 708 new loans. It also doubled its account numbers and saw unprecedented website traffic. While every credit union’s results will differ, it’s imperative to fully embrace the world of digital marketing. You may have to tweak and adjust campaign elements along the way, but once you land on the right combination it will be worth your effort. Amy Neale is content marketing manager for CU Solutions Group, Livonia, Mich. Earn the prestigious Certified Strategic Marketing Executive (CSME) designation when you attend both CUES School of Strategic Marketing I and CUES School of Strategic Marketing II this July in Seattle, and complete the assigned project. (This does not have to all be done in one year to earn the designation!) You may also be interested in attending the CUES School of Member Experience this September in San Antonio.
