The Right Investment
We’ve worked with a number of credit unions across various locations wanting to attract new personal and business banking clients, as well as promote their membership options and low-rate loans.
There is a movement toward buying and keeping dollars local, especially after the 2008 stock market crash that left people skeptical of for-profit institutions. Credit unions with offices in Las Vegas, Reno, Scottsdale and Phoenix knew their customers were out there, but ultimately needed help building brand awareness so users could easily find them online.
For credit union #1, enticing new members was proving difficult, especially up against large, established financial institutions in the area.
For credit union #2, their website was badly out-of-date, with little content (poor for SEO and client trust) and a static design that took up the width and height of a monitor. If a bank wasn’t willing to invest in themselves, why should someone invest in them? Additionally, another vendor was handling their Google Ads campaigns, spreading a relatively small budget across many locations and few ad groups—and receiving little results.
Credit Union #1: Across two campaigns (one focused on general banking and credit union queries, the second on loans), we were able to capture a more than 9% CTR, less than $1 average CPC, and less than $10 cost per conversion (from calls from ads to loan and credit card applications) for all-time.
Credit Union #2: Reviewing our campaigns year over year with the previous vendor, we found our impressions decreased 60% and keywords by 44% thanks to better keyword bids and the addition of negative keywords; this resulted in a nearly 35% increase in CTR indicating we targeted a better set of keywords and delivered more enticing ad copy.
Conversions decreased 11% overall, but the credit union noted calls were much higher quality over quantity, saving them time in the long-run (cost per conversion decreased nearly 40% while the conversion rate increased 60%). Finally, after many months of pushing for a new website, the launch resulted in the highest conversion rates and lowest cost per conversions, as well as lower bounce rate.
How we did it
Credit Union #1: We relied on Google Ads to bid on keywords for both banks and credit unions alike, as well as company branding, low-rate credit cards and various types of loans. Regardless of what people were searching for, we introduced them to a not-for-profit institution where they could become part of the family.
Credit Union #2: We used what was working within the existing campaigns, reviewed keywords other competitors were bidding on and ranking for, and fleshed out more keyword targeting across many more ad groups for better ad-copy targeting and organization. We divided targeting into general and business banking for better understanding of data.
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