These questions are from our recent Webinar, “ The Role of Online Advertising in Bank Marketing.”

The Zappo’s example had a panel that said “Why am I seeing this ad”. Do they allow an opt out?
If someone clicks on: “Why am I seeing this ad?”, they are taken to the Web site of Criteo, the advertising technology company behind the Zappos ads, where the ads are explained. Once there, users can opt out. You can view the messaging here:  http://tinyurl.com/3t5oda7

What types of adoption rates have you seen for QR code marketing downloads, and if so, do you have any by channel (i.e. print versus digital out-of-home)?
While we don’t track adoption rates across media per se, we are seeing more QR codes used in direct mail than in previous months.

Have you noticed any of the banks using a unique online media strategy for more urgent offers? Such as a current cd rate?
Savings products – CDs and money markets – are almost always marketed based on the rate. Often a “rate booster” is used as an incentive. For example, customers would receive double interest for a period of time for deposits over a certain amount. Banks have the ability, with online media, to change the rate on a daily basis, if necessary. However, we have not picked anything up that advertises a rate that is good for one day only.

I see QR codes popping up everywhere, and they are being used in several different innovative ways. What do you see as the future of QR codes? Do you think they are going to become a significant channel? Or is this just a trend that will die down soon?
I don’t think that QR codes will fade away – instead I think they’ll increase in popularity. I think they are a useful marketing tool, but companies are still figuring out how to use them. They’re a great way to extend the message or to include information that works better online or in video, than in print. Additionally, it’s a great way for customers to save information. For example, being able to look up the nearest branch location or a phone number and saving that info in the phone. Bank of America is currently using QR codes in direct mail so customers can download its mobile banking app.

Retail is obviously a lot more mature in this space – but aren’t subject to the same compliance rigor that financial services is (i.e. 2 pages of mouse type with every direct mail piece) What are trends or approaches that you’re seeing from financial services¬ that are good ways to handle what will make compliance happy?
The trend is to use a fairly general message in the ad and then include the fine print in the landing pages.

What do you think are the most interesting marketing approaches for upmarket consumers?
Bank of America is piloting a program for its upmarket customers. It’s called Platinum Privileges and is designed for customers with combined balances of $50K+. It’s really a loyalty program – not just a reward program – that provides specialized customer service, special rates on mortgages, CDs and money market accounts, and a reward credit card. The program is currently being piloted in: Arizona, Georgia and Massachusetts.

How does Capital One Bank compare with the brands you’ve covered here?
Capital One focuses mainly on advertising the number of branches it has, or on the interest rates of its savings products. For more information, please contact us.

Do you find that most banks are using email and mobile for promotional or transactional messaging?
Most banks are using email and mobile for customer communications. They are much more focused in the messaging that direct mail is, for obvious reasons. We see banks using email to promote online banking and mobile banking, new features or services, or reminders that the account statement is available online. Mobile so far seems to be reserved for text messages that the customer has set-up to receive or to request information such as balance. For example, customers can set up alerts for instances when an account goes below a certain amount, a deposit is made, an automatic debit is made, etc. Currently Bank of America is allowing customers to text the bank to download its mobile banking app.

What programs have worked best for regional banks, in your research/experience? How do they differ from national banks?
Regional banks utilized the targeting capabilities to a greater degree than the national banks, to ensure they reach potential customers only in their footprint. To a large degree the strategies are similar. The regional banks are slightly more likely to advertise based on free checking, no ATM fees or better service.

What are financial institutions doing in marketing on Facebook and Twitter?
Financial institutions have been somewhat slow to embrace Facebook, although there are some good examples. Chase moved its Community Giving program to Facebook, and it seems to be successful.

Citibank has been using its Wall Street Journal ads to promote its presence on Facebook. The bank is offering exclusive content for its Facebook fans, and the ability to redeem ThankYou points for merchandise. The page has 164,000 “likes” to date, and the page has been available since November 2010.

American Express has a promotion on Facebook called “Link! Like! Love!” which provides members offers based on their Facebook “likes.” Customers choose the deals they “love” and then use their American Express card at the store or online. Customers get the savings through “statement credits” that are reflected on their next statement.
Banks use Twitter to promote events, products, and to respond to customer service issues.

For more information on either of these topics, please contact us.

Do you see a difference in the marketing strategy between banks and credit unions?
Yes, credit unions are more likely to advertise their free services, lower fees and better customer service. We also see them advertise online banking and mobile apps, perhaps in an attempt to communicate that they offer all the services the large banks do.

What is the proper mix of display and search online advertising? 60/40 Display/Search?
I’m not sure there is a general proper mix. I think it’s a matter of evaluating conversion rates and determining which performs better.

Mobile app or Mobile site… which is more important?
I think a mobile app is more important. They are easier to use and offer functionality that a mobile website can’t provide – such as remote deposit and ATM locator.

What advertising tactics seem to be successful in driving new accounts?
Cash incentives are included in almost all direct marketing across all banks, which indicates that they are successful in driving new accounts. In addition, we see banks advertise their online and mobile banking capabilities because these are functions that customers have grown to rely on and expect. As consumers are exposed to more and more media, an integrated message is important so the whole campaign works together and the messaging builds upon previous messages.