US Paid Search in Financial Services 2023

Description

Discover the latest progress and trends surrounding paid search marketing and how it affects the financial services industry. Our report series on paid search marketing provides financial services marketers with unique industry reporting. Gain insight into the complex and ever-changing world of the paid search market, paid search marketing strategy, the tactics of other active marketers in this channel, and the benefits of paid search marketing. Discover the knowledge you need to stay ahead of the competition and keep your business growing!

Paid Search Market Overview

Paid search is a keystone of marketing today and the paid search marketing strategy has become an essential element. Paid search marketing services and options are getting more complex and more brands enter the marketplace, therefore, it’s imperative to understand the landscape and benefits of paid search marketing.

Moreover, paid search investment has become an increasingly vital channel throughout the marketing funnel for notable financial services brands, with an increase in overall spend.

Paid Search Market Forecast

The role of paid search is evolving quickly within the paid search market, and precisely within the marketing funnel, serving as an invaluable resource throughout consumers’ shopping journeys.

As consumers have become more digitally native, paid search has evolved to serve as an invaluable touchpoint throughout all stages of a customer’s shopping journey as potential customers turn to search engines to discover new products and services that meet their individual needs, to gain trusted product/service reviews, or for brand insurance further down the funnel.

Paid Search Market Statistics:

• Spending on awareness-based keywords by notable FSI brands has increased by 12% Y/Y in Q3 2022.
• Overall spending on paid search marketing strategy went up 60% Y/Y in Q3 2022.

• Consideration-based keywords received boosted spend in Q3 2022 with an increase of 7%.
• Major FSI brands also boosted conversion-based keyword efforts Y/Y by 291% in Q3 2022.

Why Do You Need Paid Search? – Paid Search Market Opportunities

Online search has become a place of consumer discovery, and brands should incorporate SEM strategies that capture initial search intent, making it possible for brands to connect with consumers during the discovery phase. They must retain an active presence during the consideration and evaluation stage to reinforce their cross-channel marketing claims by positioning product attributes and offers ahead of potential competitors during the research phase.

Finally, online shopping and service have become a norm, therefore brands should have a notable online presence to drive action and convert intent. To achieve this, brands can invest in “brand insurance” to pair brand awareness efforts with their paid search marketing strategy to ensure paid investments don’t go to competitors.

Why do you need paid search? To gain in depth analysis about the paid search market including insights into spending trends, keyword strategies, and ad copy approaches within the financial services sector, discover the full report here.

Quickly Understand the Paid Search Market

• How are industries and specific brands using the paid search marketing strategy?
• What are the channel’s best practices?
• What types of investment are competitors making in paid search and how does that investment fluctuate?
• Opportunities created through paid search marketing strategy.
• Gain awareness of competitors’ strategies to blunt their impact and inform your own planning.
• Shifts in keyword and ad copy trends as the industry landscape changes, evolving consumer behaviour and needs.

Expert Insights on Paid Search Marketing

This report, written by Nicole Bond, Associate Director for Marketing Strategies at Comperemedia, delivers in-depth commentary and analysis to highlight the benefits of paid search marketing, and adds expert context to the numbers.

Why do you need paid search marketing? This report explores the role of paid search as a key marketing opportunity within financial services and details best practices to optimise SEM channel strategy.

Nicole Bond

Associate Director – Marketing Strategy, Comperemedia