The global financial services market size was expected to grow at a compound annual growth rate (CAGR) of 9.9% from $20.4 trillion in 2020 to $22.5 trillion in 2021. The financial services market is further expected to reach $28.5 trillion by 2025 at a CAGR of 6%. The growth is a result of companies rearranging their operations and recovering from the COVID-19 impact.
While these statistics may seem impressive, the presence of hundreds and thousands of financial services brands makes it extremely challenging for brands to reach their target audience effectively. This is where marketing avenues like Facebook come into the picture as they can help financial services brands market themselves more effectively, just like it helped these three financial institutions drive awareness and revenue.
1. Ngern Tid Lor
Ngern Tid Lor Public Company Limited is a Thai leader in the microfinance and non-life insurance industries and has over three decades of experience.
Ngern Tid Lor sought to build a Messenger-powered digital assistant that could deliver high-quality customer service and leads.
Solution & Approach
The automated assistant was built with a dialogue flow that consisted of financial information and knowledge to help clients find solutions to some of the most frequently asked questions. In case, the customers’ queries weren’t adequately answered by the automated experience, a handover protocol built into the workflow transferred the conversation to a human agent seamlessly.
Ngern Tid Lor also ran ads that clicked to Messenger and targeted people in Thailand so that they could launch a conversation by simply clicking.
The Facebook campaign delivered higher results than what Ngern Tid Lor had expected with a 98% customer satisfaction score and a 25% decrease in cost per lead after the launch of the Messenger experience. Also, there was a 2.2X increase in message traffic via Messenger as compared to the same time the previous year.
2. AIA Malaysia
AIA is a leading Malaysian insurer that offers a range of financial and insurance solutions to businesses across the country.
AIA wanted to find a way to generate more leads and conversions to boost its cost per lead while maintaining a scalable and efficient budget.
Solution & Approach
AIA decided to test a new campaign and targeting structure to drive the performance of its always-on campaign. It used a mixture of ad formats, including mobile-optimized photo ads. The creative for the ads was taken from an existing commercial that was edited to show the messaging with maximum impact.
AIA also expanded its targeting strategy from niche elements and specific languages to reach and cater to a wider audience with common interests. It retargeted ads to Custom Audiences of site visitors and people who had submitted a lead form. It also created lookalike audiences based on those groups and targeted ads to them. Moreover, it used campaign budget optimization for identifying and optimizing the best-performing ads.
AIA’s Facebook campaign performed outstandingly well resulting in an 82% increase in leads and a 59% reduction in cost per lead. Also, there was a 2.2X boost in lead conversion rate.
StashAway is an online wealth management platform based in Singapore. It was the first robo-advisor that obtained a full capital markets services license from the Monetary Authority of Singapore (MAS).
StashAway wanted to see how Facebook could streamline the video production process for its different campaigns.
Solution & Approach
StashAway leveraged Facebook’s Video Creation Kit to come up with a series of mobile-first video ads for its lead-generation campaign. StashAway used video templates from the Video Creation Kit to create a new set of video ads that would drive leads. The campaign then compared these new assets with older ones that the brand had previously used.
StashAway’s campaign broadly focused on Singaporeans above the age of 25 years, except for people who had already signed up for its services. It used automatic placements to deliver ads across Facebook, Instagram, and Audience Network cost-efficiently.
StashAway’s Facebook campaign performed remarkably well to generate 7.4% more leads with assets that were created with the Video Creation Kit. Also, it led to 1.5X higher conversions with assets that were created with the Video Creation Kit. Moreover, the videos created with the Video Creation Kit led to a 35% lower cost per conversion.
Facebook, with its plethora of marketing features like Messenger, Photo & Video Ads, Automatic placements, and Custom & Lookalike Audiences, offers marketers an ideal marketing channel to reach out to their customers. Moreover, its unparalleled supremacy in the marketing domain is a major plus for brands trying to capitalize on its massive potential. All that you need to tap onto it is some awesome content and a sound marketing strategy.