In this week’s blog we are going to explore the value of Google Ads to a business and how #Fintech companies such as Revolut can utilize these platforms to benefit their business. There are two types of Google Ads that a business can invest in and we will examine the advantage of each one throughout this blog:
Search Advertisements
Google Display Network
Google and the importance of being found there.
Google is the top search engine in the world with over 70% of all searches taking place on the platform (Forsey, 2019), this equates to approximately 5.9 billion searches every day (Halligan and Shah, 2014). With these statistics it is evident the necessity of having your business appear on Google, without this your business could be missing out on leads, purchases and visibility.
In week 6 of our blog we examined SEO, what it is and how it can improve customer acquisition and as we had previously mentioned SEO is one way to optimize your position on Google search, however it cannot be built overnight. This is where Google Ads comes in, in particular Search Advertisements or Pay Per Click (PPC). To ensure a fair way to allocate ad positions on their website, Google have developed an algorithm (Quality Score) to guarantee relevance of a user's search to a business’s advertisement. Quality score is influenced by keyword click through rate, ad text, keyword, landing page, historical performance and ad extensions (Chaffey and Ellis-Chadwick, 2019). When setting up this type of advertisement you have the opportunity to bid on the type of action you require from customers, this is extremely valuable for your overall digital strategy as you can pinpoint where you may not be succeeding in. For example, if you want to bid on Cost Per Click this would drive traffic to your website, alternatively you can bid on Cost Per Acquisition (CPA), bidding on lead generation or online sales.
To begin your Google Search Ad journey click here
The Google Display Network (GDN) on the other hand is favourable for increasing brand awareness and business visibility. GDN is the partnership of Google and different online publishers, Google displays contextual ads on their website in exchange for a fee. (Chaffey and Ellis-Chadwick, 2019). GDN reaches 90% of users worldwide and consists of Text Ads, Banner Ads and Video Ads. (Google, 2021). Google’s quality score is also used for display ads.
Just with Search Ads, we can bid on particular actions we want our customers to partake in. However, Google also offers the possibility of bidding on Cost Per Thousand Impressions (CPM) with Display ads (Chaffey and Ellis-Chadwick, 2019).
To begin your Google Display Ad journey click here
It is evident that Google Ads provide businesses with an outstanding reach within the world wide web to promote their brand. They give businesses the ability to develop campaigns, measuring their data and editing their strategy when needed.
As Fintech companies such as Revolut are online only, online advertising is essential. Google Ads can provide them the brand awareness they need to acquire customers, this of course leads to word of mouth recommendations offline. PPC can give them a strong push while they work on their SEO strategy.
Below is a current advertisement for N26, an up and coming Fintech business who will be increasing the current competition for online banking apps such as Revolut.
Display Ads will target customers who are not necessarily searching for a new online mobile banking app but will provide them brand awareness and in turn may begin the customer journey.
Let us know your experience with Google Ads in the comments below.
Chaffey, D. and Ellis-Chadwick, F. (2019). Digital marketing : strategy, implementation and practice. 7th edn. Harlow: Pearson Education.
Forsey, C. (2019) ‘The Top 7 Search Engines Ranked by Popularity’, Hubspot, 5 September. Available at: https://blog.hubspot.com/marketing/top-search-engines [Accessed 4 April 2021]
Google (2021) Get more customers with Pay Per Click (PPC) search ads. Available at: https://ads.google.com/intl/en_ie/home/campaigns/search-ads/ [Accessed 5 April 2021]
Google (2021) Increase your reach with display ad banners and more. Available at: https://ads.google.com/intl/en_ie/home/campaigns/display-ads/ [Accessed 5 April 2021]
Halligan, B. and Shah, D. (2014) Inbound marketing: attract, engage and delight customers online. 2nd edn. Hoboken, New Jersey: John Wiley & Sons.
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