Digital Marketing

WITHIN NEOBANKS REVOLUT, MONZO’S DIGITAL MARKETING STRATEGIES

Revolut and Monzo are just two of the big names in digital banking. Examining what each does well in digital marketing, and where they can improve, will help financial marketers at banks, credit unions (and other non-banks) raise their game.

When it comes to excelling in digital marketing, banks and credit unions can take a cue from what some of the leading new banks do.

An analysis of Revolut and Monzo’s digital marketing strategies, conducted by digital media store GA Agency, took a deep dive into both companies’ strategies and yielded some key takeaways.

“Overall, Revolut and Monzo’s digital marketing strategies have many pros and cons,” the agency wrote, adding that the analysis “offers a deep understanding of target audiences, countries, performance, keywords ” Key to the target and their significant marketing investment”.

By way of background, Revolut, founded in 2013, and Monzo, launched in 2015, are UK-based new banks that compete directly with established banks through mobile apps. Monzo, with about 5 million users, operates primarily in the UK and has scaled back its US ambitions for the time being. Revolut has expanded aggressively and is available in multiple countries including across Europe and the US. Operating through affiliated banks in USA. It has more than 15.5 million users.

 

Brand And Keyword Bids

The analysis noted that Revolut relies heavily on brand bidding, a strategy based on bidding on competitors relevant to specific keywords. The GA agency notes that Revolut spends most of its budget buying rival keywords such as “Monzo”, “HSBC business” and “Lloyds business business”.

“Revolut is really pushing to buy competitive keywords, they’re very aggressive about it, that was clear from the research,” said Guido Ampollini, founder of GA Agency, in an interview with The Financial Brand. It’s a tactic that even traditional banks can be more aggressive with, he says.

An article in Search Engine Journal notes that as of 2019, Google had removed previous restrictions it placed on businesses bidding on a competitor’s branded keyword.

 

Grab The Sign:

Bidding on your competitor’s name or other branded keywords drives interested customers to your website.

Analysis by GA Agency points to a number of benefits of a brand presentation strategy. A very relevant traffic is accessibility.

“If you offer the same services as a competitor, you know branded offerings will drive higher quality traffic,” the agency says. “Since this traffic will consist of users searching for a service or product provided by a competitor, we can assume that intent will be high and likely to result in conversion.”

Additionally, branded offerings can allow financial marketers to increase their company’s visibility, Ampolini says, as people searching for those terms are looking for financial products and services that the offering company can also provide. Yes, says Ampolini.

 

Other SEO Strategies Banks Can Use

To counter the brand bidding tactic, financial institutions may bid higher on their branded terms to ensure they appear first in searches. However, this isn’t the best strategy, claims the GA agency, because it means marketing dollars are spent on acquiring leads that are already searching for that particular entity’s brand.

“By comparison, if they target keywords that are only relevant to their products, they will introduce new website visitors who may not have heard of them before,” the agency says in its analysis. Heard.”

These terms include “online bank”, “business bank account”, “bank card” as well as “how do I open an online bank account?” Such questions may include: They allow new potential customers to discover the financial institution’s products and services.

“You’re giving them a solution to the question they’re looking for,” the agency says. “In general, you should look for keywords that have low competition but high search volume, optimizing your website’s SEO before targeting the most competitive keywords.”

 

Importance Of Content To Generate Leads

For a content marketing strategy to work, financial institutions must have relevant content, such as blogs, on the topics, keywords and phrases they want to promote. Monzo has been super. Visiting Revolut in this regard found this review using their blog. Monzo solves questions like “Should I get a credit card?” A blog focused on this topic allows new audiences to discover your services.

Ampolini says there’s no silver bullet for which material will perform best, but there’s nothing wrong with a little competitive research.

“You can study copy that is working well for a competitor and try to implement similar copy. Bitch,” he suggests.

In addition to the SEO benefit of blogs digital marketing, they also create a sense of authority and improve credibility, which can be decisive. G-Factor for consumers looking for a product or service. GA Agency analysis notes that Revolut uses its blogs heavily to target upper-funnel queries from people looking for basic financial information.

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