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Scotiabank's Approach to Targeting High Net-Worth Clientele

July 3, 2020
Charlie Grinnell
in
Case Studies đź’ˇ

How product positioning and a strategic approach can separate your brand from the rest of the pack.

When targeting consumers for wealth management, Scotiabank focused on elevating themselves with the slogan “Enriched Thinking” and used video to provide a real-life example of a customer talking about the benefits of their self-directed investment platform.

Canadian search ads deployed by Scotiabank to promote their wealth management services focus on ideal future outcomes and simplicity for the customer.

Since January 2020, Scotiabank has spent a monthly average of $2.8K on search ads for their Wealth Management services in Canada – much lower than their Display Advertising efforts. Top keyword categories are branded, competitor, and general investing.

Key Findings

Scotiabank Is Positioning Their Wealth Management As A Differentiated And Premium Service: Scotiabank’s slogan of “Enriched Thinking” coupled with “we look at numbers differently” shows that Scotiabank is trying to position their wealth management as a high-end product that is different than other competitor options.

Scotiabank’s iTrade Platform Ads Aimed At High Net Worth Individuals Are Focusing On Financial Autonomy & Investment Intelligence: Scotiabank’s iTrade ads highlighted how individuals have control over their investment options and insights from the platform to make more informed decisions.‍

Scotiabank Is Bidding On Search Keywords Of Competitors To Attract Customers Searching For Other Wealth Management Options: Scotiabank’s keyword bidding strategy not only encompasses branded keywords and general search terms applicable to high net worth individuals, but also keywords of competitors such as CIBC, TD, and RBC.

What Brands Should Be Thinking About

Think About How Ads Are Positioned: Review ad copy to see if you are positioning ads targeted at wealth management or high net-worth individuals as a premium service that is trustworthy and unique.

Focus On Value Provided By Investment Platforms: Center ads around one or two main benefits to the clients (e.g., easy investment, small fees, market intelligence, etc.).

Consider Bidding On Competitor Keywords: In order to bring attention to wealth management services, bid on branded keywords of larger competitors offering similar services with ad copy focused on differentiating from others.

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Charlie Grinnell

Charlie is the CEO at RightMetric. You can connect with him on Linkedin.

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