Promoting Business Banking With Digital

Key Takeaways

Industry competitors are not focused on marketing to large enterprises: On average, competitors spend roughly 2% of their monthly advertising spend on enterprise clients; even then, these promotions are usually geared to small and medium sized businesses. 

Create industry-specific promotions targeted towards specialized businesses: Rather than a one-size-fits all, focus on a particular industry that best fits your company’s area of expertise, such as how Scotiabank created ads targeted towards the agricultural industry.

RBC created a subsidiary brand (Ownr) focused on providing services for start-ups: Ownr provides incorporation services and discounts for their RBC business accounts for start-ups and small to medium sized businesses. By helping start-ups launch their business, RBC is building long-term relationships with small businesses that may become large enterprises in the future.

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YTD, RBC has spent the most on enterprise marketing ($1M), followed by Scotiabank ($88K). However, 98% of RBC’s enterprise ads are from their subsidiary brand called Ownr, which offers incorporation services for businesses.

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Ownr reduced their ad spend significantly by 85% in March around the time COVID-19 was declared a pandemic. Ownr currently focuses all of their paid marketing efforts on Facebook. 

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Ownr sells incorporation services and RBC’s business bank account as a bundle package, allowing consumers to save on fees. Ownr targets startups and small to medium sized businesses rather than large enterprises.

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Scotiabank’s top creatives feature their “Right Size Savings” account for businesses, with a $100 promo for opening a new account.

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Scotiabank ran one creative targeting agricultural businesses, however spend was extremely low at $800.

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BMO periodically runs display ads that promote their no monthly fee business banking accounts and Facebook ads that let business banking knows about service updates.

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