Promoting Business Banking With Digital
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.
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.
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.
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.
Scotiabank’s top creatives feature their “Right Size Savings” account for businesses, with a $100 promo for opening a new account.
Scotiabank ran one creative targeting agricultural businesses, however spend was extremely low at $800.
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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