By Lee Wilson, Head of Services at Vertical Leap
Search marketing is more expensive for finance companies than most. You’ve got some of the highest costs per click (CPCs) in PPC to deal with and Google algorithm updates have a history of hitting finance websites particularly hard.
It’s not all bad news, though, because the returns on finance search opportunities are also among the highest, provided your SEO and PPC strategies are capturing them.
Challenges for financial companies
- High CPCs: Finance companies pay some of the highest CPCs in Google Ads with an average of 3.81 spent on every click vs the 2.61 average across all industries (although the most expensive keywords can cost 30+ per click).
- Intense competition: High CPCs are the result of intense competition for the most profitable keywords, which also makes it difficult to compete in organic search (SEO).
- Google algorithm updates: Finance companies are among the worst-affected by Google algorithm updates.
- E-A-T & YMYL: Google’s quality standards for ‘Expertise, Authority & Trust’ and ‘Your Money Or Your Life’ pages are especially strict for finance companies, which are deemed as high-risk.
Opportunities for financial companies
- High conversion rates: 7% conversion rates for finance companies – higher than 5.63% across all industries.
- High conversion value: Finance products and services generate a high profit margin vs marketing spend.
- Customer lifetime value: Finance products and services...
Read Full Story: https://www.globalbankingandfinance.com/finance-search-marketing-tame-the-expense-by-targeting-high-value-opportunities/
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