Through 2020, US financial service companies are set to spend more than ever on advertising: 18.25 billion1 according to eMarketer. That’s a 16.3% increase from the year before, representing about one eighth of all digital marketing ad spend in the country.
And, though the industry intends to spend most of its budget on search and display advertising, data shows that only a fraction of those ad impressions end in clicks. Even worse, nearly 95% of search and display ad click- throughs do not result in conversion.
For advertisers it’s a major problem. Such rates can equate to massive losses when average costs per click in the financial industry reach nearly $3.502. That means for every $350 spent on ads, $332.50 is wasted.
Many are left wondering what they can do. The answer involves scaling personalization.
