December 27, 2022

Why Banks and Credit Unions are Choosing Scoreboard Sponsorship Over Billboards, Radio, and Digital Marketing

Why Banks and Credit Unions are Choosing Scoreboard Sponsorship Over Billboards, Radio, and Digital Marketing

For banks and credit unions to advertise successfully, your message needs to speak to your customers’ needs. Positioning your credit union, and its services, as a smart choice can be achieved through strategically allocating marketing budgets to digital scoreboard advertising.

Credit unions are local entities and generally have strong ties to their communities. For local bank and credit union advertising, emphasizing these local ties through local scoreboard advertising can amplify your message to the exact audiences you’re looking to target.

Find out why more institutions are paying attention to this credit union marketing trend when determining their market strategy and allocations.

Community Outreach

While local outreach campaigns have always been a vital part of marketing strategies for credit unions, they are becoming increasingly important. As more customers turn to large national financial institutions, this is how local credit unions and banks can promote themselves locally in a competitive market.

Connecting with local audiences means taking an inclusive approach to marketing, one which includes targeting of all ages. 

If your bank or credit union organizes financial literacy workshops or online tools for learning how to bank, manage a budget, then consider advertising these things to younger, Gen Z audiences in your digital marketing strategy. After all, this is the age group that is or will soon be in need of checking and savings accounts, credit, car loans, home loans, and financial assistance with college.

Student-Oriented Approach

Is there a school or university in your market? With school scoreboard advertising, you gain access to new students, their parents and relatives, household decision makers, growing families, and a never-ending supply of new audience members to market to. Establishing relationships and ingraining your financial institution in the mind of younger audiences has the potential to create life-long loyal customers. 

Advertisements on building credit with lending products, like a vehicle loans or credit cards, can be particularly effective when courting younger, college or high-school aged audiences. 

Plus, studies show that, after seeing an Out of Home (OOH) advertisement (which includes scoreboard advertising), 66% of viewers with a smartphone take action regarding the product or service being advertised, like performing a google search or viewing the company’s social media channels.

Because Gen Z’ers are digital natives, they’ve grown up surrounded by targeted ads which track them wherever they go. According to a study by Kantar Millward Brown, Gen Z’ers favor OOH advertising because they find it, “relaxing,” as their experience of these ads is viewed as being “fully under their control.”

Additionally, a Nielson study found after viewing an OOH advertisement, 33% of viewers searched for the advertised brand online.

For catering to the unique needs and buyer personas of students and Gen Z, it is critical for brands to develop cohesive digital marketing that caters to each demographic’s unique preferences. The bottom line is that students are attending their school sports games and they’re engaged in the action. Through Scoreboard Sponsorship, your credit union or bank can be at the center of that action. 

School-Oriented Impact

An area where many local banks and credit unions have found success in their digital marketing and advertising strategy is in school partnership.

Digital scoreboards, like the ones from Scoreboard Media, serve digital content and ads to every person in the stands at school games. With multiple sports and numerous games each season, that adds up to a lot of eyes on your ad - an estimated 1-4 million impressions annually, depending on the sponsorship package.

A strong benefit to including digital scoreboard advertising as part of your credit union’s marketing strategy is that Scoreboard Sponsorship, in partnership with a school, functions as an endorsement from an institution that families already know and trust. Plus, with every advertisement flashing across the screen at a home game, your marketing dollars are contributing back to the students and school. That’s real home-field advantage that local customers will see and be motivated by.

Targeting Parents

As a professional in the financial industry, you know it is critical for students, children, and young adults to be exposed to financial education. When targeting younger audiences, a focus on the parents is key.

Pitching your ad for a new type of account or account opening incentive is one way to call parents to action. Another option for your credit union marketing strategy is for your ad to stress learning financial literacy and developing a solid understanding of personal finances.

Think of your credit union’s digital advertising strategy from the perspective of the parents seeing your ad at a local school sport game. What do they want for their children? They wish for them to succeed and become less financially dependent. With school scoreboard advertising, you have the ability to pitch the banking products that will help them do just that.

Ultimately, the goal of digital marketing for banks and credit unions is more about selling a product. The most important part of a credit union’s marketing campaign is to connect the line between the solution (your product) and the audience’s (parent’s) problem. Highlighting your local presence while supporting a local event can go a long way to enticing and inciting demand and sales from audiences in your town. Digital advertising for banks and credit unions through Scoreboard Sponsorship not only engages with new customers, but also has the opportunity to expand relationships with current clients, particularly if the ad showcases a new product, service or feature.

Tying it Together

For local banks and credit unions, building the product or institution’s digital marketing strategy with Scoreboard Sponsorship is simple. After all, you know who your audience is, you know where your audience is, and we know exactly how you can communicate with them to increase the chances of converting ad-viewers to customers. Creating consistent advertisements which tie into a customer, parent, or young adult’s individual needs is one of the most effective foundations upon which to build a marketing strategy. 

With more options than ever for promoting your banking services, particularly in the digital age, building an individual viewer experience in your marketing strategy should be top of mind for all bank or credit union marketing leaders. Scoreboard advertising options are endless, with various formats and ad types to solidify your brand as part of the game experience and a cornerstone of the community.

Trust is the backbone of any customer and banking relationship, and establishing that trust can be as easy as targeted messaging from an engaging and trusted source - the school a child or teen attends. For credit unions to succeed in their advertising endeavors, they should rely on their greatest opportunity: the ability to engage with their community and build that trust. 

Expanding the reach of your ads in new consumer spaces is a marketing trend which is proving effective. Get into the action and make waves in your community through Scoreboard Sponsorship with Scoreboard Media. Unsure of where to start? Let’s chat.