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Geofencing Advertising Expertise For Financial Institutions

By February 28, 2023March 20th, 2023Uncategorized

Geofencing ads utilize GPS or RFID technology to create a geographic boundary which will trigger software when a device enters the geofenced area. Geofencing is the best way to ensure your ads are shown to the right user, in the right place, at the right time. Mocentric’s innovative geofencing tactics also allow advertisers to target potential customers within an addressable geographic location based on demographics, income and land use. The expert team at Mocentric uses an advanced, addressable audience curation tool to curate and build audiences based on demographic and income data that is derived from multiple offline sources to be used in conjunction with addressable geofencing. We are able to target properties based on home value, age, wealth rating, credit card balances, and net worth all while filtering single-family homes, apartments, condos, parking garages, etc. Read more to learn how this innovative marketing avenue helped grow a mid-sized financial institution. 

Traditionally, banks, credit unions, and other lending institutions relied on foot traffic to drive new business. During the pandemic, the financial industry was forced to adopt digital methods to connect with old and new consumers to avoid further downsizing. 

A unique opportunity surfaced for financial institutions in the form of vehicle loans. The pandemic created a shortage of automobiles and trucks. The price of motor vehicles increased significantly. In 2021 the programmatic advertising experts with Mocentric were approached by SunWest Credit Union to help them capitalize on the new opportunity. The institution had always counted on auto refinancing as one of their primary and most lucrative services, but with the shortage of automobiles and the increased prices, they knew the competition would be fierce and they would have to compete against much larger financial institutions. 

Mocentric’s strategy involved an innovative and sophisticated use of addressable audience curation, which created more granularity and transparency in targeting a very precise audience. Our team was able to identify the perfect demographic based on lists curated to include specific information about age, education, gender, marital status and income levels. The experts at Mocentric leveraged data from our audience curation tool to build a specific audience that demonstrated identifiable online interest in financing or refinancing a vehicle. In turn, our geofencing campaign effectively targeted specific, prequalified, individuals on a household level, on all of their devices, so that, whether they were at home or on the move, they would receive ads tailored to their auto financing or refinancing needs. Mocentric helped the institution improve their revenue by 173% and gain more than 400 new members over the course of just ten months. 

When you want to capture an audience with a potential to scale your brand, reach out to Mocentric and let’s talk about all the ways programmatic advertising can make an improvement in your profits.