In terms of online spending on advertising, our banks are right up there amongst the biggest spenders in NZ.
In 2009, according to the IAB New Zealand Online Advertising Landscape Overview, BNZ were the 10th biggest online advertiser in the country with a ratecard spend of $809,000. Westpac were next at $634,000 and Kiwibank 14th with $599,000. No other banks featured in the Top 20. (Source: Nielsen Media Research Advertising Information Services 2010 / IAB NZ).
We expect that much of this budget was spent on what we would term non-performance advertising: No measurable outcomes were necessarily attached to the campaign objectives. Other agencies would probably call this sort of activity “branding”. At First Rate we believe in branding too, but with an attached performance marketing benefit: Both SEO and PPC can most certainly be utilised with branding intent!
With the literally hundreds of thousands of online searches each month in New Zealand for banking services, how is the massive online spend taking advantage of this opportunity?
BNZ’s search performance is, like its spend, market leading – but National Bank provides clear proof that you don’t need huge budgets to be competitive.
And Kiwibank demonstrates that competitive advertising budgets don’t necessarily mean competitive performance.
Read the full report here: SEO trends and PPC insights for the New Zealand banking industry.