For financial advisors using a digital marketing strategy, there’s no doubt SEO (Search Engine Optimization) is at the top of the priority list. And while SEO helps boost organic search results for financial advisor websites, that is just one piece of the digital marketing puzzle.
A comprehensive financial advisor digital marketing strategy has several components, including paid advertising. And one of the most effective and flexible options in an advertising campaign is with Google Ads. Plus, there are many additional components within the Google Ads platform, so let’s take a deep dive into an important part of any financial advisor Google Ads campaign: keywords.
There has been much discussion and debate over the importance of keywords since AI and generative search elements have entered the picture. While the traditional “exact match” keyword search is no longer the leading factor in online search success, it is still relevant.
The difference is that keywords in generative search queries aren’t taken literally; instead, the algorithms determine the user’s intent behind the search query. Whereas in the early days of search, only an exact keyword match would land your financial advisor website in the SERPs (search engines results pages), now it’s based on several factors. These factors use what the search engine knows about that user’s previous search history and online habits.
Additionally, since Google performs billions of searches each day, its algorithms can factor in similar searches made by other users and where they ultimately clicked. This is where financial advisors can find success using a broad match keyword strategy in their Google Ads campaigns.
The use of AI in both paid and organic search has brought the importance of user intent to the forefront. Google can now look beyond the search query and deliver results based on what it “thinks” the user is looking for, even if they didn’t use those keywords.
A broad match keyword strategy uses your existing financial advisor keywords. It completes matches with other relevant keywords and phrases to get your financial advisor paid advertising in front of the right audiences at the most optimal price per click. This saves time because you don’t have to build an extensive keyword list, as broad match uses your initial keyword to generate similar keywords based on the user intent from similar searches.
When setting up a Google Ads campaign to use broad match search, the campaign must use “smart bidding” to determine the best strategy for that search query and its related search keywords. This can be extremely beneficial for financial advisors who are not yet familiar with using the Google Ads process and platform to attract visitors to their financial advisor website. By using Google’s AI-supported broad search feature, your financial advisor Google paid ads will likely have more initial success.
As a bonus, financial advisor Google Ads campaigns using broad match search settings typically have a lower CPC (cost per click) because traditional “exact match” search bids are usually more expensive.
While a broad match search strategy benefits Google Ads campaigns, using only broad match search settings isn’t advisable. This is because while you may be reaching a wider audience, you could appear in many irrelevant searches and experience overspending. Here are some additional tips for financial advisors getting started with broad match search in their Google Ads campaigns:
Before starting any financial advisor digital marketing advertising efforts, it’s crucial to have a strategy that includes a budget and measurable goals. Establishing a budget is easier when you use the Google Ads platform because you can set daily and weekly budgets and adjust/stop your financial advisor ads anytime.
By establishing KPIs (Key Performance Indicators), you can monitor how your financial advisor’s Google Ads are performing, and if changes need to be made, you can do so in close to real-time. Examples of commonly used KPIs are CTR (Click-Through Rate), CPC (Cost Per Click), CPA (Cost Per Acquisition), ROAS (Return On Ad Spend), and Impressions.
Regardless of which specific KPIs you are monitoring, the important thing is that you monitor your financial advisor’s Google Ads and how they’re performing. You can continuously learn from the data and use the information to optimize your future ad campaigns.
As the name suggests, a negative keyword does the opposite of a traditional keyword and is used to prevent ads from appearing in those specific searches. Negative keywords work differently in broad match search campaigns than exact match search campaigns. Because of the related queries, there is no way to eliminate a negative keyword or phrase. However, it can reduce the chance of your financial advisor’s paid Google Ads appearing in irrelevant searches, which can waste your advertising budget.
While the paid ads platform’s suggestions regarding budget and other campaign settings may seem self-serving in some cases, Google’s primary goal is to deliver the most accurate and relevant information possible for all search queries as seamlessly as possible. To aid in this goal, they have several free resources available to help advertisers achieve their campaign goals.
One of those resources is their ad recommendations, which appear in your financial advisor’s Google Ads dashboard. From budget optimization to ad quality and audience settings, Google offers tips and best practices across the board. Due to the vast amounts of data available, the recommendations are often extremely tailored to each of your financial advisor’s Ads campaigns.
Additionally, Google gives ad campaigns an “Optimization Score” of 0-100% and an “Ad Strength” rating ranging from incomplete, average, good, to excellent. Google offers multiple ways to improve campaigns for anything less than a 100% or “Excellent” rating.
Contact Paladin to discuss your digital marketing advertising strategies.