What is SEO ?
SEO is Search Engine Optimization and this is not only important for small businesses but SEO for Banks and Credit Unions is also vital.Let me explain a little more. If someone was looking for a ‘Free Chequing Account’, what would they do? chances are they would ‘Google’ it. When they Google it, let’s assume they type in those exact same words ‘Free Chequing Account’, now, if your Bank or Credit Union was ranking for those words, your institution would show up on the first page of Google.
That, in a nutshell, is the basics behind SEO. I know, when you read that example there might be several questions that come to mind such as
How do I rank for those keywords?
What is ranking?
What is Keywords?
Aren’t other Banks and Credit Unions taking the same approach?
These are all valid questions and will take more than this article to explain. However I will try to provide some valuable information.
Ideally, there are questions and factors that must be considered initially, such as
What is my strategy?
Who is my target audience?
Are my products and services best suited for Businesses banking or Personal banking or both?
Depending on how these questions are answered, then the plan of attack can be put in place.
Let’s take another example, as I find examples works best.
Sticking to the same initial keyword we used, ‘Free Chequing Account’. Let’s say I lived in Canada, in the suburbs of Scarborough, Ontario. Now if you are a Credit Union in that neighbourhood, your Credit Unions should be showing up on page one of the search results.
Google only shows search results for that specific location as it does not make sense showing Credit Unions from another country. Don’t get me wrong, a Credit Union based in another country can rank for the same neighbourhood but I don’t see why they would want to do that.
SEO is like ‘FREE’ advertising. It should be part of your marketing budget and worked on a consistent basis. This is the reason SEO for Banks and Credit Unions will continue as it is a necessity.
Let me explain a little more about this. If you spend to advertise in Google, Bing or any other search engine, you probably know there is a cost associated. Key words have a dollar value associated to them and everyone in your industry is competing for the keywords. So, Google puts a ‘bid’ value on it.
What this does is, it tells Google how much you are willing to pay for that specific keyword. What happens is, everyone in that niche is offering higher and higher dollars in order to win that keyword
Now, there are some other facts that also must be considered. Before bidding for a keyword, you need to do some research, such as, does that keyword have sufficient ‘search volume’. What that means is, are people typing those keywords in Google. The higher the search volume, the keyword becomes more expensive.
There are other things to consider too with keywords, such as short and long tail keywords. As an example a user may type ‘what are the best Free Chequing Accounts’ and that is a long tailed keyword.
I have worked in Banking & Finance for over 20 plus years and I know for a fact the big banks like Citibank, Wells Fargo, HSBC and all the rest are constantly working on them. However, I feel the Credit Unions have the opportunity to capture some of that market share using the SEO strategy. SEO for Banks and Credit Unions is a must in order to get your brand to be recognized and displayed.
CNS Digital Marketing