In marketing, digital lead generation is the process of stimulating and capturing customer interest in your products and services, using digital channels, to develop a sales pipeline. 

Through lead generation, you can attract potential customers to your site by offering them something in exchange for their information.

The purpose or end goal for generating leads entirely depends on what you’re offering as a business. Regardless of what your goal is, it directly affects your company’s bottom line. As consumers become more data-aware and selective about what data they share, with who, how, and for what, businesses face the challenge of winning their consumer’s trust for effective digital lead generation.

Why is digital lead generation important for banks?

Today, your consumers are more aware of the value of their data and are, therefore, less willing to allow the use of their data without a clear benefit to them. 

Bank websites now offer their visitors benefits such as supervising and controlling household budgets to improve financial wellbeing or tools to compare the cost and value of different products and services, if their visitors share some of their data to receive such personalised data and tools. 

Some of the data that your consumers share might not even be beneficial in terms of contacting them or nurturing their interest in your products and services. However, the trust you build with them will make a better impression on them regarding your institution, making it more likely that they reach out to you and share the kind of data that’s useful.

Generating leads online is much more cost-efficient

I was able to find some relevant statistics on the cost per lead in the finance industry and the differences in cost per channel. The finance industry is at the top of the list with $47 USD at cost per lead.

However, it’s when you look at the cost per lead per channel that you understand the potential for cutting down on cost and gaining more by using online channels for digital lead generation. 

Did you know that SEO content marketing is the cheapest technique, costing only $14 per lead?

With social media costing $27 per lead, $33 for retargeting advertising, and $39 for email marketing, it’s surprising why industries are still spending over $71 per lead for display and CRM advertising.

What you should focus on

At this point, it’s a no-brainer that you need to focus your efforts and resources on digital lead generation online or through inbound marketing efforts. This is not just because it’s less expensive but also because customers are more likely to engage you on online channels.

While there may be many banks that handle lead generation through their site, it’s rare to see banks that generate leads from mobile apps. If 95% of your website traffic comes from existing customers trying to log in to their online banking accounts, that’s an indication that you must focus your lead generation efforts on mobile as well. 

Mobile might not only be the most efficient source for digital lead generation but could also be the best conversion platform as well. 

Websites of leading banks in Australia have compelling calls to action. They focus on creating more personal experiences for customers by sharing moving stories about how they play a part in making their customers’ lives better. 

After all, who doesn’t like a moving story?

Learn from the best in the industry

If you have the time, just browse through the websites of leading Australian banks, such as the Commonwealth Bank of Australia, National Australia Bank or Bank Of Queensland. You will see that these sites are a wealth of knowledge and also how they place so much emphasis on generating trust among their customers on their website – all to improve lead generation.

They understand that regardless of other changes, whether it’s technology or data laws, people are their most valuable asset.

Similarly, transform your website into a digital lead generation machine – it could be the best investment you make this decade.