We work with many regional banks that know they need a strong local SEO strategy to compete with the big national brands. Many banks either aren’t sure what (or how much) they should be doing for local SEO, or they think adding their address and phone number to a Google listing is enough. But local SEO is well worth the investment for financial services companies, and the data speaks for itself:
- Eight in ten American consumers perform online searches for local businesses at least once a week—and nearly a third of U.S. consumers perform these searches every day.
- Google insiders have reported that nearly half of all Google searches are performed by consumers looking for local businesses.
- When consumers perform a local search, nearly three-quarters of them follow up by visiting a business less than five miles away.
- To learn more about local businesses, 30% to 40% of consumers turn directly to navigational apps such as Google Maps, and local SEO can help put your regional bank on the map when they do.
On the content team, I work side-by-side on a number of projects with our local SEO expert Sabrina Beaver. So I went right to the source when I wanted to take a dive deeper into the topic. Check out our Q&A session on local SEO for her insights on the tactic’s importance and how to harness it to boost your regional bank’s online visibility:
Q: Why do banks, especially, need to focus on local SEO?
Sabrina: Local searches dominate online searches, with more people searching for local services and products than ever before. In more cases than not, national financial brands have already established themselves as a trusted and reliable source of information and service, both with search engines and consumers. This established trust gives them an edge when it comes to ranking organically and can make search visibility more difficult for smaller regional banks—unless they engage in local SEO.
What Banks Should Be Doing for Local SEO
Figuring out where to start with local SEO is a common struggle, especially in the financial services space. Sabrina has helpful guidance to offer:
Q: If a bank is struggling with SEO, what should it look at first—and what steps should it take to develop a strategy for local SEO?
Sabrina: The best strategy for local SEO for financial services depends on how the bank is struggling.
If it’s struggling to be found, the first thing I would do is take a look at its Google Business Profiles. Are they completely filled out? Is all information, such as hours and contact information, up to date? If the information is there but the bank is still struggling to grow its organic visibility, it should also look at online reviews. Encourage each branch to ask customers to share their experiences with their bank by leaving a review. Then, respond to each review. Some variation of “thank you for being a loyal customer” is perfect for positive reviews. For negative reviews, address the issue presented within the review, apologize for the negative experience, and invite the customer to contact you to discuss the issue further.
If a bank is seeing growth in traffic but a plateau or decline in conversion, it should take a look at its website. Review the service pages to make sure they are providing enough information to submit an application. Also make sure that it’s easy for customers to figure out how to contact someone if they have more questions that aren’t answered on the website. Having a contact form and tracking those submissions can also provide an idea of whether you may need to add more information to the copy on the website.
Also, take a look at the location pages on the website. Much like with your Google profile, all hours and contact information should be current. It is also a good idea to include the services provided at each specific branch, especially if there are any services not offered at all locations.
Q: What are the essential elements banks should include in their local SEO strategy?
Sabrina: I mentioned this a bit above, but when it comes to a bank’s local SEO strategy, I’d start with the website. There, I’d make sure the content on the main landing pages, such as the homepage and location pages, is optimized for relevant keywords. I would specifically recommend that location pages have a breakdown of services provided, along with an easy way to contact the branch for more information. This can allow you to take a little more time crafting and optimizing the content on each of the dedicated service pages.
Once the location pages are live, I would recommend creating a Google Business Profile for each branch and making sure all the basic information (name, address, phone number and hours, usually) is there—and that it is accurate. When creating the profile, make sure you are choosing the category that is the most applicable to the core of your business as the primary category. This is fairly straightforward for most banks; however, if you mainly provide trust administration, the “Trust Bank” option may be a better choice than the less specific “Bank” category.
Also, note that you don’t have to fill each branch listing out to 100% complete before you verify it. Sections such as “Services” can be filled out at a later date, as time permits.
Q: With most financial institutions aiming to attract customers using local SEO, what can regional banks do to stand out from the competition?
Sabrina: To stand out with your local SEO, answer reviews. Regional banks may not get as many reviews as larger national brands, but engaging with each review (and thereby each customer) sends a strong, positive ranking signal to Google. Answering reviews can also help customers see that they will receive more personalized service if they create an account with a regional bank versus a larger chain. (Responding to negative reviews shows potential customers that you are actively working to address the situation, and it can be an opportunity to provide context that the reviewer may have purposefully left out.)
Q: Does having more branches make local SEO harder for banks?
Sabrina: Having more bank branches makes local SEO both harder and easier. Fewer branches means there is less to keep updated and fresh, and also means it is more feasible to maintain Google listing engagement across multiple branches. However, more branches can sometimes help with establishing trust and authority with search engines, making it easier for banks with more branches to rank higher in the SERPs.
Q: All SEO efforts need to be revisited from time to time to make sure they’re up to date and to keep them effective. How often should banks audit their local SEO?
Sabrina: For smaller businesses and websites, auditing local SEO efforts every six months should be plenty often, particularly for technical audits. That said, you should be routinely monitoring performance on a monthly or quarterly basis. If you see a pattern of decreases, a content or keyword audit may be needed sooner. I would advise paying particular attention to ranking performance in the two to three months after Google releases a core/major algorithm update.
How To Track Local SEO Efforts
Once your bank has taken steps to improve its local SEO efforts, it’s important to track the results and adjust as needed.
Q: What are the most important KPIs banks should use for local SEO, and how can they track them?
Sabrina: Many of the most important KPIs to track will be the same for local SEO and standard SEO.
- Website Sessions and Users: I would recommend monitoring sessions and users with Google Analytics 4 and setting up events to track things like contact form submissions, phone number clicks (click to call), location searches, and application submissions.
- Keyword Rankings: Semrush and Ahrefs are two popular platforms for keyword tracking. However, there are many other good options. Focus on optimizing for and tracking keywords localized to where your branches are located, as well as “near me” phrases.
- Actions and Impressions: Specific to local SEO, I would utilize Google Business Profile Insights, paying closest attention to actions and impressions. You can download this data by going to your Google Business Profile manager, selecting the listing, and then selecting “Insights.” I would also make sure Google Search Console is set up, as this can sometimes give you a more accurate picture of impressions than your Google Business Profile.
Eight Oh Two Marketing: Your Local SEO Agency
At Eight Oh Two, we specialize in SEO for financial services companies, and we’re ready to help your regional bank outshine the big national brands in local search. Contact us today to get our agency on the case boosting your site’s online visibility and rankings and bringing more local customers through your doors.
