Financial services businesses spent the past few years trying to enhance their reputations. The recession left many consumers with a negative impression of big banks and investment houses. Now that the economy is improving, BIA/Kesley reports that financial services businesses, especially operators in your local market, are targeting consumers with a mix of media formats.
According to Wave 18 of BIA/Kelsey’s Local Commerce Monitor, local financial services SMBs spend about $31,012 a year on advertising. Of that amount, 20%, or $6,326 goes to social media. Your local banks and credit unions like what they’re getting from their social media efforts. The following social sites are most popular with these marketers:
- Facebook 47.4%
- LinkedIn 43.4%
- Company website 34.7%
The growing interest in social media means big opportunity if you’re selling digital marketing services. At least 37% of marketers in this sector say they’ve paid for outside help to keep their Facebook presence and company website up to date and engaging. The average expenditure for this help each is year $5,354. That’s over $5,000 that could be accruing to your sales goal.
While digital is important to these clients, they make newspapers, magazines and sponsorships among the top 10 media formats when they’re fine tuning their media mix. Direct mail and email is important too. These marketers know that a direct mail campaign is only as good as the list they maintain. Over 90% of these institutions keep client names on their list for over a year. When it comes to the digital list of names, 64% are maintaining them. Think of all the ways your organization can help these prospects build their lists of consumer names and email addresses.
Keep in mind that for purposes of this study, the financial services category goes beyond banks and credit unions. Bookkeepers, accountants, and real estate agents are also included. When you consider all of these prospects in your local market, the spending on advertising and digital services amounts to a significant sum.