Financial Services SMBs* use a mix of social, digital and traditional channels for advertising and promotion, according to Wave 18 of BIA/Kelsey’s Local Commerce Monitor survey of small and medium-sized businesses.

The most popular media used by Financial Services SMBs were a Facebook Page (47 percent),  LinkedIn (43 percent) and a website (35 percent). Traditional media still has its place with SMBs in the Financial Services vertical — direct mail, community sponsorships, newspapers, magazines and giveaways made the list of Top 10 Most popular media used.

Financial Services SMBs are focused on a foundation of digital presence (Facebook, LinkedIn, and websites). More than 20 percent of their annual advertising budget goes to social media. 37 percent reported having engaged paid assistance for updating their online properties. These SMBs reported paying an average $5,354 annually to update their online properties.

Financial Services SMBs stay connected to their customers. 90 percent of the Financial Services SMBs surveyed reported maintaining a customer list for more than a year, while an additional 5 percent reported maintaining a list for less than a year. 64 percent maintain a digital list.

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The full report can be viewed and downloaded by clients of BIA/Kelsey here. Click here to purchase the Financial Services Vertical SMBs — LCM Wave 18. To purchase any of our other Local Commerce Monitor drill-down reports, check out our new BIA/Kelsey Shop.

*Financial Services vertical includes accounting/bookkeeping, other financial services, insurance, and real estate brokerage and development.