Financial Services Marketing: Definition, Benefits and Best Practices for Small Businesses

Growing a business can be challenging if you’re a small financial services company. Especially with the evolution of digital transformation causing an industry-wide shakeup in the financial sector, digital-savvy customers are expecting more from financial services companies. How can small financial services companies survive—and thrive—in this volatile environment? 

Only using traditional marketing methods won’t bring the best result for your business—try financial services marketing instead. But what is financial services marketing, actually? In this article, we’ll walk you through this term, from the definition, types of businesses that can take advantage of it, and the five best financial services marketing strategies for financial service providers. 

What is financial services marketing?

Financial services marketing is several marketing methods that employ special strategies and techniques to generate brand awareness or drive conversions to a financial firm. By using custom-made marketing strategies for financial services, business owners can turn obstacles into advantages and grow their business effectively.

What kind of businesses can benefit from financial services marketing?

The financial services sector includes many different niches and segments. Here are the main types of financial companies that can benefit from financial services marketing:

  • Auto finance firms
  • Brokerage firms
  • Credit unions
  • Commercial banks
  • Retail banks
  • Credit card companies
  • Insurance companies
  • CPA firms
  • Wealth management firms
  • Accounting firms

However, these financial institutions are subject to different laws and regulations, which are beyond the scope of this article. Before you consider and implement the following marketing strategies, keep in mind to refer to standard practices and regulations specific to your field. 

Two major challenges of financial services marketing

  • It’s hard to gain customers’ trust

This is perhaps the most common issue for financial-service marketers. Money is a personal topic, and customers must trust their financial institutions before purchasing more services.

The Covid-19 recession negatively affected most people, and only recently are customers becoming more comfortable with their financial positions. This means they are very cautious about investing money in products and services they don’t know thoroughly or are uncertain whether they are necessary. 

  • Customers are unaware of financial services marketing’s benefits 

A potential car buyer can immediately judge quality based on objective factors like appearance, gas mileage, and price. They can read quantifiable figures about each vehicle to make comparisons and discuss them in a public forum to pick the most suitable one. 

However, people looking for a financial service are less inclined to publicize their demands. This means product attributes are vague, which can increase customers’ skepticism. This problem is not easy to overcome, especially because most people consider financial services uninteresting.

Five best practice marketing strategies for financial services

Now that we have identified the challenges of financial services marketing, let’s go into the details of the most effective financial services marketing strategies that will help you attract more leads and convert them into loyal customers.

1. Host educational webinars

Webinars are an effective channel to generate leads, especially for B2B businesses. According to Findstack, around 73% of B2B professional marketers think they can get high-quality leads from webinars. Additionally, the use of webinars has increased rapidly since the Covid-19 outbreak.

Webinars continue to be the first choice for many marketers because they offer an effective way to build authority and trust among your brand’s audience base. Unlike other marketing strategies, a webinar session allows financial institutions to reveal a more human aspect, which is a huge plus since most people perceive financial companies as impersonal, formal, and unfriendly.

Webinars are an effective approach to generating leads because they promise more value than most other marketing methods. If your webinar attracts a prospect’s attention, they will be more likely to fill out their information in your webinar sign-up form.

Additionally, hosting a webinar is a golden opportunity to understand your audience. It’s the best thing next to having face-to-face conversations, making potential customers comfortable enough to bring up questions or concerns that they wouldn’t have raised in any other environment or platform.

2. Publish case studies

Broadcasting case studies can be the best way to tell your audience that you have a solution for their financial problem. Why’s this true? It’s because case studies allow you to demonstrate to your prospective customers that your product or services are effective Case studies tell a story and show how successful a product or service is. And if there’s one thing potential customers are looking for, it’s a story that promises a good ending.

Case studies are also based on evidence and are backed by real numbers. For example, if you tell a story of how you were able to help a struggling company increase their annual revenue by 200% and then back it up with statistics, you’re showing that you’re trustworthy and that you can live up to your promises.

3. Build social media presence

Statistics show that roughly 7-in-10 Americans use social media, and they spend an average of 2 hours and 25 minutes surfing the internet per day. That means that most of your customers (both potential and existing) are on social media.

Social media is where conversations and discussions happen, making it an ideal place to develop your financial brand’s authority and trust. What’s more, on many platforms social media users are not only there to interact with their friends but also with brands. 

Business blog Oberlo’s research about social media statistics has also proved it: 

  • 54% of internet users use social media platforms to research products or services.
  • 71% of customers who have had a good experience with a brand on social media will recommend it to their family and friends.
  • 49% of customers are likely to buy something if it was recommended by a social media influencer.

In other words, if you’re not focusing on building your social media presence, you’re leaving money on the table.

4. Implement PPC advertising to generate financial leads

When growing a financial services business, neglecting PPC (Pay-Per-Click) advertising is a huge waste. After all, financial services companies largely rely on lead generation. PPC advertising is the way to go when it comes to generating leads.

PPC advertising offers the following benefits:

  • Helps you rank faster for strategic keywords.
  • Brings you prompt traffic.
  • Attracts highly targeted visitors to your website.
  • Contributes to your search advertising, display advertising, retargeting strategies.

5. Publish high-quality blog posts

Blogging has changed radically over the years. In general, most people will do a Google search to find answers to their financial problems or dilemmas. That’s why publishing high-quality blog content is still an effective strategy for growing a financial brand (or any brand for that matter). 

Like a PPC strategy, you can start by doing keyword research. However, unlike PPC, you have a new metric to consider with SEO keyword research: keyword difficulty. This gives you a comprehensive insight into a keyword or topic, its volume (which indicates how many people search for the keyword), and how easy or hard it is to rank for a keyword. You can use keyword research software like Ahrefs, Ubersuggest, or Semrush. If you’re just starting out, try focusing on keywords with lower difficulty to start earning initial search traffic.

Investing in a blog can benefit your financial services business in the following ways:

  • Drive traffic to your website
  • Boost brand awareness via SEO (Search Engine Optimization)
  • Generate leads for your email database 
  • Build trust and authority in your niche
  • Grow a social media presence (when sharing a high-quality blog post on social media)

The bottom line

So now you have it—the five most effective financial services marketing strategies that can help boost your financial firm. You can now consider the pick the best method(s) for your company to increase your brand awareness and generate conversions. 

Shoeboxed is a versatile receipt-scanning and expense-managing app for small businesses. Shoeboxed offers business owners the best accounting solution: digitizing receipts, managing expenses, storing business cards, tracking mileages, and so much more. Additionally, Shoeboxed ensures that the digital versions of your receipts are clearly scanned, well categorized, human-verified, and legibly accepted by both the Internal Revenue Service and the Canada Revenue Service in the event of an audit. By that, you can rest assured that all your business financial documents are audit-ready and focus on developing your business’s core values. 
Don’t forget to sign up for the Shoeboxed blog if you’d like more information on how Shoeboxed has helped our clients with their financial challenges and other engaging stories about entrepreneurship, staying organized, DIY accounting, together with the latest Shoeboxed’s product updates.

What is a Bank Transaction Receipt and its Benefits for Your Business

Whenever you visit a bank and make a monetary transaction, such as a deposit or withdrawal, the bank will provide you with a bank transaction receipt. This is how banks keep an accurate and up-to-date record of all financial transactions conducted at a given location by various account holders. 

Since this financial term is used in many situations in daily life, it’s good to have a basic understanding of bank transaction receipts and how your business can benefit from them. 

What is a bank transaction receipt?

A bank transaction receipt (also known as a bank receipt) is a standard form of documentation for most financial transactions. Customers who go to banks or other financial institutions to conduct any monetary transactions should expect to receive a bank receipt for these transactions. 

Besides transactions involving deposit accounts, these receipts are also sent to customers who make loan payments, credit card payments, and conduct other similar types of transactions. Bank transaction receipts are also given to businesses that conduct financial transactions at a given bank or financial institution. 

Banks also keep their own copies of bank transaction receipts. This ensures thorough record-keeping for all financial transactions for each of their various account holders. These receipts are also a form of collateral. If a customer makes a request, the bank will have a detailed record of the transaction to refer back to. Whether a bank employee makes an error or an account holder miscalculates a portion of the transaction, bank transaction receipts make it much easier to resolve disputes. 

In the past, bank transaction receipts were paper slips. However, in recent years, many banks have begun to offer digital copies of receipts (by email,  text message, or other methods). 

Using digital receipts rather than paper receipts enables the bank to save on printing costs. Digital receipts also provide convenience for account holders as they no longer have to keep track of numerous paper receipts. 

Bank transaction receipt details

A bank transaction receipt contains detailed information about a financial transaction conducted at a particular bank. The form of the receipt may vary by bank or institution, but all bank transaction receipts must include these essential details: 

  • Bank account numbers
  • Account holder name(s)
  • Date of transaction
  • The total amount of the transaction

Sometimes a bank transaction receipt will even include detailed information such as the employee number of the bank employee who conducted your transaction. 

How to use bank transaction receipts for bookkeeping

Given the importance of bank receipts to businesses, you can make use of these documents and turn them into a helpful tool for your bookkeeping practices, either for personal or business expenses. In fact, many banks and other financial institutions recommend balancing your account books on a monthly basis and referring to your bank transaction receipts throughout the process. It’s common to go over monthly bank statements and cross-check this information with all of your bank transaction receipts that you have collected for a given month. 

Even if you hire a professional accountant to track your personal or business finances, they will request a copy of your bank transaction receipts. Bookkeepers use this information to track your income, expenses, and other financial transactions impacting your cash flow. This financial data helps keep an accurate and real-time record of your financial activities. 

Bookkeepers also use bank transaction receipts for data entry purposes to track your credit card payments, which can help you control your spending. Bank transaction receipts can even help you improve your credit score over time with good bookkeeping practices

Some people prefer to use receipt tracking mobile apps that automatically track this information in real-time instead of working with an accountant. You’ll no longer have to keep a hard copy of your bank transaction receipts by using mobile apps, as this information is readily available on your mobile device. You only need to make sure that you store these physical copies of your bank receipts before uploading them into a cloud-based system. After scanning your documents with a versatile mobile app, you can free your desk and drawers from piles of paper receipts and keep them for years!

See more: 5 Best Receipt Scanner and Organizer Apps for Small Businesses in 2021.

How to use bank transaction receipts for taxes

Bank transaction receipts can be very beneficial when preparing for tax season. To work on the tax reduction process, first, you need to collect all proof of purchases for your business expenses. Next, you need to find the right tax form and fill in all the details. The last step is to submit the form and then you’re good to go. 

Business owners can use their bank transaction receipts to balance their accounts. You can do this by reviewing the monthly bank statement and comparing the amount and transaction dates of items listed on the statement with their bank receipts. 

Typically, businesses will keep their bank receipts until the end of the year for tax preparation purposes. Individuals who claim tax deductions for certain types of expenses must also keep copies of bank transaction receipts to prove that they qualify for deductions related to banking transactions, such as interest charges or mortgages.

The bottom line

Bank transaction receipts, along with business plans, marketing strategies, and financial reports, are essential documents for all businesses. Keeping and managing these documents properly can help track your business’s financial performance, solve disputes, keep the bookkeeping up to date and even claim tax deductions with ease. A simple yet effective way to achieve this is to digitally scan and store your important documents. 

Shoeboxed is a painless receipt-scanning and organizing solution for freelancers and small business owners. After scanning your receipts with the Shoeboxed app, our OCR engine will automatically extract the most important data points and automatically categorize them by vendor, total spent, date, and payment type. After that, our staff will double-check to ensure that all of your data is human-verified, categorized, organized, fully searchable, and available on any device. Shoeboxed keeps your bank transaction receipts in a safe place with high accessibility. 

See also: How To Scan A Receipt Digitally With The Shoeboxed App.

The Shoeboxed app is available on iOS and Android. You can try Shoeboxed for free before choosing the perfect plan for your purposes!

8 Simple Practices For Small Businesses To Organize Receipts Efficiently

Keeping a record of your business transactions is considered a top priority for a self-employed or small business owner. Keeping your records properly saves you from being audited by the IRS. Plus, staying organized will save you time during tax season. 

However, we understand that keeping track of all your receipts and records can be tedious and time-consuming. That’s why in this article, we’ve outlined eight best practices to help you organize receipts and records efficiently. 

1. Use a business account and credit card instead of cash

As the IRS will continue to enforce its audit rules, keeping a better set of bookkeeping and receipts for all of your expenses will help you save time and hustle. This simple yet important tip can help you cope with it. Avoid using cash — it’s easy to spend, hard to track, and nearly impossible to match up cash spent with receipts. 

On the other hand, a credit card or debit card will provide you with monthly statements, enabling you to cross-check details with your paper receipts. It’s also a good idea to have a separate business account and credit card, so you don’t mix business expenses with your personal spending. 

2. Save your receipts

Don’t just rely on bank statements, credit card statements, or canceled checks! The IRS won’t accept your bank or credit card statements to justify deductible expenses. You will need an itemized receipt that corresponds with the transaction. 

Hang on those itemized receipts, which are also called “source documents,” for at least six years after your last Notice of Assessment since the IRS will ask to see them in the event of an audit. You can keep a physical or digital version of receipts. 

3. Choose email receipts instead of paper receipts

Nowadays, many merchants offer this service to their customers. You can choose to receive your receipts via emails, label and categorize them in a specific order. Email receipts are convenient and friendly to the environment as they go straight to your inbox and clear your desk and drawers from piles of paper receipts. You can always find them easily, create expense reports, and do so much more. 

4. Review your receipts once a month

Spending some time reviewing, categorizing, and organizing receipts for 30 minutes every month can make a huge difference! It keeps things manageable as the year progresses and helps you keep track of your spending so that you won’t miss out on any tax deductions. 

You can purchase an accordion folder every year to store all business receipts and make sure each folder contains all receipts for the year. These folders are inexpensive and easy to obtain. They allow you to organize receipts by category and year, making it easier than ever to find any receipt even years later. 

5. Make notes on the back of receipts

This is an especially great idea to keep track of dining and entertainment expenses. It’s easy to recall why you bought a printer, but it can be difficult to suddenly remember who you went to dinner with and what the business purpose was in 2015. By starting this simple habit, you will rest assured that you will not miss any dining and entertainment expense deductions for business purposes.

6. Create a spreadsheet for work-from-home expenses

Whether you have always been working from home, or you are working remotely due to the Covid-19 pandemic, there will always be some noticeably deductible business expenses. These expenses include a portion of cleaning materials, utilities, home insurances, office supplies, along with part of your property taxes, mortgage interest, and capital cost allowance.

To claim these expenses, you need to calculate the percentage of your home used for business and apply that percentage to the tax deduction. Create a spreadsheet including your receipts for home office expenses throughout the year. By making it a habit to update the spreadsheet once a month, you’ll save yourself the headache of scrambling to input and tally up all your work-from-home expenses at the end of the tax year.

7. Back up your receipts

Since paper receipts tend to fade with time, keeping a digital copy of each receipt can save you from getting in trouble with the IRS. The simplest practice is to snap a picture of each receipt on your phone, then upload it to a central location later and keep it for at least six years. The IRS allows digitally stored receipts, however, don’t forget to back up stored receipts (on the cloud or a memory device) in case your hard drive crashes and deletes all your important information by accident. 

8. Scan and store your receipts digitally

Storing receipts digitally has been proven to improve business efficiency. It provides several benefits including time and cost-saving, easy to store and access, tax-ready, reduces clutter,  lessens the risk of data loss, increases security, and so much more. 

There are plenty of receipt scanning apps that you can use to scan and store your receipt digitally. Each offers special features for particular purposes, so anyone can choose the most suitable one and benefit from it. 

Shoeboxed is a painless receipt scanning and organizing solution for freelancers and small businesses owners. This versatile app serves many purposes: scan, store and organize receipts, manage business expenses, store business cards and even track mileage for business travelers. 

Shoeboxed’s OCR engine and human data verification features ensure that your receipts are legibly scanned, clearly categorized, and accepted by both the Internal Revenue Service and the Canada Revenue Service in the event of an audit. What’s more, Shoeboxed enables you to create clear and comprehensive expense reports that include images of your receipts. You can then export, share or print all of the information you need for easy tax preparation or reimbursement… within a few clicks. 

Shoeboxed is now available on iOS and Android. Get your free trial before choosing the perfect plan

Conclusion

Organizing your receipts can keep you proactive and productive, which saves you lots of time, stress, and even money in the long run. Going digital helps you organize receipts and keep track of your expenses easier than ever. As everything is digitally stored and accessible through a cloud-based system, you will be able to work with them anytime, from anywhere, with any device, within a few clicks. 

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