Every business out there has it’s own unique characteristics that give it a personality of its own.
Branding is about identifying what those are and representing them in a way that provides a clear point of differentiation, whilst accurately representing the realities of your business. Fail to represent what is real in your business and the first experience a potential customer has with you may well be their last.
When you reach the point where you can clearly express those unique characteristics, and there is alignment to your customers’ expectations, you’ll possess an asset which can really drive business growth. But it takes time and effort.
Fundamental to this is having a solid understanding of your competitors – you need to stand out from them first and foremost. As well as understanding your customers – you need to give them a compelling reason to choose you over others, that resonates strongly with them.
So, let’s take a deeper look at why branding in financial services shouldn’t be underplayed:
· Get noticed – financial services are intangible and often highly commoditised, so creating stand out can be hard. Good branding can provide that unique identity required to get noticed in a cluttered market, helping potential customers understand your values and expertise, encouraging them along the marketing funnel.
· Create trust – your customers trust you with their sensitive information and often with their money. Trust is therefore central to financial relationships, and gaining your customers confidence is key. The consistency in communication that clear branding provides, not only helps demonstrate your expertise and professionalism but will establish that much needed customer confidence.
· Build deeper customer relationships – if customers experience your business as described through your branding, and this aligns to their own personal values, then you are well on the road to building longer-term, and loyal, relationships with your customers. This in turn leads to the most powerful thing of all – word of mouth recommendation.
· Unify your marketing – having a ‘north star’ to guide the way you communicate about your business ensures consistency and impact, improving marketing effectiveness across channels, extending the reach of your message and increasing memorability amongst your target audience.
· Business growth – strong branding is a strategic asset which research proves builds financial value for your business by driving demand, improving market share, and enhancing shareholder value.
Branding is much more than a colour palette and a kick-ass logo, it represents the end-to-end experience of doing business with you and is an asset that builds trust, customer loyalty and tangible business value.
When executed well it can align your whole business and create a foundation for sustained business success and growth. Ignore it at your peril.
By Jim Brown, marketing director
