It has become a critical time for businesses in all industries to focus on branding, and the financial industry is no different. Due to the rapid evolution of technology, banks in particular are being forced to decide between maintaining their classic and traditional connotations, or adapting and adopting a more modern feel. However, true branding does not stop there – banking is not a team sport, so simply making the decision between a ‘modern’ or ‘traditional’ brand is not enough to beat the competition. In order to stand out, banks must develop branding strategies that create unique emotional connections with each of their target audiences.
Why should my bank focus on branding?
Now, I get it – investing in boosting your brand can be costly, both in terms of time and money. However, this small short-term setback will immensely help your business grow in the long-term. It has been proven that it costs more to acquire new customers than to hold on to old ones, and by creating an emotional connection between your clients and your brand, you are more likely to gain their trust and hence their loyalty. Furthermore, according to Bridge Bank, “a strong brand makes it easier for customers to make buying decisions and serves as a shortcut in the process.”
How do I choose my brand identity?
Granted, saying that you are reliable, friendly, or just plain ‘the best’ may seem a little unoriginal given the hundreds of times you have heard those characteristics rattled off during commercials. However, there is no reason these claims can’t still be used – you just have to delve a little deeper. Instead of just saying that your firm ‘cares’, explain to people what it is that you care about and, more importantly, show them how you care. For example, Raymond James, a diversified financial services company, has developed its brand around ‘putting others first,’ by specifically supporting communities, which they prove through their work with organizations such as Cradles to Crayons. So just try to focus on one promise that you feel the most passionately about, and then look deeper to discover what it is that makes your promise special and express that to the public.
Continue to read on our blog: Branding Your Bank – How to Create Lasting Loyalty
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