Branding influences and marks our subconscious every day. From billboard ads to TV commercials, we are constantly influenced by brands and ads that are analyzed, A/B tested, modified and tweaked to appeal to target audiences. They are fine-tuned to leave an immediate impact on our compulsions and buying decisions. They get us to act. Now.
In financial services, branding can be a powerful tool to differentiate your offering when used responsibly. Below are five key reasons to invest in your brand identity:
1.) Building trust. The 2016 Edelman Trust Barometer revealed that Finance is still the least trusted industry in our economy. Regardless of what part of Finance you are in, distinguishing yourself as a consistent brand promotes recognition and establishes trust. People feel more at ease buying from something or someone familiar. If you are sending out inconsistent materials, it will create confusion with your audience.
2.) Creating an experience. People enjoy good information and materials that are well-designed. People want to be dazzled with information so make it sizzle. When you spend time building your brand, you reach your audience in a new, highly visual way that helps create an enjoyable experience for the consumer.
3.) Capturing new referrals. When you create a pleasant experience for your audience, it’s much easier for someone to want to pass along your documents for introductions. Your contacts will be happy to introduce you to their sources because you leave a great impression and that bodes well for them too.
4.) Laying a foundation for future growth. As you introduce new products, an identity system allows the firm to expand its service portfolio under one unified brand identity. If you open a new fund or investment product, you’ll already have color schemes and photos in place to display the “visual essence” of this new offering. Nothing beats preparedness.
5.) Longevity. A consistent brand sends the message that you are built to last which is a vital trait that investors and partners look for in new firms and managers.