BANKING – FINANCIAL SERVICES
Let’s clarify that branding doesn’t mean changing your bank’s name or designing a new logo, redoing your page, or changing locations. Branding is all about demonstrating value and setting yourself apart from your competitors. Banks have always invested heavily in marketing, but surprisingly few spend much time contemplating or promoting their brand.
1. It builds trust with potential customers
With a strong branding campaign, you will gain your potential customers’ trust. It has been proven that customers perceive strong brands as having lower risk and higher value. It can also fuel employee pride, reducing turnover, and helping you attract top talent.
2. It helps simplify the decision-making process
If your bank has a strong brand, it will become easier for potential customers to make a decision and choose you as their banking partner. Also, a strong brand will help to reinforce a customer’s decision for years to come.
3. Fewer purchase barriers
Research shows that consumers are happy to pay a premium price for a strong brand. Apple is a good example. Its products are priced significantly higher than competitors, yet are almost always the leaders in their category. The same law applies to banks. A strong banking brand will trump size, location, and other advantages your banking competitors might have. Potential customers will be happy to partner with you even if your rates are slightly higher than your competitors.
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