Obviously, it goes without saying that branding is essential for any company. Vital for companies in the technology space. In a world filled with complex technology and fast product lifecycles its not only the competition what can pose as a threat anymore.
Your product is vital to the success or your company but in this day and age it is ever more important to have your customers “feel” when they see your brand. Now, it could be argued that your brand values and products are equally important when it comes to a customers’ buying behaviours and decisions.
Here are 6 tips that the team at Soluco recommend to companies that are concentrating on building a strong brand presence.
1) Brand Definition
First of all, if you are genuinely interested in successfully building your brand, you need to understand the ins and outs of your business. Not just the bar bones facts like what your solution resolves or the benefit of your product, you need to fully understand the values your company would like to embody and what your organisation stands for.
If you can properly wrap your head around the branding basics for your organisation you will have an easier time moving forward. These aspects could include but are not limited to aesthetics, logos, voicing, colours and so on.
2) Establish your audience
If your company is actively trading, no doubt you will know what your brand is. That being said, your customers have their own representation. Market research and surveying can help highlight the values consumers have with your brand. In today’s digital age it is ever more important to know what consumers feel about your company on the other side of the screen. When building a strong brand presence its vital to understand your audience and their needs.
Its important to know your ideal audience and actual audience may not line up. The same can be said by your personal representation of the company versus how consumers see it. If you are in the process of building a strong brand presence research is key because its much harder to appeal to an audience, you don’t know.
Its important to remain flexible here. You need to gather information and use it to strike some balance between new audiences and your current users. You need to bare this in mind so you don’t forget about your existing customer base.
3) Know how and when you need to adapt
Larger Fintech companies have a major advantage over smaller businesses and start-ups when it comes to branding. More than usual, the bigger organisations evidently will have more to spend on marketing and advertising alongside the fact their marketing departments are often well-equipped.
That being said, the younger brands and start-ups do have one main advantage over larger organisations, adaptability. Smaller start-ups are more likely to have fewer employees. A more tight knit of a marketing team. The brand its-self will have a less-developed brand identity therefore it will be easy to stay agile in marketing strategies.
Smaller brands can adjust a brands look and feel if and when they like. Rapidly integrate the new information and track your audiences response. While as in general, this is a much harder of a task if not impossible for larger organisations. The bigger companies have typically spent X amount of hours and X amount of funds to get their brand image to that point so to pivot it is a much more daunting of a task. So, in theory, a smaller company could out manoeuvre a bigger company with clever well thought out marketing tactics and willingness to adapt to shifting customer preferences.
The world of Fintech is very much “ride or die”, you better be ready to adapt to new technologies and trends. No doubt your products may be experimental and cutting edge and there not be a clear path to success but adaptation to the situation will help you navigate your organisation to the top.
4) Always take the low hanging fruit in terms of new advertising technology
New and revolutionary ways to market an organisation are popping up every couple of weeks. Being on top of what’s relevant and what’s a passing phase can be a major advantage when building your brand.
In certain situations, going old school with billboards and static signage can be a quick win. This can be an effective advertising tool even for Fintech companies. However, its good to know that LED or digital signage with interactive features or even basic animation elements are even better.
One study found that an extra 17% of customers who saw digital signs went on to engage with a brand, compared to those who saw ads on their mobile device. For Fintech Companies and digital prominent companies integrating advanced technology like digital signage can help your brand utilise offline marketing techniques which a lot of companies neglect. Trying to find the correct balance between offline and online strategies will help you reach the wider audience. Using both techniques can help you keep your multichannel approach consistent.
5) Try to break down the difficult topics
Fintech being a wide industry can cover a range of topics and industries. Depending on your tech, there could be a knowledge gap that you will need to fill.
An example could be, that your organisation works heavily alongside AI, an ever evolving and daunting technology that Fintech companies across the globe aspire to utilise. From a business aspect, you would get it and technical affiliates may understand but to appeal to the wider audience it’s recommended to write out and explain in plain English.
Emphasising benefits like speed, convenience and ease of use can be just as important as specifying the tech and tools you offer. These can also be easier to represent in the abstract, such as with colours, shapes and word choice.
6) JUST KEEP SWIMMING
Hopefully, your brand identity will never stop swimming and stay static. This is reflected in the same way you would want to capture new audiences and offer new products. The evolution of your brand should match this.
It’s recommended that you seek feedback when ever possible. If possible, invest in technology that helps track and understand what people think about your brand and associate it to your future work.
If you’re constantly evolving in your space, you are less likely to get stuck for creativity.
Branding for Fintech companies, or any companies for that matter is an ever-evolving job. It’s not a job that’s done when it’s done. You want to try and set the pace and stay ahead of the game as much as possible, a good marketing team that fully understand your organisation is essential. Building a strong brand is not a quick win, it’s a continuous job. If anyone reading this article and wants to get in touch to discuss further feel free too!
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