The banking sector is a highly regulated industry and as a marketer, it can be difficult to convince your bosses why they should push more branding into their strategies. These are people in finance and they speak in specific terms. You have to inform them specifically why branding would help the bank. To help you out, we’ll go through 3 specific reasons why branding is essential for banks.
Branding gives you a competitive advantage.
Strong branding can give your bank an emotional connection to customers. This is something that is very much needed in an industry as stiff as banking. A brand is more than the products and services offered, it’s the bank’s reputation and what they stand for. Not only does this make you memorable but it will help you in the “Inclusion in the Evoke Set” stage of the brand loyalty hierarchy. In other words, when they think of a certain product or service, your bank will be one of the organizations that will pop into their mind. This will make you less vulnerable to competitors because if you will be in their heads before them.
Branding helps build trust.
Trust is one of the building blocks of branding and when it comes to money, trust is vital. Because most financial services and products are intangible, this makes branding essential. By banks being authentic while showing and proving what they value, they will be shown as dependable by their target market. This will result in fewer people leaving the bank and increasing employee pride. (YES! Branding can increase employee performance.) If this is news to you, here are some specific ways branding can help build employee pride.
Branding provides simplified decision-making.
Having a bank with a strong brand will make it easier for your target audience to choose you. You will be in the “Inclusion of Consideration Set” stage of the brand loyalty hierarchy. This means that you will be on their list of considerations when they need a financial product or service. Because they know your brand, know you are trustworthy, and align with your values, it will be easy for them to pick you. In other words, since they know your history and reputation, it will be a simple decision.
Don’t be afraid to stand up for what you believe in those meetings with the financial experts. Sometimes you have to speak their language and specifically explain why your strategies will help the bank. Research examples of what their competitors are doing with their branding and how it’s working for them. You will then be able to prove that it can also work for you.
Take a leap into the world of branding for your bank. You won’t regret it!
