by La Macchia Group
It’s no secret that modern-day consumers have an abundance of choices regarding their bank partnership. There are many factors that customers consider while deciding on a financial institution-- services, community involvement, proximity, brand, and more aspects. While the choices are endless, a survey by Edelman, a global communications firm, shows that 81% of consumers say they need to be able to trust a brand to buy from them. The same goes for financial institutions; their brand shapes how consumers perceive a particular bank. In our whitepaper, 'Banking on Your Brand', we unpack the process of determining the strength of your current brand, and share strategies to position it for sustained growth and maximum impact.
Evaluate Your Brand
Digging into your brand is the first step into understanding your financial institution's appeal to consumers. Looking from the outside in, what is appealing about your brand? What does a potential customer see when researching, visiting, or even driving past your financial institution? Is your logo and color scheme appealing to your target demographic?
We know that it takes less than 7 seconds for a consumer to create a first impression. Take a look at the surface details, and ensure your financial institution is evoking a positive, trusting, and long-lasting impression.
Leverage Data
After evaluating your brand on a surface level, it's time to dig deeper. Reaching out to current consumers and staff and conducting market research with a trusted partner will help gather information for decision making teams. What are your financial institution's values, and do they align with your target audience? What do you offer consumers? How would a loyal consumer recommend your institution to a peer?
These details make up the majority of your brand, and if overlooked, surface changes to your brand will not resonate as successfully.
Taking The Leap
With a comprehensive understanding of your brand and the current state of your financial institution, you can now look at the future and focus on making the best updates for your financial institution. It is now time to establish your financial institution as a trustworthy brand that resonates with current and potential consumers. In a crowded marketplace, a strong brand is the key that unlocks long-term consumer relationships, fostering financial stability for both the institution and its consumers.
To learn more about developing and fostering a successful brand, download the whitepaper, “Banking on Your Brand: A Guide to Ensuring Your Brand Fuels Your Financial Institution”. In this guide, we dig deeper into trustworthiness and discuss brand auditing, brand development and implementation, and how to incorporate it into your branch environment and digital channels.
