The financial services sector is crucial to our domestic and global economy. Banks, lenders, finance companies, financial planners, insurance and other companies, big and small, within the sector provide helpful and critical assistance to both businesses and individuals from all walks of life. The majority of the world’s population will have interacted in some way with this sector throughout their lives, so it makes sense that businesses within the realm of finance should engage in strong communication practices with their clients. This article outlines the top 5 advantages of good brand communication in the financial services sector.
What is Brand Communication?
Brand communication is a blanket term for the way in which a company communicates with its clients (both prospective and existing), its followers, its stakeholders and any other entity with whom it interacts. This could be in the form of a streamlined website user experience, engaging social media content, billboard advertising, regular EDMs, podcasts or a simple “How are you doing?” phone call with a long-term client.
It’s an important part of brand management and can, in some cases, mean the difference between the overall success or failure of a business. Now, the financial sector may not be seen as the most creative or exciting of industries by some. For this very reason, when it comes to brand management and communication, the financial sector is pure, virtually untapped gold.
So, why should your finance business investigate high quality brand communication? Let’s learn some of the benefits…
1. Higher Customer Lifetime Value (CLV)
The idea of Customer Lifetime Value runs parallel to implementing strategies that will increase brand loyalty in your clients. Good brand communication in the form of easily accessible testimonials and reviews, targeted social media ads and monthly EDMs will keep the positive experiences your clients have had with you, as well as the value you bring to them, in the forefront of their minds, making them less likely to leave you for one of your competitors.
2. Create Impact and Encourage Action
Everyone wants their business to make a splash in their respective industry. Your business may be the best, but if your brand communication isn’t impactful and doesn’t provide a clear Call to Action (CTA), you may fall short of making a splash and instead cause only a small ripple. Good brand communication will leave your target audience inspired to work with your business and share its story with others. Remember, word of mouth is still the most powerful form of advertising.
3. Develop A Positive Brand Persona
Maintaining a positive image will do wonders for any brand, regardless of the industry. Good brand communication means keeping up to date with current events, always proofing your projects and having a clear outline for your brand’s messaging and goals in order to maintain a positive image with the masses. Bad brand communication will almost always have the opposite effect. One slip up could see you facing loss of clients, social media clapback and negative reviews.
4. Differentiate Your Business from Your Competition
Your business is unlike any other. Good brand communication will allow you to let the world know how you differ from your competitors, why your products and services exceed theirs and how you can help potential clients in a more impactful way than your opposition. Highlighting wins and sharing your Key Selling Points (KSPs) via Instagram stories, Facebook advertising and in-person meetings can help you show prospective clients why YOU are their best road to financial success.
5. Become A Leader in A Competitive Market
It’s safe to say that the financial sector is a HIGHLY competitive market. In 2018, there were over 800,000 people employed in Financial Services roles, accounting for over 6% cent of employment across the Australian economy (source: https://nationalindustryinsights.aisc.net.au/industries/financial-services). This means you need to set your business up as a first choice to potential clients. It’s no use floundering in a sea of companies doing the exact same thing as you. Good brand communication is your life raft. It’s a tried and tested way of bringing your business to the forefront of the financial services sector.
With a surge of growth in the financial services industry aligning with the need for economic upturn after the effects of Covid-19, now is the time to start communicating with your clients effectively, efficiently and with good branding practices. All you need is a little imagination, an open mind and a great branding team behind you.
Wolff Design is a multi-faceted design company based in Sydney, Australia. The Wolff Design intention is always made clear: an ardent desire to provide incomparable outcomes for every single client.