Branding and Marketing in Finance? Why yes!! Although I know a lot of you aren’t involved in the finance sector, I KNOW there are still some of you who are! And in any case – good branding is good branding. This information is absolutely every bit as applicable to you as to the next business, no matter what industry you’re in. Read on.
Guest post by Tom Dawkins.
When we think of a brand, we probably tend to stick to the private sector and its products. And that was the market reality back in the old days. As it turns out, branding can be put to practice outside the commercial world. No matter which sector or particular niche you are working for, we can all benefit from a proper branding (or rebranding for that matter).
The main reason being because your customers need and want to connect with you in ways that are personal to each and every one of them. People need to feel that they can bond with your company and its ideals because if they don’t, they will simply move on somewhere else.
Even the government and the public sector, in general, is starting to use branding in their marketing campaigns, because it’s very important that the general public feels connected to these campaigns. They need to know that there is a greater purpose in them, and, therefore, create a larger acceptance rate.
There is a general consensus regarding some archetypes which everybody can relate to, these are called Jungian archetypes, first presented by psychiatrist Carl Jung. He believed these 12 archetypes were inherently familiar to all of us, as a part of a collective unconscious identity. They are The Innocent, The Hero, The Regular Guy, The Nurturer, The Creator, The Explorer, The Rebel, The Lover, The Magician, The Ruler, The Jester, and The Sage.
The Financial Sector also Benefits from Good Branding.
In today’s economy, the general population is starting to gain increasingly more control over their financial statuses, and just like with every other market, they will place their trust in a company which makes them feel more comfortable, and provides a more seamlessly bonding environment.
So there is not one single answer as to which archetype will fit best with your company’s identity. This really all depends on the message you’re trying to communicate with the world, on the principles you truly believe in. Because no matter which branding archetype you choose, there will always be a group of people which will connect with it almost instantly.
One subsector that particularly benefits from good branding is that of financial advisors. For example, a company which specializes in online assets trading and in return for your trusted invested capital, they offer you a state-of-the-art secure platform in which to trade and elite financial counselors. A company like CMC Markets for example.
They need to know exactly who they are as a company, their principles, their strategy map, and who their customers are going to be, in order to have a proper corporate identity. Branding can help all these companies with some serious potential problems, such as:
- Corporate Uniqueness: If you or your current or potential clients, can’t quite understand the differences between your company and the competitors, it means you have a branding problem. People need to know exactly why you’re different, and what makes you truly unique. This way your customers are much less likely to replace you, because you can offer them something nobody else can.
- Referrals: If either your clients or their entrusted advisors, can’t easily explain why your company is better than the competitors, then it is much less likely to acquire new clients.
- Prices and Services: In a world so competitive in terms of pricing, your company needs to step up from being just a commodity and possibly even reflect the actual value of your services to your clients, by charging premium fees.
- Corporate Uniformity: If you take 100 people from your company and every one of them gives a different vision of what you stand for as a firm, it could hurt your corporate identity. Everybody needs to know exactly what makes the company different than the others.
So as it turns out, branding is not just for ordinary products like sodas or smartphones, everybody can benefit from it, and especially the financial sector.
This post has supplied and supported by CMC Markets.