How important is brand to Finance Firms?
Marketers understand how important that a strong brand is to a firms growth but for financial firms linking the brand to financial bottom line makes them stand up and take notice!
The firm Siegelgale conducted an online survey of more than 200+ clients of asset management, corporate & commercial banking, and investment banking services on which key factors influence their decision to invest. Respondents were asked to rate institutions on a series of attributes relating to a firm's brand, personnel, financial solutions and fees as well as to indicate their preference for one firm over another.
Here is what they discovered:
1.For B2B financialservices firms, brand plays a significant role in winning business.
On average, "brand" represents nearly one-third of how asset management firms, investment banks, and commercial and corporate banks win business. As a point of comparison, here's how much brand contributes to revenue in other industries.
2.What clients value differs by industry category. What the brand meant:
Asset Management - Thought leadership
Corporate and Commercial Banking - Like Minded companies
Investment banking - Brand is trustworthy
3. Fees have less of a factor in determining a buyer's purchase decision by catergory
4. Institutions that provide simpler experiences are capturing more revenue from their brand than those that do not.
Brand investment will have a great impact on revenue. Do you need to re-look at your brand?
Branding services include:
- Brand Strategy
- Strategic Service Design
- Digital Experience
- Brand Communication
- Employee Engagement
- Business Analytics
|Tags:Customer Centric MarketingBrand Strategy|