Branding is one of the oldest, yet most effective, advertising strategies in the American marketplace. While many businesses proclaim to establish a brand, they may not operate in a way that reflects its core values. Learn more about what branding actually is and how it can positively affect a financial institution’s (FI) bottom line.
The two most important questions in branding
Before you get started, you must ask yourself two very important questions:
- What do you offer?
- Why are you different?
By answering these questions, you’re both clarifying your services and positioning yourself in the marketplace. Once you have a clear understanding of the answers, incorporate the findings into your branding strategy. You can go even further by telling account holders about the why behind your brand. Opening up to your audience promotes an environment of trust, which is crucial for FIs.
Create a mission statement
The mission statement should detail your passions and explain why the services you offer are important to you. Your mission statement doesn’t need to be long, but it must convey the “why” behind your business. All other areas of your branding strategy – logo design, voice and tag line – must align with this message.
The mission statement is essentially the cornerstone of your company. By constantly referring back to it, you can ensure your strategies are staying on brand. It’s important to align the experience you offer with your branding strategy. Training programs will help employees gain a thorough understanding of how they can embody the mission.
Develop a unique personality
Hone your voice. Financial institutions have personalities, just like people. The way they communicate with their audience and approach new and existing account holders is determined by their voice. Make a list of adjectives that define your brand and consider how your target audience relates to the personality you’re creating.
Track back to those first two questions: what do you offer and why are you different? If the services you offer are geared toward a set demographic or a hole in the market, think about what personality best fits those needs and adjust it accordingly. Remind yourself of your mission statement. What are you most passionate about and how does that inform the language you use? Asking yourself these questions can help you define the company’s personality and build a more cohesive brand.
Maintain consistency
Branding should be consistent across all marketing channels. Develop guidelines to establish a consistent tone in your written content, along with best practices for using colors and logos. Visuals are a key part of any branding strategy. Take time to design a logo that truly incorporates your mission and make it easily transferable between mediums.
The same goes for colors. Consistent visual branding breeds familiarity, which in turn generates trust. A survey conducted by Nielson revealed that 59% of consumers prefer to buy new products from brands they’re familiar with.
As the digital marketplace continues to expand, it’s more important than ever to create concise, compelling branding strategies.
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