Why is branding so important for Fintech companies?
To a lot of people, the world of FinTech is a mystery; it sounds incredibly complicated and difficult to comprehend. In today’s digital world everybody understands the importance of technology, having everything you need neatly delivered to you on your smartphone. However, they do not necessarily need or want to know how it works. They will not understand the jargon and industry terms that accompany the development of such groundbreaking innovations. Often companies can get so excited about their product, and talking about its functions, that they forget to try and communicate with the customer in a language they can understand.
This is where branding can help FinTech companies attract and retain customers. The correct brand strategy can control how customers perceive a product or service.
Branding is a lot more than just the look and feel of a company. The logo, website, and the brand font and colours, all play a very important part. But, before all of the design work, there needs to be a foundation to attract customers to a platform and even more importantly to differentiate you from potential competition.
That's where Branding comes in.
When you think about it, what is the first thing that people do when they are making a large purchase? They generally look online at the biggest brands out there in the specific category — they look at what they offer, their website, and create a picture in their mind about whether they trust that company or not. This is magnified to a greater degree when you are talking about people's money. Who will they trust to handle their finances?
A customer is not going to choose to use a company who has very little information online, if their website is poorly designed, and if they look cheap and untrustworthy. People make a mental opinion very quickly and often companies put too much emphasis on their product and forget to show the personal side of their business.
Having a strong brand can help your FinTech company in so many ways.
Branding creates a personal link with customers
Having strong brand values is vital in creating an original and appealing brand for your customers. Your brand values are what your company stands for and what you want your target audience to think about you. They basically determine the personality of your brand and will help to create emotional connections to your community.
Leaders in the tech industry can change pretty quickly; branding can create a link to your customers, and having strong brand values and an identity facilitates relationship building between your company and your customers. Also, it can create a personal link through shared ideals and values.
Branding helps develop trust and loyalty
The majority of FinTech companies are based online with no physical branch that customers can visit, so it is more important than ever to build trust with customers.
Brand loyalty is based on TRUST, and having strong brand values that are communicated to customers through content is so important for building that trust. Showing evidence of how your brand has empowered its community, or improved their lives through technology, is vital. This might be testimonials from clients, blog posts that answer queries, or a webpage that addresses common misconceptions, which will all help to build trust.
Brand loyalty is when consumers attach positive association and feelings towards your company. They can become devoted to a product or service, which can be demonstrated by a dedication to purchase that product or service repeatedly, despite competitors’ best efforts to lure them away.
Branding builds communities
Branding has long term benefits. It can build communities around a product — a loyal tribe of followers with real world interactions who can help to grow your company’s product. This is vital for any business, especially startups.
With trust and loyalty, customers will comment on and share a company’s posts, and being part of a community encourages word of mouth marketing where followers will tell their friends about specific products and services.
Humanise your brand
Keeping your brand simple and striking will immediately attract potential customers and spike their interest in your company. To keep their attention however, companies need to humanise brands and speak to customers in a language they understand. I've already mentioned before that financial jargon is often complicated. This is all about brand voice and tone, and choice of language and way of talking to customers is important.
Wise do this in a very clever way using fun emojis and hashtags (#mindblown) and a conversational tone as if they were posting for their friends.
Put customers at the centre of your brand
The customer needs to be the centre of every good business, and companies need to stay relevant to their customer. In order to do this you need to be authentic in the way you speak to your community. You need to choose the correct channels and communicate with your target audience consistently.
You need to show who you are as a company and break down barriers, considering how you are perceived. You should represent the genuine people behind your company and create a connection with your customers. You need to give your people a platform to reach you and communicate easily with you on a variety of topics. You can bring your customers into a conversation about your product or service — making the discussion around finance accessible and engaging for your community — by hosting seminars or Q&A sessions on your website or blog.
Branding can help your advertising be more effective
When you encourage customers to share their experiences with you in your community, you can use anecdotes and feedback as part of your advertising. People will always trust actual consumers' opinions over more generic adverts. Nurture a loyal tribe of followers and they will always be prepared to share your content on social media and recommend your services.
Branding distinguishes your from your competition
Branding is the very foundation of how a company looks, feels and talks to its consumers. The FinTech industry is full of companies offering similar technologies and is an ultra competitive field. So, differentiating yourself from your competition should be of utmost importance for the success of your company.
Visual Branding is a large part of differentiating your business and if you combine that with a clear message that aligns with your business strategy, it will help to gain the attention of your target customer.
The best way to gain attention from potential customers is to show that you are more than just a tech gizmo. Your brand will help to increase value for the customer by letting them know everything that you offer, keeping them informed, and helping them in their everyday lives.
Branding creates customer retention
When people feel part of a community they are far more likely to stay loyal to a business as it grows, and customer retention is of vital importance for the success of any company. People will associate themselves with your personality and values, positioning you as an expert in their mind and trusting you to handle their finances.
If you want to learn more about how branding can help FinTech companies, then please get in touch and I will send you a copy of Vivi Creative's free Business Branding Bundle. We love working with FinTech companies and would be very interested to hear about your product or service.
Thanks for reading