How to Stay Relevant in a Crowded Financial Services Market
In today’s crowded marketplace it can feel like a daunting task to stay relevant and stand out. By being creative and focusing energy on the factors that resonate the most with your target audience, you can establish a solid market presence for your brand that differentiates it from the rest of the pack.
Form an emotional bond with your prospects and customers.
Having an emotional connection with your organization’s followers assists in making your brand relevant and top of mind. Today’s consumers have a lot of power and converting them into brand advocates will help ensure relevancy. How do you make that emotional connection? Identify and focus on a specific attribute that triggers a memory or feeling in your audience. For some, it’s connecting a brand to a city or specific activity. Find a thriving neighborhood with attitude or modern movement that relates to your company and product and tie it to what you are trying to communicate.
MasterCard is an example of a company doing this well. As a global credit processing company, it strives to connect and appeal to a vast audience. They have found a way to tap into consumers’ emotions with its “Priceless” campaign, which they’ve been using since the late 90s. By placing an emotional appeal first, MasterCard created a global campaign positioned to convey its main initiative is creating precious life moments for its customers, rather than selling credit cards.
Companies who tie products and services to something bigger than themselves attract consumers who also feel strongly about those attributes.
Convey a perceived value
What problem or pain point does your brand solve or make easier? What needs does it meet? Capitalize and make consumers realize purchasing your product means they are gaining something beyond an item.
Bank of America has spent the last few years refreshing their brand to focus on what matters most to clients. In a television ad, Bank of America asks, “What would you like the power to do?” This question helps leadership frame their capability based on what their audience finds important. Customers feel like they have someone to turn to rather than just a corporate conglomerate.
Apply an approach that makes sense for your organization. For example, does your company save people time? Position your messaging to show consumers how using your product means they will have more time for hobbies, seeing family or travel. Whatever value your brand provides, help consumers see how it best serves their needs.
Leverage the use of narratives.
People love a good story – it’s what makes us human. However, to tell a story that your audience will care about … you must know your customer! Tell your brand’s story in a unique and clever way that hits on the consumers’ values, and in turn, make them care about who your brand is and what it has to offer.
A great example of using a compelling narrative to stay relevant is financial services brand Chime. To drive sign-ups, this brand focused on a tagline of ‘Chime: Better banking for everyone.’ Through animated videos on YouTube, Chime promoted a story of how their banking services are for a diverse customer group. Their brand position is whatever your occupation, Chime is there for you. They further told this story during the pandemic through Instagram posts, such as one checking how the virus might impact their followers’ financial life.
Be mindful that your narrative must be told to multiple audiences. Stay on message and choose distribution channels wisely. Don’t just broadcast your message to everyone. Take time to research and uncover the most effective channels to reach your target audience and then tailor your message appropriately.
Even in a crowded market, there are clear industry-leading brands. To stay relevant and top of mind with consumers, make it valuable. With these simple steps, your brand can connect with its audience and tell a story that keeps consumers engaged for the long haul.
Feel your brand stands out well? Find out by measuring your brand’s share of voice with a free brand comparison from KCD PR.