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Impact Of Brand Equity On Finance And Profit

Given today’s highly digital business landscape everything from automobile to finance industry relies heavily on technology, especially when it comes to marketing their products and creating a better brand value. This is the world that comprises of wide and diverse types of influencing people such as:

  • The shareholders
  • The financial advisors
  • The consumers and most importantly
  • The financial marketers.

In order to tap them all effectively and efficiently, there is other alternative by the banks, financial institutions and all other units of the finance machinery including the online money lenders such as Libertylending.com and others but to pay more attention to their marketing strategies.

Modern marketing strategy is essentially digitized and it involves a lot of aspects to make it as successful as it should be. These areas include:

  • Expansion of the referral network
  • Promotion of business credibility
  • Building better brand awareness and value and
  • Utilization of social media platforms to its optimal level.

This helps businesses to grow. However, you will need to follow the main trends and business branding practices followed by the financial advisors and pay close attention to the upcoming ones as well. It will help you to:

  • Build a stronger network
  • Put your clients and customers first
  • Build a better web presence
  • Understand the power of better branding
  • Pay attention to the personal needs and demands of your target audience as well as the market and
  • Explore all available strategies to enjoy the best results and reap the maximum benefits.

This will help you to stay alive and kicking as well as build and maintain a strong relationship with your prospective customers and clients with a better and more effective social media marketing strategy.

Bank on digital services

Digital marketing and advertising is what you will need in these times and you will see that most financial services marketers typically bank on digital services.

  • According to an article published by CMO.comin May, the need for the financial services marketers to rely on and embrace digital trends in their marketing is discussed. It is said that this approach of digital marketing can help finance companies to provide more customized and engaging experiences to their customers.
  • According to eMarkerter.com it is further learned that online advertising is estimated to exceed traditional media by 23% in digital sales and this figure is only going to rise in the years to come.

When you have the proper insights and facts like these it will surely be easier for you to relate to the key trends to follow just as the financial services marketers do while developing your marketing plans.

Therefore, there is no doubt that in 2019, you will need to integrate digital platforms successfully and effectively into your marketing efforts, it is also required that you:

  • Tailor your content
  • Deliver bespoke experiences
  • Use multiple channels
  • Use social media to the fullest
  • Build larger customer communities
  • Gain deeper insights and
  • Focus more into the financial needs of your customers.

It is also required that you ramp up mobile advertising as the use of mobile devices is on the rise. According to the reports from Millenial Media, about 80% of finance users own and use a smartphone. Therefore, you must develop useful and effective strategies for the users of this specific platform in the coming year.

You may target the mobile audiences by placing your ads on sites of general interest instead of those that are more financially focused spaces. This is because it will help you to reach out to even larger audience irrespective of the fact that they are not looking specifically for a financial product.

According to the report of Millenial Media, different percentages of people spend different amount of time on different sites and apps such as:

  • 84% on apps focused on weather
  • 74% on maps
  • 67% on general news
  • 58% on sports info
  • 58% on entertainment news and
  • 47% on tech news.

Therefore, if you can reach out to such a wide variety of users with your brand through your ads then you will surely create better brand awareness and increase the chances of getting larger organic traffic to your site and enhance the chances of converting those visitors into your prospective customers and clients.

Keep up with the constant evolution

Financial services buyers and their demands, size, and needs are constantly evolving. It is required that you keep up with it and provide then with exactly what they want. This will help them to make quick and better decisions regarding finances and purchase of financial products. However, this is not an immediate process that will produce immediate results because:

  • You will need to shop around and research well to make the right offers at the right time.
  • You will need to establish a connection with them on a more personal, emotional, intellectual and technical level.

You must also provide the right message at the best possible way. This is the best way and most effective tool to make a strong connection at the deeper emotional centers of your consumers, especially when it comes to financial products and services.

Importance of brand equity

Brand equity can be referred to as the value of the brand itself. More the equity more will be the value and more will be the consumers interested to pay more to buy a product.

Therefore, instead of focusing on a generic product make sure that you create products that will give them more value in return. Remember, branding means providing sophistication and prestige and people will be willing to pay a premium price for it if they are provided with these along with the best product.

However, a bit of caution is required in this aspect because improper handling may create a negative brand value. This will result is a huge product recall that will be detrimental for the brand value and result in a huge loss due to a highly publicized disaster. Therefore, make sure that the brand name and value becomes your asset and not a liability at any cost or at any point of time.

Isabella Rossellini is a marketing and communication expert. She also serves as content developer with many years of experience. She has previously covered an extensive range of topics in her posts, including business and start-ups.

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