What is the role of branding for FINTECH and ICT companies?

What should Fintech companies start with?

In industry, as specialized as FinTech, there is bound to be a mushrooming of niches. According to the EY GFSI Journal, FinTechs are combining innovative business models and technology to enable, enhance and disrupt financial services.

This means that for every need that a customer might have, no matter how small, there is a product ready to satisfy it. This also means that every customer will have too many choices and too little information to make an informed choice. 

So how can a FinTech startup with an excellent product successfully reach out to customers? Well, that is where strategic advertising and brand communication comes in.

To facilitate brand building, you firstly need to define the brand value, brand promise, personality and offering. What kind of brand associations would you like consumers to have? 

For example, Apple is always associated with innovation and quality. People always expect innovative solutions from Apple.

Defining the values is one of the first and most important steps in brand building. They determine the personality of your brand and help to create emotional connections with the members of your community. 

What are the benefits of a strong brand identity?

Sometimes dedicating resources to product promotion brings you quick results in terms of leads and sales; however, it is an investment in your brand identity that creates the long-term benefits. 

• Creates opportunities

Branding allows you to build a community of engaged people who are interested in your product and the expertise you provide through various types of content. That is why it is obvious that brand building leads to long-term success.

• Enhance customer advocacy

What can be better than having people believing in the potential of your B2B solution and sharing positive opinions about you? According to Gartner, only 20% of customers trust what brands say on the internet, which means that customer advocacy is a great way to engage with other potential customers. People trust people and brand identity helps you to enhance customer advocacy.

• Increases customer loyalty

Customers become loyal when they trust the people behind the brand, which makes them motivated to stay with you and look forward to new products. This concept is especially interesting for subscription-based business models and helps to reduce the churn rate. Many ICT and FINTECH companies provide subscription-based solutions which proves the importance of branding. Brand building helps to maintain interest in your brand and prolong the customer journey.