Tag: Creative

The role of PR is constantly evolving as its lines are often blurred with marketing and advertising. At the end of the day, each of these disciplines works towards the common goal of getting customers to part with their cash by creating a unique name and image in their mind – the very definition of ‘branding’.

More than that, branding triggers the memories of every touchpoint that customers have had with your company; everything that they have seen or heard, from content in the news or on social media to your company values and culture. They all impact on your brand image.

Is this different in the B2B space? Yes, it is for the simple reason that B2B requirements differ. The relationship between vendor and customer in B2B deals is often a partnership as opposed to a simple, one-time transaction. This heightens the importance of communicating that your business understands its customers’ pain points.

Buyers in the B2B environment are often required to make more strategic, long-term decisions on behalf of their organisation. It is therefore vital that sellers deliver strong and consistent messaging across platforms that will be seen by the buyer.

That is where PR comes in.

We are living in a time of media abundance. It is nigh on impossible to leave the house without hearing about the latest breaking news or being exposed to the latest advert promoting the latest gadget that you really don’t need (but will probably end up buying anyway). It has become increasingly difficult for brands to get their voices heard above the noise.

To change the outcome, you must change the approach. It’s time to get creative!

What differentiates you from your competitors? Not sure? Don’t worry, we can help with that .

A unique piece of industry research that pinpoints the pain points of a specific group of people can feed a wide range of PR and marketing materials, from articles and blogs to infographics and social media posts, each positioning your brand as the industry leader.

Alternatively, industry expertise can be utilised to present your business as the go-to-place for support in the industry.

Whatever your differentiator is, you should use it to tell the story of your business and how not working with it is the business equivalent of losing a limb (or something a little less scary!).

Attracting and obtaining loyal customers is about finding people who share a fundamental belief, so find out what that fundamental belief is and shout it from the rooftops.

Image credit: My Frugal Business

Marketing expert, Simon Sinek famously stated that ‘people don’t buy what you do, they buy why you do it. And what you do simply proves what you believe’. Your buyers aren’t interested in your product specs, they want to know how and why your product will change their lives for the better. Whatever that is for your business, find it and use it to feed your communications activity.

And don’t forget, if you need help drop us an email or give us a call by visiting our contact page.

In the last few years, the financial services industry has seen an influx of challenger banks including Monzo, Revolut and Starling, all looking for a slice of the pie that has been traditionally held by ‘The Big Five’ made up of Nationwide, Barclays, Lloyds, HSBC and RBS.

In 2016, research firm KPMG published a report in response to the emergence of the ‘new breed’ of banks. The report revealed that challenger banks had been able to far outperform the Big Five between 2015/16 with regard to return on equity, achieving 17% in comparison to the Big Five’s 4.6%. In addition, lending assets for challenger banks was up 31.5% in stark contrast to the 4.9% decrease seen by the likes of Nationwide and Barclays.

The leading cause of the changing landscape is credited in a large part to the increased functionality and simpler, streamlined offerings that the challenger banks provide their customers, with many finding and exploiting niche gaps in the market. And the absence of legacy technology, coupled with increased regulations created a window of opportunity for challenger banks to exploit.

Which they have.

A recent article by our Fintech client, Fraedom, provided further insight into changes in the banking industry, expressing that challenger bank popularity has come as a direct result of their ability to address customer pain points more effectively – and as a result, provide frictionless services.

Many similarities can be drawn to the recent trends we have seen in the retail industry, with a heavy focus placed on the importance of enhancing the customer experience in order to both attract new customers and ensure the loyalty of existing customers.

In my role as Marketing Executive and Designer, I am fascinated by the clever marketing and branding techniques that have been deployed by the challenging firms to disrupt the financial services industry – recognising and exploiting trends and pain points to meet the needs and wants of increasingly large segments of the market.

With my design head on, the influence of branding has been central to the new players’ success.

Are customers really drawn by the ease of use, apps and real-time data provided? Or is it the fancy, colourful and textured cards such as Monzo’s ‘coral’ card or N26’s brushed metal card that are causing the shift?

There appears to be a shift towards credit and debit cards that increasingly are a fashion statement. A trend started by Egg over 10 years ago, a card that people are proud to take out of their pockets appeals to many. To that end, the bright colours act as a constant advertisement and visual cue for the banks, sparking interest from those without.

If any evidence was needed to prove the influence of these fashionable cards in the banking industry, look no further than Apple recently introducing its ‘Apple Card’. The titanium card is infamous for coming with its own set of storage instructions to prevent damage from leather or denim… Because who doesn’t carry their credit card in a wallet or purse? Right?

Apple’s attempt to challenge the financial services industry supports the notion that design and branding is a key factor in attracting customers – and of course, it’s absolutely in keeping with Apple’s zeal for visual simplicity. However, its shortcomings and bad press, albeit for a product in its infancy, confirms that design and branding fall flat in the absence of functionality.

This is something that Starling got right when launching its new turquoise card. In its own blog, Starling explained that the distinguishing look of the card reflects its entire approach to banking, a move that marked a ‘challenge to old methods and a response to cultural shifts’.

Will the traditional banks or the older payment providers respond? I’d argue Mastercard already has by boldly removing the company name from the brand identity.

Another technology-driven cultural shift is the transition towards app-based banking. In the UK, there was a 17% reduction in the number of bank branches between 2012 and 2018 (House of Commons Library). This further evidences the importance of branding and design as a new differentiator. People banking with their local branch or venturing slightly further afield for a better service has been replaced by their ability to bank from their mobile phones.

To conclude, it becomes clear that getting the balance right between functionality, services and branding is what has enabled challenger banks to appeal to customers and disrupt the banking industry.