How can a strong brand help financial services firms adapt to a rapidly changing market? As large, established firms contend with a swell of FinTech disruptors, they may be tempted to add a rash of new products or services to their list of offerings. The risk? New capabilities that don’t quite make sense within their existing portfolio or brand. By using brand as a touchstone for choosing new technology, firms can avoid playing catch-up and can grow strategically while remaining true to their promise to customers.
Too often, financial services companies rush to market with a new product without the benefit of a differentiated and durable product brand. But if you only get one chance to make a first impression, you should make sure it’s the best one. For maximum impact, develop a financial services product like you would any other brand, with phases dedicated to competitive research, voice development, and the creation of differentiated positioning.
How effective are asset managers in communicating a differentiated value proposition? What are the key drivers of the asset management brand? And what are the most effective channels for connecting with key audiences? In our research for the Brand Influence Guide for Asset Management (BIG: AM), we found that asset managers often miss the mark: there’s a clear gap between what they say about themselves and what investment consultants and institutional investors want to hear.