Tuesday 1st Sep 2020
It is a common misconception that brand image is just a ‘fancy’ term for your company logo, however, the term refers to so much more.
Nowadays a strong brand is formed from the positive impressions you leave on your clients and to an extent the general consumer. Unfortunately, this is not always necessarily addressed, unless there is a flaw in the reputation. At Hitachi Capital Invoice Finance, we realise this is a backwards approach.
Often associated with added expense and ‘touchy-feely’ jargon, brand image can sometimes fall by the wayside, in favour of focusing on financial results you can actually see. So, here is why we believe it matters a lot more than brokers might think.
Building credibility
A strong brand image is paramount when it comes to positioning yourself favourably to potential customers. When presented with a choice between two equally qualified and experienced financial businesses to work with, the decision will often come down to the overall impression of the company and if you’re the ‘right fit’.
Decision-makers will naturally gravitate towards organisations with values that reflect their own, a positive reputation and a palpable sense of community within the team.
A reputation for premium service
Brokers associated with providing a high-quality service should typically be in a better position to justify more premium rates or fees.
To put it into simpler terms, when faced with the choice of buying supermarket’s own brand groceries or the more expensive brand products, a consumer will most probably select the label they recognise, with a slightly larger price tag and a more superior quality. In short, the more devoted a company is to building true company value, the greater the financial return.
Developing trust
Establishing a solid relationship between you and your client can be hugely beneficial in producing long-lasting business partnerships. After all, happy customers are far more likely to spread the good word to friends, family and co-workers.
If you have a memorable and successful experience with a product or service, you’re probably going to recommend it to others. It’s natural wanting your close friends to commit to a brand that you trust.
Inspiring colleagues
It’s no secret that many employees need their job to do more than keep them busy, give them a place to go Monday to Friday and pay the bills! More brokers are seeking a satisfying place of business, to meet like-minded people and share some pride in their work.
A strong brand image can help to rally the troops, uniting them in one common goal, and, in turn encourage customers to develop positive impressions of the financial organisation – and what it stands for.
Want to speak to Hitachi Capital Invoice Finance about securing efficient and advantageous business relationships? Head to our Invoice Finance page to find out how we can help your business and for more top tips!