Financial Services: Correlation Between Brand Awareness and Revenue Growth

Goals

To validate/understand how investment in brand awareness (aided and unaided) leads to increased revenue or reduced customer acquisition costs for the financial services category (credit cards, debit cards, fintech, or any similar company). This will include marketing metrics/benchmarks in the financial services category and a quantified correlation between brand awareness and revenue.

Early Findings

Data Availability

  • The initial round of research indicates that data availability is adequate on this topic.

Effective Financial Sales Marketing Strategies

  • According to Sales Drive, it is key for financial services to ensure reaching their ideal clients and customers to aid with generating more sales.
  • The source opined that having the right sales marketing strategy points the brand in the right direction to capture high-quality leads.
  • Building up the client and business connection can help one improve brand awareness and increase business reputation in the financial services industry.
  • Design Rush opined that visibility and recognition help build brand credibility, a natural overture to becoming more advantageous on the market.
  • According to the source, credibility leads to competitiveness, even prestige, and when a brand is more competitive, revenue from purchase volumes rises, as does ROI.
  • According to a survey, 70% of financial service marketers report increasing brand awareness with content marketing, while 61% state it has helped them generate traffic and build a relationship with their customers.
  • Presenting a brand consistently across all platforms can increase revenue by up to 23%.
  • Key brand awareness strategies that lead to increased revenue include consistency in voice and image and creating a powerful referral program.

Case Study: How Redwood Credit Union Refreshed Its Brand

  • Redwood Credit Union in Santa Rosa, California was strong financially and was steadily growing new members.
  • The company was a consistent winner as one of the best places to work in the North Bay Area.
  • However, it was in search of a technique/strategy to enable the company remain on the path to success and weren’t sure how their brand identity might further support growth.
  • Redwood believed it had a solid brand strategy, but felt it was a bit dated visually, however it didn’t want to refresh it simply for the sake of change.
  • The real problem was a lack of clarity in how they could fully express the brand and talk about it in a consistent and differentiating way across the organization.
  • According to Brett Martinez, CEO of Redwood, “We were looking for a way to articulate our brand that captured the real essence of who we were and what made us special.”
  • The senior leadership team felt the brand had potential; all it needed was a boost.

What the Brand Did

Results

Summary

  • We focused the initial hour of research on providing some insights into the relationship between brand awareness and revenue increase and also, a case study of a brand that successfully increased its revenue through brand awareness.
  • We recommend continued research to provide additional case studies on this topic.
  • Furthermore, we propose continued research to provide the current trends and best practices for increased brand awareness trends for financial services.
  • For a deeper dive into the above-suggested research parts, we recommend further research. Details on our recommended research paths have been provided in our proposals below.

Research proposal:

Only the project owner can select the next research path.
Need a similar proposal? Let's launch your next project!