From Private Equity to Community Banking, the biggest problem in driving new originations and revenues may not be what you think it is. Most industry participants point to a ‘lack of awareness’ of their brand in the minds of their prospects as being the biggest obstacle to growth. Well, you’re right and a little wrong too.
Problem #1: Brand Awareness
It’s an unavoidable fact that a lack of brand awareness will leave you out in the cold when the next business even drives a capital need. There is no way your sales team can effectively canvas all prospects and referral sources and be there at exactly the right moment to maximize the opportunity. The prospect universe is just too large. The Marketing you are doing is often haphazard, poorly supported (even if you have dedicated marketers on staff) and performed in such a way that it doesn’t compel a prospect to view your firm as a viable capital alternative. Awareness is a problem for sure, but perhaps not the biggest one.
Problem #2: Sameness
Private equity talks about value creation and the amazing prowess of their team. Equipment Finance talks about cash flow savings, hedging technological obsolescence (whatever that means), customized solutions, and the amazing prowess of their team. ABL talks about flexible financing that offers additional access to capital when customer need it most and the amazing prowess of their team. And banks generally talk about the amazing prowess of their team. Sound familiar?
Even if a strong portion of your audience is aware of your brand, do they understand what differentiates your firm? Could you change the colors and logo on your website to your top competitor and notice any real difference? Or said another way, they see you, but they don’t get you.
Solutions?
A simple marketing strategy that doesn’t just tell what you do, but how you do it can not only help drive more consideration of your firm as an alternative; it can help your sales team tell your company story more effectively. Here are a few items that always move the needle in a positive direction:
- Case studies in all forms
- Situational Content like: Are you facing the challenging of monetizing foreign receivables? Or are you funded well enough to take on rapid expansion?
- Thought Leadership Content like 5 things you need to know before considering an equity investor
- 45 second video that illustrates how your vendor finance solution works
We’re a marketing firm full of finance geeks. If you ever need help here or want to talk through how to make your prospect universe ‘get into’ you…give us a holler.