It's All About Love Not Money

Felix Thomson

Content Executive

The Financial Services Forum

New research shows that trust in a brand is the main motivator for consumers and business managers when choosing business partners. But curiously, financial services companies don’t apply this logic to promoting their own products, says Simon Rowland.
We may think that bosses put the bottom line before everything else when choosing suppliers or business partners. But nothing could be further from the truth. A new survey reveals that UK business leaders actually value trust and relationships so highly that they’re prepared to pay a premium in order to get what they want.
However, it’s not all good news. The results also highlight that financial services organisations need to reevaluate their approach to doing business in this sector. When it comes to brand management and the benefits it can bring, many financial companies are still in the dark and are missing out on potentially huge opportunities.
This may be a bitter pill to swallow, especially for a business sector that is built as much around trust and relationships – the qualities held in such high esteem by the survey sample – as it is around products. To add insult to injury, the brands ranked most highly against these criteria were Nokia, Hewlett Packard and Xerox, businesses that are more product and experience oriented and where the human touch can be marginalised.
But it’s not all bad news either. As well as criticism, there is also a chance for redemption in the form of a greater understanding of the client. The survey provides a fascinating insight into the process of selecting business partners – mindset, outside influences and attitudes. It reveals a clear path that firms must follow to attract and retain more clients and increase market share.
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