Out of the 5.7 million private businesses registered in the UK, 96% of them are classed as micro businesses employing nine people or less. This also includes many businesses within the finance sector. These small businesses are the backbone of the UK economy and their contribution is vital to driving financial growth, which will open new markets and create employment opportunities.
With a number of financial regulations, such as MiFID II and GDPR, coming into force in 2018, it would be natural for businesses to spend time focusing on these rather than other aspects of the business. This includes branding and marketing, for example.
With the Internet being the nation’s first port of call when making purchasing decisions, it is more important than ever for financial businesses to ensure they are not only searchable, but memorable, amidst a constantly changing financial landscape.
Vistaprint recently conducted a study analysing the websites of 1000 small businesses in the UK. The findings published in the Small Business Uniqueness Report found that many small businesses were lacking in distinct branding. The report highlighted that many businesses used the same colours, fonts and words to describe themselves, leaving them at risk of fading into the background. The benefits of being able to communicate what makes a small business unique leads to better brand awareness, recognition and recall which are all vital for long term success.
There were five main branding pitfalls highlighted in the Small Business Uniqueness Report:
Poor business descriptions
- 68% of small businesses, including those in the finance sector, are not adequately describing their business online, with some not describing their offering at all. By failing to describe themselves they may be attracting fewer new customers and impacting on customer retention.
- To avoid falling short, businesses within the financial sector should think of the best way to describe their business effectively, so they can differentiate themselves from their competitors. How well you describe your business may give you a big advantage over someone offering a similar service. This can also help improve SEO so you are more likely to appear in relevant web searches.
Over used clichéd adjectives and jargon
- 33% of small businesses use clichéd adjectives to describe themselves. Vistaprint’s research found: friendly / independent / family-run / experiences were some of the most frequently used adjectives.
- If too many businesses use the same language (which can sometimes be seen as jargon) they are at an automatic disadvantage due to sounding the same as other businesses. While it’s difficult not to repeat cliched adjectives, one thing you can do is look at what your competitors in the financial space are doing and ensure your language differs and is more engaging for your audience.