A recent survey reveals that brand differentiation is the number one marketing challenge facing commercial finance firms today.
An industry study conducted by the Commercial Finance Association (CFA) in conjunction with Financial Marketing Limited paints a fascinating picture of the current marketing challenges that CFA members are encountering, the key tactics they are employing today and the hottest trends that they believe will drive future success.
The necessity to stand out from the crowd was highlighted as a critical issue by more than three-quarters (77%) of respondents, comprising leaders of asset-based lending firms in the US and European markets, sponsors and advisors. Despite this, only half of the respondents said that they had succeeded in improving brand awareness over the last year.
The next key challenges facing the industry are ‘acquiring new customers’, ‘having a strategic marketing focus’ and ‘new product development’.