For businesses, branding has never been such a hot topic as it is today. The importance of remaining relevant is elevated by the access to competitors thanks to inter-connectivity. According to the Content Marketing Institution, 89% of B2B marketers say brand awareness is the most important goal, followed by sales and lead generation. A company that understands this all too well, is Zoot Enterprises, the B2B FinTech giant.
New Vice President Of Marketing
When an organization understands that their marketing strategy needs a boost, it’s time to bring in fresh talent. For Zoot Enterprises, this meant bringing in Eric Hathaway. A long string of accolades, experience, and education made him the right fit for the company and that was when he dropped the bomb: the company needs to consider a re-branding strategy. Eric brings years of talent and experience from Standard and Poor’s, Credit Suisse, and Microsoft. For Zoot Enterprises, the ability to market their service to Fortune 500 companies was hanging in the balance and the re-branding a critical move to gain momentum.
Fintech Absorption Rates Provide Insight
Younger digital natives are the highest users of FinTech and those classified as super users, which are those who use five services or more, make up 13% of all customers. For FinTech companies, this means adopting a marketing strategy that will target this group directly. For Zoot Enterprises, the marketing strategy would have to encompass the ability to provide a service as a B2B company, however, keeping the client base of their clients in mind. This would include a variety of marketing techniques that are in line with the new branding and that appeal to their client base.
Branding Evokes An Emotional Response
One of the best ways to get a potential market to buy into your product or service, is to provide them with a brand they can relate to. Hathaway managed this for Zoot Enterprises by achieving a 265 percent increase in lead generation thanks to the rebranding. Another achievement includes a 49% increase in social followers, which adds the feathers in Hathaway’s cap. For Hathaway, these milestones made him a hot target for a gold Stevie award as Marketing Executive of the Year.
What Hathaway manages to tap into, is the ability for the company’s followers to identify with the brand. Once this happens, they are emotionally invested in the brand which is a critical component of the buy-in process. An increased brand awareness is not everything, however, as it requires the target market to engage. For Hathaway, the figures that got him that coveted Stevie award is indicative of the strategy that made the business world stand up and listen to what Zoot Enterprises has to say. While it might have been interesting to see how the changes affected the company financially, the company is still private and disclosure of the figures at executive discretion.
Companies like Zoot Enterprises continuously grow and gain new following due to their ability to adapt and change to market conditions. By adopting a brand strategy that worked, the company has increased public interest.
- Written by Chrissy McCarthy