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5 Branding Methods You May Overlook

Branding methods reach far and wide beyond simple advertising. There are a few you may overlook, even if you use a strong strategy that covers most of your core audience and clients. So, here are some you can begin using as part of your existing strategy or to form a new one.

Multichannel Marketing

You cannot rely on just one type of marketing to open up your brand and increase visibility. You must use as many channels as possible. This includes TV and radio and print media like magazines. But it also includes web-based branding through email, blogs, and social media. Of course, this is a lot of work. So outsourcing to digital marketing agencies like Adtaxi is often the best solution. Then you can focus on doing your job, while experts in branding focus on theirs.

Community Engagement and Feedback

Branding and advertising also extend beyond a message for all to see. You can boost your branding in terms of visibility and loyalty by getting involved with your community. You can engage with your customers about your products and share the exciting news. But you can also strengthen the perception of your brand by gauging feedback about your morals, ethics, and company culture. Further, you can support your client base through crises such as COVID.

Branding Methods Includes Online Reviews

It is estimated that up to 50% of online reviews and testimonials could be fake and paid for. So, as a consumer yourself, you should be aware of this. As a business, it is best practice to stay away from buying them, as search engines can penalise you for it. However, that doesn’t mean they aren’t useful. Customer testimonials can really boost your image and help customers find you using local SEO. But make sure you verify any before including them on your website.

Buddy Up with The Competition

Some companies will gasp at the thought of working with the competition. But it is not as uncommon as you may think. In fact, it is mutually beneficial to partner with someone else in your sector. You can learn from each other, use the exposure of other brands to boost your own, and boost public confidence in your brand or product. And you can increase business when you both work in the same industry. For example, Kodak works with Canon to supply photocopiers.

Release Consistent Newsletters

Not everyone likes newsletters. But they can increase your website traffic if you consistently release them to your audience. However, they should always be useful and never spammy. A good newsletter contains updates to your business news, information not found anywhere else, and stays on-topic. And the great thing about newsletters is that they don’t cost much to produce, especially when you use email exclusively. These can help increase loyalty over time.

Summary

Even with the best strategy, there are some branding methods you might overlook. These include using multiple channels for marketing, using online reviews, and releasing email newsletters. All branding methods are great for building customer loyalty for longer periods.

Seven Reasons Data Is Important for A Successful Financial Institution

To be a successful financial institution, data is essential. Data helps you understand your customers, identify trends in the market, make better financial decisions, and plan for the future. Additionally, the best data quality framework helps you improve your products and services, protect your institution from fraud and theft, and improve employee productivity. By understanding the importance of data, you can ensure that your financial institution can make the most informed decisions possible.

1. Data Is Essential for Understanding Your Customers

Customers are the lifeblood of your financial institution. Without them, you would not be in business. Therefore, you must understand who they are, what they want, and how they behave. The only way to truly understand your customers is through data.

You can gain insights into customer needs, wants, and behaviour by analysing customer data. This information is essential for making decisions impacting your customers, such as what products and services to offer, how to price them, and what channels to use to reach them.

Good customer service is essential for keeping customers happy and retaining their business. By understanding how customers interact with your institution, you can make improvements that lead to a better experience. Additionally, data can be used to resolve customer complaints quickly and efficiently.

2. Data Can Help You Improve Your Products And Services

Data can also be used to improve your products and services. Analysing customer data allows financial institutions to identify products or services that are falling short quickly. The information can also give insight into pain points in the organisation’s processes. For example, a customer feedback survey may provide surprising remarks about the ease of an online small business loan application.

A clear picture of the success rates of products and services can make pointed improvements that lead to happier customers and increased revenue. If the issues with applying for loans are resolved quickly, the customer will be more likely to use the financial institution’s products and services again in the future.

3. Data Can Help You Identify Trends in The Market

Another way data can be used to improve a financial institution is by helping to identify trends in the market. This information can be used to make strategic decisions about allocating resources. Suppose data shows a trend of increased loan demand in a particular region. In that case, the financial institution can choose to open new branches or offer loans online in that area.

Data can also be used to identify trends in customer behaviour. This information can help financial institutions understand why customers choose to leave and where they are going. By understanding customer trends, financial institutions can work to keep their customers happy and prevent them from defecting to the competition.

4. Data Can Help You Make Better Financial Decisions

The best data quality framework is also essential for making sound financial decisions. Financial institutions need data on past performance to make informed decisions about where to allocate resources. This information can help institutions determine which products and services are most profitable and where to focus their efforts. Additionally, data can help financial institutions assess risk and make lending decisions.

Without data, financial institutions would be flying blind. Data provides the insights necessary to make informed decisions that will help your institution succeed.

5. Data Is Necessary for Planning for The Future

Data also plays a critical role in planning for the future. Financial institutions use data to develop budgets and forecasting models. This information is essential for ensuring that your institution has the resources to grow and meet customer demands.

Additionally, data can be used to create stress-testing models. These models help financial institutions understand how they would perform under various economic conditions. This information is essential for making sure that your institution is prepared for whatever the future may hold.

6. Data Can Help You Comply with Regulations

In today’s regulatory environment, data is more critical than ever before. Financial institutions are required to collect and maintain a variety of data points. This information is necessary for complying with regulations and reporting requirements.

Data is also essential for detecting and preventing crime. Financial institutions are required to report any suspicious activity to the authorities. Data analytics can be used to detect patterns of criminal behaviour. This information helps financial institutions protect their customers and themselves from fraudsters.

7. Data Can Help You Understand Your Competition

In addition to how data can help you improve your financial institution, it can also be used to understand your competition. Collecting data on your competitors allows you to develop strategies for differentiating your products and services. You can also use this information to identify areas where your competition falls short.

Final Thoughts

Data is essential for financial institutions. It can improve customer service, identify trends, make better financial decisions, comply with regulations, and understand your competition. Data is the key to success in today’s ever-changing economic landscape.

The Joint Venture Guidelines Under the Competition Act

The Competition Authority of Kenya to Clarify the Rules and Filing Requirements of Joint Venture Arrangements.

The Competition Authority of Kenya has published draft joint venture guidelines. The Guidelines aim to provide clarity, transparency and predictability about joint venture arrangements that require CAK approval.

The Guidelines specifically clarify the CAK’s position on what consists of a Full Function Joint Venture, a Greenfield Joint Venture; and lays out the process for notifying and filing a joint venture with the CAK, as well as how the CAK reviews a joint venture’s impact on competition.

The Guidelines are still open to review and amendment, with the CAK inviting comments by Friday, March 5th, 2021. However, the following are the main implications of the proposed Guidelines:

Full Function Joint Venture

The Guidelines define a Full Function Joint Venture as a joint venture undertaking that performs all the functions of an autonomous economic entity for ten years or more including:

i. operating on a market and performing the functions normally carried on by undertakings operating in the same market; and

ii. having a management dedicated to its day-to-day operations and access to sufficient resources including finance, staff and assets in order to conduct for a long duration its business activities within the area provided for in the joint-venture agreement.

Full Function Joint Ventures constitute a merger under the Competition Act and will require notification and filing with the CAK. However, it should be noted that a joint venture established for a purposefully finite period will not be viewed as having a long duration and will not qualify as a Full Function Joint Venture.

Greenfield Joint Venture

The Guidelines set out Greenfield Joint Ventures as joint venture undertakings in which local or foreign entities collaborate with other locally domiciled entities to develop a new product separate from the products and services provided by the parent entities.

Typical distinguishing features of a Greenfield Joint Venture include: a new joint venture vehicle formed by the parties for the purpose of the transaction, undertakings in new areas for the parties in the joint venture, and the transaction entailing entry into a new business area or enhancement of an existing business.

The Guidelines recommend that parties potentially entering into a Greenfield Joint Venture should seek the advisory opinion of the CAK as Greenfield Joint Ventures are reviewed on a case-by-case basis.

Process for Filing a Joint Venture With CAK

The Guidelines set out the registration requirements for a Full Function Joint Venture. The CAK requires the parent entities to separately submit documents relating to the transaction by filling the Merger Notification Forms as Joint Venture Parents, and if a joint venture vehicle exists as a part of the undertaking it will also be required to file the MNF.

In situations where the joint venture parties have no separate joint venture vehicle, the parent entities will only need to separately submit documents by filling the MNF as Joint Venture Parents.

Determination of Impact on Competition

The Guidelines specify how the CAK determines the competition impact a Full Function Joint Venture transaction is likely to have in a market. The CAK considers the turnover and asset figures of all the parents to a joint venture, including the entities directly or indirectly in the control of the joint venture parents and the joint venture vehicle where applicable. In addition, the CAK looks at the terms of the joint venture agreement, public interest factors and whether the efficiency benefit of the joint venture brings more economic gains compared to the competition detriment.

If the CAK makes a finding that a joint venture transaction has negative competition and public interest impacts, it may engage the joint venture parties to come up with remedies to mitigate against the harm. Additionally, the CAK will direct on which of the joint venture parties as well as the joint venture vehicle will be impacted by the mitigating factors.

The draft joint venture guidelines aim to further clarify the rules and reduce the confusion surrounding the competition regulations on joint ventures.

Kirkland Welcomes Competition Lawyer Andrea Agathoklis Murino

Kirkland & Ellis is pleased to announce that Andrea Agathoklis Murino has joined the law firm as a partner in the Antitrust and Competition Group.

Andrea has private and public sector experience securing clearances for proposed transactions before the Antitrust Division of the United States Department of Justice, the United States Federal Trade Commission, state attorneys general, and international competition law enforcement agencies.

She has successfully represented hundreds of clients through all aspects of transaction-related investigations, including high-profile Second Requests and dozens of intensive public and non-public investigations.

She also has experience representing clients in merger litigation, consumer protection matters and numerous other competition matters, including dominant firm conduct, competitor collaborations, and distribution practices.

Her clients include companies in the healthcare, pharmaceuticals, technology, financial services, telecommunications, medical devices, consumer products, hospitality, real estate and retail industries.

Chambers and Partners: America’s Leading Lawyers for Business, The Legal 500 U.S. and Who’s Who Legal Competition have recognised her as a top lawyer. She is active in the ABA’s Section of Antitrust Law, presently serving as an editor of Antitrust Magazine.

As a member of the American Health Lawyers Association, Ms. Murino has led webinars to educate lawyers on developments at the intersection of healthcare and antitrust law.

Andrea joins Kirkland from Goodwin Procter LLP, where she was co-chair of the Antitrust & Competition Practice. Previously, she was an attorney advisor to former FTC Chairman and Commissioner William Kovacic, and served as a counsel to two assistant attorneys general for antitrust at the Department of Justice.

Andrea holds a law degree from The George Washington University Law School and a bachelor’s degree from American University.