Aromamarketing for a bank
Today in Ukraine the financial industry is one of the most difficult in terms of competition. As of September 2020, there are 74 banks operating in our country, which means there are 74 different brands that provide similar services (data from the National Bank of Ukraine). And naturally, the struggle for clients is serious here: new banking services are constantly appearing, deposit percentages are changing, and, of course, money is being invested in advertising. This brings up two important problems that the Ol.factory team knows how to solve. First, how can you help your brand stand out in the market, and second, how do you attract and retain a loyal audience? The answer is one: aromatization of banks.
Fragrance as a branding tool
We have already talked about how strongly smells affect human behavior. Through their direct effect on the limbic system, they help manage emotions and general well-being: some scents are soothing, others are inspiring, and others help to cope with stress and make an informed decision. Moreover, it works both at the level of physiology and at the level of psychology. Lemon, fir and bergamot oils contain terpenes that stimulate the production of acetylcholine, a neurotransmitter involved in the process of memorizing information. As a result, if you fill the room with these smells, visitors will be much more attentive and will remember the brand more.
There is also a purely psychological side. The point is that aromas are a kind of anchors for our experiences and memories. Hearing a familiar smell, we remember the events associated with it. So, if you choose the right olfactory composition (a combination of mono aromas), you can immerse a person in the state that the brand owner needs. And, at the same time, to create a unique handwriting, a business card of the space where the client and bank employees interact.
Why is aroma marketing important for banks?
The scent is part of the branding. The more unique and interesting it is, the more likely it will be remembered and, therefore, the brand associated with it will be remembered. The choice of scent is just as important as the choice of corporate colors or typeface, so you cannot do without the help of an olfactory specialist. It expert review helps translate the brand’s ideology and strategy into a scent formula, which will then be implemented using aroma branding tools. Most often, the scent is filled in a workspace (for example, a bank branch), but other methods can be used. For example, a large French bank, Societe General, flavors checkbooks. That is, a voluminous brand reminder is literally always at hand with the client.
Aroma marketing for a bank is not only the development and implementation of a scent, but also work with the audience. It’s not enough just to talk about a brand, it is important to understand how customers feel and experience. And here smells also come to the rescue. Remember what emotions you usually have when visiting such an institution? Annoyance from queues, anxiety about money, banal unwillingness to waste your time on bureaucratic issues. How will aromatization help?
1) In a space filled with aromas, it seems that time flies faster. This means there is no sense of long waiting (Improving the Store Environment: Do Olfactory Cues Affect Evaluations and Behaviors?).
2) Smells help manage stress, improve mood and, as a result, increase the final grade of the department. A satisfied customer is a loyal customer.
3) With the help of aromas (especially with woody and citrus notes), you can create a feeling of stability and reliability, because these scents are often used in men’s perfumery.
4) The bank’s aroma marketing is a sign of customer care: you strive to create a comfortable and pleasant atmosphere for the visitor, which means it is important for you what happens to him/her.
Olfactory science has advanced far ahead over the past decades, so now we can confidently say that aromatization of a bank is an important part of a brand development and promotion strategy. Now that the client is already accustomed to the wow effect, it is important to use non-standard tools that will not cause rejection. That is why more and more world banks are ordering the development of a unique scent under their own brand. Ocean Bank (USA, Miami), National Australia Bank of Melbourne (Australia, Melbourne), Standard Chartered Bank (China, Hong Kong) Helm’s Bank (USA, Miami), Bank of Cathay (USA, Los Angeles) – these are only a small share of banks all over the world who have already introduced their fragrance.
Are you interested? Looking for a fresh and flavorful solution?
Email us at firstname.lastname@example.org and we’ll get started today!