How can international money transfer business achieve global reinvention

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How can international money transfer business achieve global reinvention

OzForex is thinking about globalization, but is constrained by local names. The international money transfer business developed from Australia wants to succeed globally. But first, it needs to change its brand image – often the difficult task of equating trust with financial services in brand names.

“17 years later, more than 300, 000 customers depend on our personal and corporate international payment needs. But global expansion requires global recognition. We have a big plan for the U.S. market, but in the focus group in the United States, American participants associate the “Oz” of our old name with the wizard of Oz. In fact, to truly globalize, we need to consolidate, “said Rebecca Shears, OFX’s chief marketing officer.

It’s not just about names. A global brand name allows global customers to use a single point of contact. It also means better public and media relations, allowing companies to establish brand equity as a single entity across the business world.

“In recent years, we have begun to encounter problems that complicate regional business names and are being used on international or global news sites. The single-brand approach is more suitable for editing purposes, in which case you can’t always control the content and scope of publication. It simplifies things and reduces potential error boundaries, “Shears says.

Change the name

After reflection, the company decided to use OFX. Now, Shears and her team have had to combine six local entities into a global brand that international customers can easily relate to.

She said: “to consolidate a single, recognizable brand in the world is due to the hope for our business and consumer customers to provide better service, and these customers have their own focus in the world – whether through personal international attention and multiple market business interests.

Brand rebranding also studies all areas of its business and identifies areas for collaboration and optimization.

For example, Shear and her team have launched a new website, www.ofx.com, and a new mobile app that improves customer experience. In addition, the team also rolled out across channels throughout Australia, this is a digital activity in the United States, also is in San Francisco, a targeted activity called “out”.

“It’s not just a change in name. Rebranding is an opportunity to reflect. “We use this opportunity to improve our service,” she said.

Multichannel story telling

The biggest challenge is keeping the company’s value proposition. When Shears evaluates through Net Promotor Scores (NPS) and customer feedback, she finds it important to engage with service consultants who provide real-world advice on currency transfers. So she used all these insights to ensure that the new brand OFX conveys the same value proposition.

“OFX is committed to providing customers with better value, faster transmission and better technology. We are part of the financial technology revolution, and we are using technology to provide a better experience, but we are also about great services and expertise. “It’s our tradition and we want to make sure we keep this element of the new brand,” Shears says.

Australian TV, outdoor, printing and online millions of dollars of activities help Shears and her team achieve this goal. Once the campaign was over, the marketing team switched to a programmatic location digital device for expatriates, real estate investors and small businesses.

“We’ve got people on the funnel because they’re looking for a provider,” Shears says. He added that all other markets, especially in the United States, have adopted the same approach.

 

Shears points out that this approach deviates from previous approaches that relied heavily on search engine marketing (SEM). “Traditionally, we have relied heavily on the bottom of search marketing and funnel initiatives. With the implementation of the rebrand plan, we need to focus our marketing efforts on the top of the funnel. “Said Shears.

This new approach works and helps maintain the company’s value proposition. The scissors can enhance the popularity of the new brand while keeping the NPS high and promote strong word-of-mouth referrals. She said the results of search engine optimization also showed that new brands have soared over the past four to six weeks in each market.

Strategy and staging

While this laudable result helped the OFX’s success in rebranding, Shears admits that changing brands is always challenging.

“Keep your nerve! It’s very nerve-racking when you rebrand, and you have to wait for brand awareness and recognition. There was a time when we were not known, and we had to compete fiercely. We’ve been through all this, and we’re starting to see an improvement in Australia, but it’s a journey. “She said.

 

Shears points out that it is helpful to rebrand and adopt a strong strategy. In Australia for the first time to help her team won important lessons, and applying these lessons to movement in the United States and Britain, in order to obtain better results In addition, the consistency of the powerful strategy provides all measures and bring the results.

Still, Shears points out that companies need to be flexible during brand rebranding. “Consistency does not mean that there is no opportunity to try new ways to achieve brand success. She says the shift to programmed advertising is an example.

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