Building trust and reputation for brands can take years. This was the common thrust from representatives fromtrading-focused tools and platforms who spoke aboutBuilding Durable Fintech Brands That Last at the 2022 Benzinga Global Fintech Deal Day.
Concerns Facing Brands: Despite being around for 10 years, TradingView faced a challengewith its reputation not being established.
A lot of the challenge has been making TradingView a household name, TradingView General Manager Pierce Crosby said.
Crosby said it was a significant issue gettingthe brand into the hands of investors and something like that takes time.
You cant fast track it, you cant ramp it up inorganically, he said.
Stocktwits CEO Rishi Khanna echoed the statements about reputation and building trust tooka long time.
Tips for Growing and Protecting Brands: Interactive Brokers Group, Inc.IBKR Executive Vice President of Marketing and Product Development Steve Sanders said his company used competitive advantages to build out the brand.
I think its most important to know who your target audience is and what they want, Sanders said.
Being consistent and predictable could help build trust, Sterling Trading Tech CEO Jen Nayar added.
Another important part of owning your brand is own it when it goes wrong, Nayar said.
Nayar said another important part of a company is the culture: Every member of your team is a brand ambassador.
Nayar added that it wasimportant to poll users and ask for feedback before they used their feet to do the feedback and leave.
Khanna agreed with the brand ambassador sentiment and said it wasimportant to build strong employee culture for when people left the company so they could still support or talk positively about it.
You want to create more brand ambassadors, not less, Khanna said.
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Making Things Right With Customers: Khanna said the low-hanging fruit right now is not committing fraud, likely in reference to the bankruptcy of FTX.
Stocktwits was a partner with FTX and helped drive new accounts to the cryptocurrency exchange.
Khanna said Stocktwits made the decision to make all users whole and work with legal to pay out losses suffered from the collapse of FTX to anyone who created accounts through the Stocktwits partnership.
Crosby said its important to show how you respond during times of crisis.
If you have a bad customer interaction, no matter how small, it can kill your reputation, Crosby said.
TradingView reversed course in recent years to offer refunds to customers after previously providing a bit of back and forth with customers, Crosby added.
As an investment platform where users can have losses, Sanders said Interactive Brokers tries to have a balance.
Lots of people take losses and theyre angry, but cant just refund everyone or youd be out of money, Sanders said.
The Impact of Meme Stocks, Retail Traders: A trending topic over the last few years was the rise of the retail trader and the role that meme stocks such asGameStop Corp GME and AMC Entertainment Holdings Inc AMC may have played in this.
Khanna said there hadbeen a rise in influencers in the fintwit world, which could be a double-edged sword as they were paid to promote brands.
Sanders said Interactive Brokers leaned more into tools and education during the growth of retail traders.
It wasnt something we pushed, other brokers may have pushed, Sanders said of meme stocks.
Crosby said using moments such asmeme stocks can be important to raise brand awareness, but cautioned getting too deeply involved.
Theres a lot of risks in these manias, Crosby said.
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Photo: Joseph Parks for Benzinga
