How to Build a Growing Brand
According to a report from Morning Consult on 2021’s Fastest Growing Brands, five of the 20 fastest growing brands across generations are from the fields of cryptocurrency, fintechs, and digital payments.
They are (in no particular order): Coinbase (I am a user), Afterpay, Cash App (I am a user), Chime, and Bitcoin (I own Bitcoin). As I read this report, I began to wonder why this industry has vaulted so high so quickly.
I believe there are two reasons and both are important to understand.
The pandemic has forced us to become more digital in every aspect of our lives. This has meant an increased usage of online banking, digital payments, and things like Cash App and Robinhood. I also think people are naturally curious about technology and fintechs fit that bill.
More importantly, these apps are super (I mean really!) easy to use. There is no need for canceled checks, small deposits, and other annoying tasks that hinder the user of other similar apps. All these require is a download, some personal identification details, and you’re off and running. Ultimately, they follow the mantra of Apple of making it easy to do the tasks you download the app for.
We can all take something from these five companies: embrace digital and make it easy.