Tag: Bank Branding

Culture and Ride For The Brand

Bank Branding

First Reliance Bank ($534mm, SC) recently took their strong culture on the road, in a manner of speaking, as they rolled out a new marketing campaign called “Ride for the Brand.” This is an easy campaign to pull off yet only a small percentage of banks do it. The campaign asks employees to put their logo sticker on their back windshield or use one of their rearview mirror hanging tags. To encourage participation, they did a drawing for Roomba robotic vacuum for everyone who displayed the “Arc Logo” (below).  

 

The Cult of A Bank

Creating that special bank brand

We get asked about best practices tips about building a better bank brand. Where banks go wrong is that they confuse marketing with branding. Advertising, creating a slogan, buying radio time and having new shirts for the branch staff is all about marketing. While it helps support the brand, it should not be confused with the brand.  While there are lots of ways to create a remarkable bank brand, one of the simplest is to set out to start a cult - A cult of a bank.

 

The Three Elements of A Cult

Banks – We Bore Our Customers

Make Bank Products Exciting

When it comes to describing banking or banking products, the problem is that most bankers think like a banker. Just take a look at any bank’s website or marketing materials and you will see what we mean. If you do, you will find that most banks fail to describe their accounts and when they do, it is a list of attributes such as “Free checks” and “Online Statements.” What is missing in the marketplace is a description of banking products and services that reach our customer’s emotions and imagination.

 

Building Franchise Value: The Bank Brand

Building A Super Bank Brand

To understand the point of this article, you are going to have to go out and purchase the two t-shirts in the picture. Both have the following selling points: “100% cotton,” “Ribbed crew neck,” and, get this for clarity – “short sleeves.” The one on the right will set you back about $3.16 and can be purchased at Target, JC Penny’s or wherever fine underwear is sold. The one on the left however, will cost you $120 and can only be purchased at… well, it can’t. The official “Kanye West Hip Hop T-shirt” had to be pre-ordered. Even in pre-order, the shirt sold out.

Using the Emotion of Banking to Attract Customers

Bank Branding

Later this month, Secretary of State John Kerry will attempt to bring peace to one of the world’s most dangerous troubled spots – a Washington D.C. Best Buy. There, mobs of discount-fueled shoppers will be viciously climbing over each other attempting to save $25 on the latest Xbox One. Kerry will no doubt realize the futility of the negotiations and head back to the Middle East where people are more reasonable.

The Difference between Bank Marketing and Branding

Lots of bankers are confused between the difference of marketing and branding. The distinction is important.  If your bank has a strategic goal to increase brand, and it ends up marketing, then branding is never accomplished.  Where marketing is the process of telling the public about your bank, branding is the message that the public has about your bank. In other words, marketing is you telling a customer that your bank has great service, while branding is the customer telling you that you have great service.

 

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