Defining branding with respect to financial institutions:
The process of creating a positive client attitude towards the bank or any other financial institution by popularizing the products and services it provides is known as branding. However, there is something that is missing from this definition, and yet is essentially an integral part – the differentiation of the product or service compared to the competition. How is your brand different when you are offering the same product or service as your competitors?
Without answering this question, you cannot proceed to the next stages of setting up a lucrative branding strategy.
“A brand is a multidimensional construct involving the blending of functional and emotional values to match consumers’ performance and psychosocial needs.”
While the masses normally associate branding with the visual material elements of marketing communication, such as the logotype, the slogan, or the jingle for the brand, the competitive advantage and long-term profitability often takes a back seat. It might interest you to know that the latter two elements are the cornerstones of lucrative branding strategy for banking institutions and can be applied to brands catering to financial services. The approach has to be firm, hence the strategic objectives are:
- Analyze the competition and devise strategies accordingly.
- Ride the tide and maintain your brand.
- Please your target audience.
- Conduct a SWOT analysis reflecting your strengths, weaknesses, opportunities, and threats.
- Maintain resonance in your brand ideas.
Once you have an established brand image, maintain your brand in sync. It’s impossible to execute all good ideas. Sometimes you have to take a step back and only pick strategies that can truly represent your brand. When the brand gets sufficient recognition, and you are able to channel your resources properly, then it’s time to move towards brand extendibility. Dig into this presentation to learn about current branding strategies.