Marketing tactics change, but branding is a constant.
Author | Hatch, Cary |
Position | Communications Q&A |
Q: How important is branding and how can my bank assess our brand's strength?
A: Although experts don't always agree on how to brand, marketing tactics may--and do--evolve. Human psychology, on the other hand, remains a relative constant. Study after study shows that our minds are practically hardwired to prefer the familiar to the unknown, which means that a fundamental understanding of the brand is as important as ever. The following provides a framework for evaluation.
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Does your bank distinguish between brand identity and brand positioning? Marketers are often tempted to blur the line between identity and positioning, and consequently over-communicate. David Aaker, author of Building Strong Brands, describes brand identity as the sum total of what your organization, product or service stands for--both inside and outside of a marketing context. Identity can include a variety of attributes, values, benefits, aspirations, imagery, uses, personality traits and more. But positioning is only a small part of the brand identity--the part that gets actively communicated and gives a bank leverage to influence customer decisions.
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Do you sell your attributes or your benefits? Attributes may bolster claims of a benefit, but marketers must distinguish between them. Consequently, Provident Bank, a Hudson Valley, N.Y., commercial lender, doesn't sell the fact that it has become a bigger market player after three recent acquisitions. Rather, with its "Connecting People with Opportunities" campaign, Provident sells the benefits of proximity and familiarity as an independent community bank.
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Does your positioning focus on competitive advantages? The first critical step is to identify points...
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