What’s the biggest warning sign it’s time for a financial institution to rebrand? Here are 8 perspectives from around the banking industry.
Ask any of your employees ‘what is this organization all about?’ and if the response is anything but consistent, enthusiastic recitals of your core values, it might be time to address your brand. The best branding elements in the world mean nothing if your employees don’t live them on a daily basis. Brand disconnects spell trouble for your overall brand.
Chris Lederer, VP/Marketing + Brand Management at Credit Union of Texas
It’s time to rebrand when a financial institution finds itself spending more time explaining what it does rather than showing it. Brand isn’t defined by your website or the sign you put over your door, or even what you say about yourself. Brand is defined by what people in the community understand about you, what they’ve accepted as truth.
Christopher Pollard, Principal at RATIO Architecture
Sometimes, a company’s brand does not align with its actions. Let’s say your institution is all about supporting the community. But what if your support — whether it’s dollars or volunteers — has significantly dwindled? A shift in organizational priorities is an ideal opportunity to make a case for rebranding.
Andy Ravens, VP/Director of Public Relations + Social Media at Eastern Bank
Don’t wait for the warning signs! Take a proactive approach to your brand. Position your brand where you want to be strategically in 5+ years. Your brand should be evolving and building up to something better while maintaining the basic premise. If you wait until you see the warning signs, you’ve probably waited too long.
Amy Ecker, VP/Marketing at Southwest Airlines FCU
It’s almost like a Jeff Foxworthy joke: If your staff has no idea how they’re supposed to act … you might need to rebrand. If your members experience something different at every single touchpoint, you might need to rebrand. If who you say you are doesn’t align with your target’s needs, you might need to rebrand. If you can look at your brand promise and insert ANY bank or credit union name, you might need to rebrand.
Eric Gagliano, EVP at MarketMatch
First warning sign is when the average age of your members/customers is within ten years of the ancient directors sitting on your board. Another is when you start using an acronym instead of your name.
Kent Dicken, CEO of iDiz Incorporated
If you’re receiving neither fan mail nor hate mail, it might be time for a rebrand. You want your brand to stand for something, to elicit something. The last thing you want it to do is produce an apathetic response in the consumer. If there’s a disconnect between your culture and brand, it might be time for a rebrand. Brand and culture are two sides of the same coin.
Matt Monge, Chief Culture + Brand Officer at Mazuma Credit Union
A big sign it is time to rebrand is if you fail the “3C Test.” The three Cs of a strong brand are: clarity, consistency and constancy. You must be clear about what you are and what you are not. Then you must be consistent with that brand in all delivery channels (bricks and clicks). Once the message is clear and consistent, then you constantly communicate those messages. If any of these elements aren’t in place, it is past time to rebrand.
Mark Arnold, Founder and President of On The Mark Strategies