Bank Brands Can Rise Again

Money by H a l t e n h o f

The banking industry took quite a pounding in 2008. If you are looking for a point of differentiation, it seems like just surviving is a symbol of success right now.

If the banks that are still standing want to actually recover, the need to quickly mobilize their brand plans, really define their message, dig deep to determine what makes them the best choice.

Basically, banks need to change the conversation. They have to start defining themselves and stop letting the national media define them.

To effectively change the conversation, banks need to look deep within themselves and see what they find.

What is their Brand Promise? What are they promising the consumer? What is the consumer looking for?

It seems that so many banks are resistant to 'branding' and want to focus completely on 'selling'. Promoting the brand promise of the bank is actually better than ads that 'sell'. It's the difference between attracting transactional vs. relational customers.

Do you want a customer that is gong to shop your rate and hop from bank to bank looking for the very best deal? Or do you want a customer that does business with you regardless of the rate?

Now is the time for banks, at least the good ones, to step forward and proclaim from the mountaintops what it is that makes them great. Don't let another bank, or even worse the media, define who you are.