The Business section of today’s New York Times features the article: “In Ads, Banks Try the Warm, Cozy Approach.” While the title refers to advertisements, the article really addresses the issue of brand – specifically, the fact that some institutions are rebranding themselves in an effort to change negative perceptions.
The article highlights a few examples of banks we’ve heard quite a bit about in recent weeks and their taglines:
- Ally Bank: “A better kind of bank.”
- A.I.U.: “A unique franchise.”
- Redneck Bank: “Where bankin’s funner!”
Louise Story, the author of the article makes the point – “All are new names and new slogans for old companies with big worries and, in some cases, even bigger image problems”, and goes on to say “So with cheery, the-future-is-bright advertising, and, in some cases, revisionist branding, companies are trying to put their troubled pasts behind them, or at least out of the public’s mind.”
We know that advertising only goes so far. So, is rebranding the answer?
For some, perhaps. But rather than focusing efforts on a new name or a new tagline, financial institutions looking to reshape perceptions should be more concerned about what their brand means to their customers, prospective cusotmers and their communities. Negative media attention about the financial services industry has caused many of us to rethink the relationships we have with our financial institutions. A new name or a tagline may generate attention, but it may be more of a distraction than anything else.
Where many think of rebranding as the development of a new name, logo and tagline, today’s institutions may be better off thinking about rebranding as organizing more deliberately around strengths and unique points of differentiation. At the end of the day, emphasizing those points and delivering them through action are more effective in shifting perceptions than simply changing names or adopting a new tagline.
[...] place. Always remember the number one element of a successful rebranding effort is to make the required adjustments so that your company refocuses and recommits to its [...]
Branding is not about what you say, it’s ultimately about what you do. This is a message to be taken to heart by all those organizations and their ad agencies who think you can advertise your way to greatest (or advertise your way out of a sticky situation).
to “greatness,” not “greatest”…
Jeffry,
You are absolutely right. And in these examples, the new names, logos and taglines are more about ’saying’ than ‘doing’.
Branding is an ongoing process. It requires constant attention. Thinking about it like you would an advertisement or campaign isn’t going to get you very far.