Branding is an important part of advertising for any type of product, including banking. A research company studied brands in different categories to measure the degree of differentiation among competing companies. Not only were banks among the companies studied, they were viewed as having similar branding messages. Banks weren’t the only undifferentiated category; motor oil and many others did not have any differentiation. Interestingly, the one category of product that was 100% differentiated was soap. Each brand had a distinct logo and slogan.
When branding your bank, you should have a clear, unique and meaningful brand promise or position. It needs to be honest and stand for something. You want people to be able to recognize your branding and evoke a positive memory or thought. Your goal needs to be distinguished and differentiate your financial institution from the other options that already exist.
Here are some ideas on how to make your bank stand out:
- Have unique branding and message.
- Find something unique and interesting about your bank or community. Include this information on your website.
- Include some interesting history of your bank on your website.
- Showcase your products and services that differ from other banks.
- Sponsor community activities to get potential customers involved and your name circulating.
- Start a community newsletter.
- Host customer appreciation events to keep relationships with your customers strong.
It is not always location, location, location. In banking, many of the relationships with your customers all start with people, people, people. A friendly experience can make all the difference when a customer is asked about recommending a bank to family and friends.
Dundee Bank, located in Omaha, Neb., a branch of Security State Bank and an Automated Systems, Inc. customer has been flourishing and manager Leah Smejkal said "We've found that, by maintaining strong relationships, there's always a need." This bank seems to be investing in their customers and is getting a great return. To read more about the success of this bank, click here!