When it comes to banking, it’s critical that your institution has a good reputation and good brand judgment. Consumers can be weary of trusting banks – especially when it comes to their money. So, what’s brand judgment? The technical definition is: customers’ personal opinions about and evaluations of the brand, which they form by putting together different brand performance and imagery associations. In simple terms, it’s how consumers judge your brand based on who you are and what you do.
Here we’ll go over three types of brand judgments and why they’re important for banking.
Brand Quality
This is when consumers perceive you as a value premium with a recognizable name when compared to a generic equivalent. In other words, it is measured through brand equity. For example, if your bank gains the reputation of being a high-end service provider and brand, then consumers may be willing to pay for higher rates than other regular banks.
Brand Credibility
This is extremely important for financial institutions. It’s essential for your bank to be perceived as an expert in the financial industry, as well as be trustworthy and likeable. Without these traits, consumers will not want to trust you with their money. If you’re looking for ways to increase your bank’s credibility click here.
Brand Consideration
Brand consideration is when consumers are considering the brand’s use. This consideration is dependent on relevance and strong associations. For example, if you’re a community bank, you may want people to see you as THE community bank (in other words, the best bank in the area for them). As a result, people in the surrounding communities may associate your bank with that specific area. When people move in to the area they may think to themselves, “I need a new bank that’s close to me.” Hopefully, if you have strong brand consideration, you will be one of the first banks that will come to mind.
Final Thoughts
Regardless if you have a marketing plan in place at your bank, brand judgement is vital to your success. Without these three types of judgements, it’ll be hard to get and keep customers for the long term. Think about what makes you different from the competition and improve on qualities that will keep customers coming back for more.
In order to have positive brand judgement, consumers first need to learn that your institution exists. If you’d like to learn ways to obtain top of mind awareness, check out my latest blog post here.
