A brand is a bank’s identity. This may represent your institution’s personality, values, and traits. It is both a tangible and intangible asset to your business that makes you stand out from the competition. A brand is not only your logo, brand name, and slogan – it involves other elements to make your institution memorable. Here we’ll go over the other elements needed for your bank’s brand to succeed.
Mission and Goals
A brand’s mission statement communicates a brand’s purpose, goals and how it plans to serve its target audience. According to Sprout Social, a mission statement is action-oriented and gives your audience an idea of what your business does and the impact that it makes. For example, Ameris Bank’s mission statement is: “The mission of Ameris Bank is to be a major financial service provider through empowered employees creating a positive community impact and delivering a competitive shareholder return.”
Strategies
A brand strategy is a plan that encompasses SMART goals that help grow your brand. Please remember that your brand is NOT your product – it’s what feels intangible. These types of strategies will work with your values and your brand’s personality. A great brand strategy affects all aspects of your bank while also directly connected your audience’s needs, emotions, and social environment. For example, a bank could use video marketing for its brand strategy. Through the use of video, your bank can show stories about the community it serves.
Employees
No matter your brand, your team members put a face to it. Customers will see your brand first hand through your employees’ actions. As a result, you must integrate your brand into every aspect of your institution. This includes how employees answer the phones and how they interact with clients. Don’t leave your employees in the dark when it comes to growing your brand – they are a vital part of it.
Positioning
Brand positioning involves your target market and how you’d like your brand to be perceived by them. In simple terms, your brand positioning is the who, what, when and where of your brand. When is comes to determining your bank’s positioning make sure to research your competitors’ brand position so you know where you stand among them. Since positioning is what you want people to think of when they see your bank, make sure it’s authentic. Create a story that captures your brand’s mission and incorporate your values so that your bank will be seen as trustworthy and reliable.
Final Thoughts
Branding can be different for each bank so it’s essential to have a strong brand so that your bank is memorable, captivating, relatable and likeable. Not only will strong branding give you a competitive edge but it will lead to revenue.
If you’d like to learn how your bank can build top of mind awareness, check out my top three tips.
