It’s easy for most financial institutions to answer questions about their logo, color palette, marketing budget and competition.
But can they answer the questions that actually determine whether their brand is strong? Here are seven questions every financial brand should be able to answer without hesitation.
If you have wishy washy answers to any of these, stop right now. Take a step back and get crystal clear before spending one more dollar on marketing.
1. Why should someone choose us over another financial institution?
Do not say “great service” and “we know your name.” Everyone worth their salt delivers that.
For someone to choose your bank or credit union over another FI, you’ve got to be different. Really different.
You can’t be The Bank For Everybody
You don’t have enough time or marketing budget to appeal to everyone. So take time to think about (and honestly answer): why should someone choose us? It can’t be great rates and free checking. A better branding model to consider is:
- Customer experience (not service) we deliver
- Market segment we impeccably serve
- Purpose/beliefs we espouse and support
This is a hard question to muddle through. Answering it well could require you to make some bold changes. Wrestle with it, then plant your flag in the ground. That’s the marker of your future success.
2. What do we consistently do that our competitors don’t?
This is the next step in the process. Don’t skip it.
What actions do you take that demonstrate you’re different? Not what you say is different, but what you actually do differently. Be specific. Actions that can set you apart and ahead of your competition could be:
- The ways you handle problems
- The education you offer to customers
- The continuing education you offer to employees
- The unique product mix you offer
- The language you use
- How you fix mistakes
- Counsel and deep expertise in a niche
Differentiation must be tangible. It’s something customers and employees notice, can put their fingers on, believe and tell others.
3. What do we want our institution to be known for?
If you try to be known for everything, you’ll be remembered for nothing. Answering this question may take some introspection.
Define what you want people to remember:
- How we helped families in a difficult time
- How we showed up in the community at a key turning point in its growth
- How we supported the underdog when no one else believed in them
- How we took a leadership role that made a dramatic difference for youth
- How our employees all volunteer for an issue that affects our communities
When you’re laser focused on your purpose, decision making becomes far easier because all decisions can be measured against your vision of how you want to be known.
4. Can our employees deliver the brand promise?
A financial institution can spend millions telling the market one thing while employees are experiencing—and delivering—something completely different.
Throwing out a slogan that employees don’t have the insights or training to deliver on will sink your brand fast. Customers will notice it. Employees will feel helpless and weak. Everyone will be disappointed.
Any disconnect like this causes dissonance. Almost overnight, it unravels the credibility you’ve been working so hard to build.
All leadership must be involved in activating the brand promise throughout the bank. Simply passing it off to HR or relegating it to “that department” is not an option.
5. What does our customer research tell us that we don’t want to hear?
If you don’t know, it’s time to take off the rose-colored glasses. Don’t fall back on research that validates what you already believe. Dig deeper to find out what’s really happening below the surface.
Perhaps you haven’t done any primary research for a while. Or maybe you haven’t looked at your data (or you don’t have the tools to look at your data). Customers vote with their feet. So if you’re not attuned to their needs, their habits and how they’re interacting with your financial institution, they could be signaling an exit before you ever detect the signs.
If you hear an ugly truth, consider it a blessing in disguise. Because now you have a chance to remedy the situation. Don’t skimp. Invest in the research that teaches you something and helps you get sharper.
6. What are we willing to stop doing?
Real positioning requires choices. If everything stays on the table, nothing is really a priority.
You may have to gradually distance yourself from some things you’ve done in the past. But if you use your point of difference as your yard stick, it will be easier to eliminate the comfortable legacy activities, sponsorships and marketing choices that no longer serve your audiences and build your brand.
You have to draw a line in the brand sand:
- What WILL we do?
- What WON’T we do?
Sometimes the boldest brand decision is deciding what you won't do.
This will probably raise challenges within your financial institution. Facilitate discussions and address concerns head on. Without gaining internal trust and consensus among your leadership team, it will be extremely difficult to move forward on stopping the tactics that are no longer a fit.
7. If our name disappeared, would customers recognize us by what we do?
This might be the defining question because it brings the all aspects of your brand experience together.
Cover up the logo on the website, collateral or employee communications. Hide your name on the latest news story. If the look, feel and language could easily transfer to another bank or credit union, then there’s much work still to be done.
Brand isn’t the logo, tagline, campaign or color palette. It’s the collection of things our audiences experience and remember.
For brand standards best practices, read our article: 4 Crucial elements your brand standards are probably missing.
We’re a branding and marketing agency for banks and credit unions. If you’re ready to ask the tough questions and build a brand that can’t be copied, book a meeting with Martha Bartlett Piland. Let’s have an introductory conversation about your FI’s more profitable, value-driven future.
Lightbulb image credit: Hans on Unsplash
