How is Your Financial Institution’s Brand Perceived? Do You REALLY Know?
By: Pat Seroka
Every financial institution, and company for that matter, has three perceptions:
- That of its customers
- That of its employees, and
- That of its management
When all three are in alignment, there is a clear pathway for growth, without confusion.
- Employees understand what their bank or credit union is known for, what customers expect and how best to integrate their financial institutions’ products and services with the customers and members they serve.
- The right prospects can self-identify with the products and services your financial institution provides, and can become new customers or members as you build your bank/credit union and its reputation.
- Management is clear on what market segments to pursue and equally, or perhaps more importantly, what segments not to bother pursuing. And very importantly, what new products and services would be best adopted by customers, members, and prospects.
Financial institutions that have a clear understanding of who they are, what is expected of them and their ideal customer demographics are able to focus their marketing dollars and efforts on the areas that will provide the best ROI as well as the best long-term growth.
How do you know if your management, employees, members and the market you wish to serve are in alignment? There is only one way to know for sure…. ask.
You conduct an independent research study of your current customer/member base:
Why did they initially select your bank or credit union?
What do they value most from their relationship with you?
What additional services would they like to see?
And other options, depending upon your product mix.
You research your employees, ensuring them of a safe and candid process, to provide information to you that will help you mold an outstanding team environment. And, you meet with your board to create a blueprint or pathway for success that integrates your customers’ and members’ needs, with your employee culture and boards’ goals.
Once you have effectively integrated those three studies, you are on a pathway for success. You can become unbeatable in your chosen sector. I have personally witnessed this so many times in serving the financial industry.
To assist with this process, we have created Financial Industry Brand Optimizer (FIBO) ─ a unique brand development process designed specifically for financial institutions.
FIBO provides the tools, guidance and methodology for financial institutions to build a compelling brand. One that is grounded in attributes your customers and members value the most in a banking relationship.
Components include:
- A brand audit research tool to measure how your financial institution’s brand is perceived by employees and customers/members
- A competitive analysis guide
- The process for identifying your financial institution’s most meaningful and relevant value propositions
- A proven process for creating a strong brand promise and tagline
If you would like more information on FIBO, click here. I would welcome an opportunity to learn about your goals and discuss how our process has assisted others with building a strong and successful brand.