There are many myths in our midst today. Some people still believe Earth is flat. Others think the moon landing is a load of baloney. Many of these folks write and speak quite passionately in support of their favorite myths…which is why you can’t believe everything you read or hear.
You can’t believe everything you read or hear when it comes to branding either. There are some serious misconceptions about branding.
Here are four bank and credit union branding myths:
1. Branding is visual - When most people think of branding they think of logos, colors and pretty printed materials. While all that is well and good, those should be the last steps in a branding effort. Research and strategy are far more important when you are studying ways to improve your communication efforts with consumers. When we work with our bank and credit union branding clients, research and strategy drive creative (not the other way around).
2. Branding is external - When you embark upon a branding or rebranding effort, much time is spent on your target niches. While that is certainly critical to your success, it’s important that you begin with an internal look. What is your vision? What are your core values? Why do you exist as an organization? Branding requires you spend a great deal of time looking inward.
3. Branding is a one-time project - As Tom Asaker, author of A Clear Eye for Branding, says, “There is no such thing as a branding ‘project.’ Branding is an ongoing process of renewal.” To some degree you will always be doing bank and credit union branding. In fact, the most successful brands today (think Apple, Amazon and Starbucks) promote and focus on their brand much more than their products.
4. Branding is marketing’s responsibility - Let’s make this clear: everyone has a role to play in branding. In our trademarked branding process, we say executives and managers lead your brand, employees live your brand and consumers love your brand. If you don't spend a ton of time with your staff on brand training, your bank and credit union branding efforts are destined for failure.
Obviously, there are key aspects to branding that are visual, that are external, that are one-time efforts and that mostly involve marketing. But to believe those steps or those parts are the sole keys to bank and credit union branding is to believe in a branding myth.
Ready to cut through the falsehoods and create a brand that succeeds? Book a free consultation with On The Mark Strategies today and begin your process of renewal.
