Happy New Year! 2024 will come with fresh successes…and fresh challenges too.
One challenge you may face in 2024 is your bank or credit union brand. Is it outdated? Do you need a new one? Do the staff believe in it?
Let’s go over a couple telltale signs your institution needs brand adjustments in 2024.
New Markets
Maybe you built a branch in a new location. Maybe you expanded your charter into new counties. Or maybe your institution is trying to serve those beyond a founding employee group.
Whatever the change, your market is substantially different now. There’s a high likelihood your old bank or credit union brand doesn’t appeal to new consumers, and treating people like "clustumers" is a serious mistake. What are "clustumers"? They’re a group of consumers you cluster together as having one set of interests (even if they don’t).
A market change doesn’t always mean a full visual overhaul. But it does usually mean brand strategy alterations to target new groups and avoid a "clustumer" attitude. Ensure your 2024 market expansions meet their full potential by refining your bank or credit union brand.
Old Visuals
Your bank or credit union brand must always start with strategy…but that doesn’t mean visuals aren’t important. After all, people use your visual identity to judge your credibility, professionalism and more.
Antiquated brand visuals sabotage your chances of growing the brand. They repel potential consumers.
Logos are often one vital graphic element neglected for far too long by financial institutions. The average lifespan of a logo is ten years, so it’s definitely time for a redesign if your logo is more than a decade old.
Other visual elements to review in 2024 include:
- Your color palette
- Graphic styles (and your style guide)
- Types of people in images
New Staff and Old Attitudes
Your bank or credit union brand prospers or falters with your staff. If they don’t live the brand, your members or customers will never love the brand. Employee issues boil down to two root categories:
1. New Staff – Turnover is common these days. And even without turnover, the new guard is replacing the old in many institutions. Fresh employees may not comprehend your bank or credit union brand. They may not understand the "why" behind it if no one ever tells them. Establish an onboarding process that preserves brand integrity over time. This allows staff to better live the brand, bring you success and see their jobs as more than a series of paychecks.
2. Old Attitudes – The opposite problem happens when tenured employees resist changes to the bank or credit union brand. These team members might believe changes are unnecessary or the institution is losing its true identity. Once again, explain the "why." Show them how a rebrand helps their beloved institution survive and thrive.
If you experience either of these brand problems in 2024, organize brand training to explain your decisions. Clarity and transparency will bring people on board.
And if you’re not sure how to tackle 2024 branding initiatives by yourself…don’t do it by yourself! Book a free consultation with On The Mark Strategies and get assistance with bank or credit union brand strategy, visuals and training today.
