Your bank or credit union logo is a creative reflection of your evolving brand…a kind of visual shorthand consumers use to identify you and what you represent. And everyone needs a logo update from time to time. Even companies as big as Walmart.
The super-retailer recently refreshed its logo with subtle alterations to font, lines and colors. These changes are so small that some people are saying you can hardly call them “changes” at all. But this project isn’t meant as a brand overhaul.
Walmart’s Chief Marketing Officer, William White, notes that “Walmart is an inspirational, digital retailer that provides all the products, brands and services our customers need and want.”
So, the update modifies the brand look to appear starker on digital platforms (a continuation of their increasingly digital strategy meant to rival companies like Amazon).
But why does this matter to financial organizations? Because in big or small ways, it may be time to update your logo too.
Time’s Up?
Every bank or credit union logo has different staying power, but you should at least reassess it every five-to-ten years. Stay on top of changing consumer tastes. Are people interested in minimalistic debranding? Or are they yearning for a return to retro styles? Failing to track visual tastes leads to an outdated logo stuck in last decade’s look.
Like Walmart, you don’t need an overhaul every time. But staying fresh keeps you at the forefront of consumers’ minds as a dynamic brand.
Location, Location, Location
Your logo doesn’t need to make sense to everyone. It does need to make sense to those in your market. And don’t think your logo is fine because you’ve always been in your location.
Your market changes. Certain landmarks lose prominence. Other businesses move in with similar names. Demographic trends shift your location’s culture.
There are many more examples…but the point is: don’t rest on your laurels. Market changes require a logo reassessment.
Going Digital
Walmart refreshed its logo to reflect a strategic focus on digital platforms. Many financial organizations are in the same position. You are updating core systems, upgrading your apps and enhancing your websites.
In the hustle and bustle of digital advancements, don’t leave your bank or credit union logo behind!
Make sure it looks good as an app icon. Double check that it stands out on your website. Have a dynamic logo suited to your social media account pictures as well as it suits the front of your branch.
The Big Stuff
Certain projects are so big they necessitate a logo change. The obvious example is changing your name. You can’t change your name and keep the same logo (especially since that logo probably includes the old name).
Other situations spurring a logo change are:
- Expanding your business to a completely different market
- Changing your brand identity (strategy, vision, values)
- Intense negative associations with your logo (from a PR catastrophe)
Remember: your logo is a visual reflection of your identity. Altering parts of your identity means altering your logo.
Where Do You Go Now?
If you found out it’s time for a bank or credit union logo refresh, you may need some help. On The Mark Strategies’ creative team designs and updates logos for many different reasons…helping you stay relevant to consumers. Book a free consultation now and show people who you really are.
