Community banks, by and large, are wonderful businesses. Service-oriented, people-friendly, and philanthropic. Perfectly designed to fit the needs of the areas they serve.
Unfortunately, to the outside observer, most community banks sound exactly the same. That’s because most community banks have failed to create a truly distinctive brand in the marketplace. And banks without distinctive brands have trouble achieving their growth objectives.
It’s important to remember what a brand is. There are a million ways to define “brand.” But essentially, a brand simply consists of the promises you make to your customers, employees, shareholders, and community. And how you express those promises through your marketing, your service, and your operations.
It may sound like a daunting task, but it’s easy to get started thinking about how your brand currently looks and sounds, and what it could potentially become.
What’s your elevator pitch?
Of course, small community-based banks don’t usually have elevators in them. But could you sum up the essence of your bank in 20 seconds? For many banks, the answer comes a little too trite: “It’s our people that make the difference.” Or, “We’re not impersonal like those bigger banks.”
While those may be perfectly valid for your bank, you need to go a bit deeper with the “why” and the “how” in your elevator pitch. An outside perspective can help you properly evaluate how people in your community perceive your brand. Once you’ve done that, then you can tighten the pitch for your brand— and in turn, craft the sales messages that convince people to put their hard-earned money in your hands.
Is your brand reflected in everything you do?
From the way your employees answer the phone to the marketing emails you send out, uniformity is the key. You can’t simply say you offer more personal service when that personal touch is missing from your digital marketing and social media efforts, or the direct mail you’re sending feels cold. These days, however, you can extend the notion of “personal service” even when you rarely see your customer in person.
A branding firm can show how to simplify all your communications and signage, online and offline, and ensure your brand is singular and unified.
Visually and verbally, does your bank look and feel like all the others?
Any bank can take out a simple ad with large-print APR rates. And any bank can use the same familiar stock imagery of happy couples meeting with a bank representative or looking at their new home. If you fear your bank looks too similar to others, try this test: Take one of your ads or branch materials and cover up your logo. If it looks or feels like it could be for any number of other banks, it’s time to re-visit your bank’s visual identity. Need some inspiration? Look at these examples from banks around the world.
The basic truth is, most consumers don’t think about your brand, or anyone’s brand very much. And for a bank, the challenge is even greater — many people simply don’t want to go through the hassle of switching banks and all it entails, even for a more favorable CD rate or a superior checking account. But having a strong brand is the key to strengthening customer and community relationships, even when you’re confident you offer a superior product and better service.
Going back to the start by assessing your brand.
Start with an honest assessment from your board, your employees, and community members. Spread all the printed materials your bank sends out on a large conference table. Compare your brand’s website to the signage customers see when they visit a branch. Collect data on the good, bad, and ugly aspects of your bank and whether you’re truly keeping the promises you make with your products and marketing.
As a leader of a community bank, business is personal to you. And for good reason. But there’s always room for an objective, no-holds-barred look at your bank, your brand, and your marketing efforts.
Talk with us and we’ll help make your bank stand out.