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Branding strategies in Bank

INTRODUCTION
What is branding? Branding actually refers the design elements that a brands uses to identify itself. Think logos, icons, slogans, colours, layouts and schemes that are used consistently wherever that brand name appears. These elements might even be legally protected to make sure they are only associated with that particular brand and no other.

What a wonderful testament to the power of a brand. This saying used to be common in the computer business, in the days when IBM (international business machines) dominated the world market in a way in which few companies have ever dominated any one field with 60 percent and up to 80 percent of world profits. From IBMs story we can draw many lessons that will help us in trying to define exactly what it is that separates a brand from a mere product. Decision to buy IBM equipment were made by hard-nosed , analytical business people ,those decisions were often about purchases amounting to millions of us dollars for products that might be fundamental to the buyers operations. This is a business-tobusiness market, and one in which decisions are supposedly based on rational, unemotional calculations. Yet in this case customers were buying the brand. IBM machines were rarely the most technologically advanced, and were almost never the cheapest. The brand is so fundamentally important to the survival and success of many firms that need to understand them in all their subtleties and complexities so that we can manage them correctly. Strong brands are powerful and profitable, but there are many challenges and threats to their continuing strength and even their existence. Unless we can tease out the true meaning of a brand, we cannot hope to identify and meet these challenges. Indeed, management consultants Mckinsey have argued that companies will need to win the right to brand. To win the right to brand in a given market will need to meet three criteria: 1 .It is a part of a winning value proposition.
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Branding strategies in Bank

2. It controls the core assets to deliver the value. 3. It owns the consumers relationship in the most efficient way. This reminds us of some key issues in branding-issues that underlie much of what follows but are easy to forget: 1. Branding is a fundamental strategic process that involves all parts of the firm in its delivery. It is about the marketing, but is not confined to the marketing department. 2. The brand must always deliver value, and the value must be defined in consumer terms. 3. The brand has a continuing relationship with its buyers and users; this may change over time, but the firm must always works to maintain it. 4. Because competition is getting fiercer all the time, and because structural changes undermine the status quo, branding must be continuously adapted so that it is both effective and efficient.

Branding strategies in Bank

CHARACTERSTICS OF BRANDS Brands are a part of the fabric of life. (David Ogilvy) Just about the only thing brands have in common is a kind of fame. (Jeremy Bullmore) An allied view of the brand is a hero. Again, we can see this more easily for some brands than others. Heroic imagery is a part of some brand advertising .A brand must be something different from a product. Arguably, all brands start as undifferentiated products; their success or failure in the market place depends on their functional quality. A brand, then, has an existence that is more than an actual product or services: it has life of its own that feeds on the original product, but can also carry its value and identity into new product areas. The very variety of brands means that single definition is likely to either too limiting or very unwieldy. Some experts have been categorized brand definitions under six headings: 1. Visual: The visual part of corporate identity (the visual identity) goes beyond and, rigorously speaking, embraces what is commonly called a design programme. In his excellent and more than commendable book marks of excellence considers that its through a design programme how companies communicate consistently to their interior and exterior what they are like (or how they would like to be seen).

2. Perceptual: Brand perception essentially means the thoughts and feelings consumers
have about your company's brands. Companies develop marketing campaigns with the intent of instilling a certain brand image. However, the perception of the marketplace ultimately determines whether that image is effectively interpreted or whether the company has failed to create the image it wants in the minds of consumers.

Branding strategies in Bank

3. Positioning: Brand positioning refers to target consumers reason to buy your brand
in preference to others. It is ensures that all brand activity has a common aim; is guided, directed and delivered by the brands benefits/reasons to buy; and it focus at all points of contact with the consumer. 4. Added value: In a market where products are similar, branding can have a large effect on a price that customers will pay. Brand therefore, add value to a basic product and services by enabling the product and service to command a higher price, or higher branded share than an unbranded equivalent. The term brand equity is used to describe both the value of the brand and brand component values. Its value may be monetary value, on increasing in a rate of return 0r any number of softer market research treasure such as awareness or consideration. 5. Image: Brand plays an important role towards the image of a product it may be attractive to see through this the some customer satisfies his needs. It may be the packaging which done through their production and then it reaches to distributors and it reaches to retailer and last but not l 6. Personality: Brand personality is the way a brand speaks and behaves. It means assigning human personality traits/ Brand characteristics to a brand so as to achieve differentiation. These characteristics signify brand behaviour through both individuals representing the brand (i.e. its employees) as well as through advertising, packaging, etc. When brand image or brand identity is expressed in terms of human traits, it is called brand personality.

Branding strategies in Bank

ADVANTAGES OF BRANDS
1. Pride - A professionally designed logo and Brand / Identity system will show that you are committed to presenting your company as a major contender in your market. 2. Visibility - Most prospective consumers / clients look for highly visible, well-defined businesses, and the "look and feel" of your identity plays a major role in their decision making process. 3. Credibility - Establishing credibility with a strong visual message in a professionally developed Brand / Identity system, used throughout all of your business and marketing communications, will keep you a step ahead of your competition. 4. Appearance - A professionally developed Brand / Identity system positions your company to work with larger organizations and increases your margins by allowing you to set premium rates for your products and / or services. 5. Retention - Most people remember what they see much well than what they hear or read. Having a consistent visual identity throughout all of your business and marketing communications will keep you at the forefront of existing and potential clients minds when they have a need for your products and / or services. 6. Differentiation - When partnered with a strategic marketing program, a well-designed logo and a strong identity system will position your business far above the competition in your market. 7. Stability - Even if you are unable to claim that youve been in business for over 30 years, having a functional Brand / Identity system gives the impression that your business is dedicated to the industry you serve. 8. Support - When you present a well-rounded business package, your business goals and objectives are more clearly defined and this will improve your chances of getting venture capital or other forms of financial assistance.

Branding strategies in Bank

DISADVANTAGES OF BRANDS
If you wish to create and maintain a strong brand presence, it can involve a lot of design and marketing costs. A strong brand is memorable, but people still need to be exposed to it, this often requires a lot of advertising and PR over a long period of time, which can be very costly. There are also costs involved with the creating of a brand image or logo (Paying for a designer, printing new letterheads/business cards etc.), and although most of these are only one off costs, they are still relatively large for most small businesses. The exposure of your brand can be left to word of mouth, this will save you money, but will also greatly slow down the exposure your brand receives. (i) Impersonal One of the main problems with many branded businesses is that they lose their personal image. The ability to deal on a personal basis with customers is one of the biggest advantages small business have, and poorly designed branding could give customers the impression that your business is losing its personal touch. (ii) Fixed Image Every brand has a certain image to potential customers, and part of that image is about what products or services you sell. If you are known for selling just one product, and you want to sell another product, will you be able to do so effectively? If you sell computers, would your brand name be suitable for selling vacuum cleaners? If your brand is focused too strongly on one product, it can limit your ability to sell other products. (iii)Timescale The process of creating a brand will usually take a long period of time. As well as creating a brand and updating your signs and equipment (e.g. Stationary, vehicles etc), you need
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Branding strategies in Bank

to expose it to your potential customers. It is commonly shown that people need to see an advert at least three times before they absorb it, which means you will need to advertise and promote the brand for a considerable time for an amount before it will become will known.

Branding strategies in Bank

18 BRAND ASTRAS

Reliability: Reliability is the first brand ability that the brand requires, in order to be a success in the marketplace. To be reliable, in effect, is to be able to deliver on time- every time. When brand promises a customer that the product will perform in certain manner, within a certain time frame, you must consistently make sure that the promise is fulfilled or exceeded. Availability: In marketing must not only create demand, but must also cater to it. Marketers spend time, effort and money developing hard hitting advertising campaigns to create demand for the brands, often forgetting that if their brand is not available in the shop shelves, the consumers does not have the opportunity to buy the product. Availability is the pre-requisite to purchase. If the product not available, no purchase is possible. Therefore, the brand ability focuses on the necessity of ensuring your brands availability for success. Acceptability: The brand ability of acceptability is related to the very basic need that the brand seeks to satisfy. If the customer is not fulfilled by his brand, then the brand is not accepted by him/her. Relationship: A relationship is based on the promises or vindicated. And a relationship that is based on evidence that is worthy of being used as testimony. A customer relationship towards a brand states the customer satisfaction it must be in a stable manner. Stability: A successful brand is like a tree. It must be strong and stable to be successful. It must be able to build a relationship with the customers that will last for a years. A loyal customer who repeatedly buys brand, must be cultivated further in evolve into committed customer.

Branding strategies in Bank

Credibility: For a brand to have credibility, it must be believable. While the brand ability of credibility is important across sectors, its importance is better highlighted if we look at sectors like banking, finance and insurance. Responsibility: Brand ability, refers to the attribute of accountability. It is the duty of every brand to be completely responsibility to its customer. It assures the customer that the brand cares for his safety, both in the narrow and wide sense. Serviceability: Regular or periodic service gives the brand marketers an opportunity to interact with the customers. Every product has a service components and every service has a product components. Without brand the service cannot be existence. So, the service plays an important role in marketing brands.

Identity: building identity for the brand is important. When building the brands identity, the brand marketer looks after four important elements. These elements are emotional benefits, functional benefits, personality and symbols. Brand not only what it stands for, but also for its competition. A strategy takes care of the competition is an important part of the brands identity.

Desirability: Desire is a primary attribute that a brands identity. The desire of brand gives a personality.

Visibility: It to be visible is to be seen. Unless the brand is visible, it has slim chances of being picked up and consumed. The primary visual elements of a brand are the logo, the colours and the graphics.

Branding strategies in Bank

Respectability: To have a strong and sustained identity, the customer must not only desire and love your brand, he must not only see it easily when he desires to seek it out- but he must also respect you brand. He must have a high regard for its purity, integrity and consistency. Profitability: This brand ability of profitability is perhaps the most important of all. Building brands = building business = profits. For every business profits makes a certain value on it. Without making profits any business cannot be in existence. So making profits have to be taken into consideration.

Unpredictability: unpredictability is a slightly offbeat brand ability. The brand ability of unpredictability requires coming up with brand marketing strategies that catch the competition on the wrong foot. It is a weapon that is used exclusively to grab the market share. This concept has the power to keep the competitors be stable in their process. Perceived value: The value of a brand lies in the mind and heart of its consumer. If it is cherished, its value will be low, whatever its value, its cost is fixed, as its maximum retail price will not vary. The endeavour has always be to increase the perceived value of a brand and to make the consumer feel that he/she is getting more than what he/she is actually paying for the brand. Affordability: if consumption is the ultimate reason for a brands existence, then the brand ability of affordability is the key to open the door. When it makes itself available to different target groups who have different limits of affordability, its offering becomes more attractive, and definitely more profitable.

Durability: The brand ability of durability is concerned with the longevity of the brand. If the brand is going to find its niche in the mind and heart of a consumer, it

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must look for a permanent residence. That is the only way to ensure repeat purchases and durables existence for the brand. Capability: The brand ability of a capability is an internal endowment that adds to the formidability of a brands life. In short, it deals with the ability of a brand to first deliver on its core promise and then adapt itself to extend its sphere of influence by the virtue of superior knowledge.

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Branding strategies in Bank

SPECTRUM OF BRAND INTERPRETATIONS


It facilitate appreciating a variety of interpretation, these have been placed in a three categories. The categories is based on whether the input is based on i.e stressing branding has a particular way of managers directing resources influence.

Different interpretations of brands:


Input perspective
Logo Legal instruments Company Risk reducer Positioning Personality Clusters of values Vision Adding value Identity Customers output based i.e (customer important and its consideration of the way brands enable consumers to achieve more). Or time based reorganising their evolutionary nature. Brands are complex offerings that are considered in brand plans, but ultimately they reside in customers minds. Brands exist mainly by virtue of a process whereby the co-ordinated activities across an organisation concerned with delivering or cluster of values are interpreted and internalized by the customers in such a way that enhances their existence and through the organisation responding to feedback, enhances
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output perspective
Image Relationship Time perspective Evolving entity

Branding strategies in Bank

the likelihood of brand success. It shows how the unified nature of brands evolves through balancing the input and output perspectives on brands. If a brand conceived solely in terms of either on input or an output perspective, this can lead to a unbalanced strategies:

BRAND

ORGANISATION INPUT

CUSTOMER PERCEPTION ACHIEVIEMENTS NEEDS

2.1. UNIFIED NATURE OF BRANDS

And weaken the changes of longevity. Just as marketers are active participants in the trading process, so are consumers, who are far from passive recipients. As was once so lucidly argued by meadow(1933),branding is not something done to consumers but rather something they do things with brands are perceived is a particular way by consumers sometimes differently from the intended by marketers . They take on meaning because of the way they enable consumers to person different roles. The model of the unified nature of brands provides the foundation for brand management through minimizing gaps, with a clear appreciation of the vision for the brand, a cluster of functional and emotional values can be devised and delivered through co-ordinated, company process. This leads to development of a positioning statement to communicate the brands functional values, and a personality to act as metaphor for the brands emotional values. Ideally, there should be perceived by customers as congruent with their self image matching their functional and emotional needs and thus generally goodwill from a trusted
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Branding strategies in Bank

relationship that grows customers confidence in the brand over time. By monitoring customers perception of the brand, the organisations input can be either rectified closing any gaps with customers perceptions, or reinforced through stressing the issues of particular relevance to the target customers . In view of the points raised so far, are of the various of a healthy brand is that the brands team has a conceptualization of a brand that encompasses several of the themes in table 2.1 some of these themes are overlapping , as will become evident.

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Branding strategies in Bank

INTRODUCTION TO BRANDING STRATEGY IN BANK

What is branding strategy?


A branding strategy is a plan devised in advance with the intent to increase a company's brand visibility in the consumer market place. By doing this a company increases its brand equity and consumer trust. Strategies may include integrating brand into letterhead, envelopes, advertisements, and promotional items.

Branding strategies for banking industry:


Banks have a high level of competition, and effective marketing can have a large impact on consumers who are choosing new services. As you develop a marketing campaign for your bank, consider how you can work with customers at all stages of their financial planning to make their banking experience stress-free and convenient.

Education
One of the most common pitfalls for banking customers is a lack of knowledge about how they should handle their money. As a bank, you are immediately in a position of expertise; use that expertise to help educate a potential customer base. Start by targeting people who might need financial help: soon-to-be college graduates or people with a history of credit problems, for example. Spread the word about your bank and help create awareness about banking options by holding community education sessions, publishing a "Banking 101" blog, or volunteering to speak at colleges about financial planning for young professionals.

Peace of Mind
When customers fall on hard times or when they face an economic downturn, finances become a top concern. Banks can gain a market advantage by using strategies that create peace of mind for their customers. You might offer special accounts with low monthly fees, for example, or design a program that will help keep track of bills and spending each
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month. To attract customers who are worried about their finances, use an emotional appeal that is designed to convince them that with your financial services, everything will be okay; everything from the wording of your advertisement and website copy of your customers service associates can be part of a marketing strategy that calms and reassures customers.

Convenience
Modern consumers are busy and accustomed to the ease of handling their business online. Make your bank a natural choice by marketing the convenience of using your services. If you offer a banking application for a mobile phone, promote it heavily in your online and offline advertisements, and include direct download links from your website. Update your systems to allow digital deposits or offer a pick-up service for deposits from business customers. If you operate mainly with in-person business, make your bankers part of the program by helping them conduct quick, friendly transactions that do not require much time or effort on the part of the consumer; focus marketing materials on you convenient locations and low-effort banking.

Ease of Comparison
When consumers set out to choose a bank or a banking service, it is easy to become overwhelmed by the amount of choices that are available. To make your bank more approachable, focus your marketing efforts on the ease of comparison between products. You might use marketing materials that talk about the different types of accounts, make recommendations based on where customers are in their lives, or target special-needs consumers like frequent international travellers or new parents. In doing so, you can let your customers know that you can help them choose an account that is right for their needs.

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Branding strategies in Bank

BRAND STRATEGY KEY CONCEPTS & STEPS


Before you begin Before working on your brand strategy, make sure youve identified your competitive positioning strategy your brand strategy will bring it to life. If you have a brand strategy, make sure its as effective as possible. Poll your customers, employees and vendors. Are their impressions consistent with your strategy? If not, work on the elements you can improve. Develop your brand around emotional benefits. List the features and benefits of your product / service. A feature is an attribute a colour, a configuration; a benefit is what that feature does for the customer. Determine which benefits are most important to each of your customer segments. Identify which benefits are emotional the most powerful brand strategies tap into emotions, even among business buyers. Look at the emotional benefits and boil them down to one thing that your customers should think of when they think of you. Thats what your brand should represent. Define your brand personality, story and positioning statements. Think of your brand as a person with a distinct personality. Describe him or her, and then convey these traits in everything you do and create.

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Branding strategies in Bank

Write positioning statements and a story about your brand; use them throughout your company materials. Choose colours, fonts and other visual elements that match your personality. Determine how your employees will interact with prospects and customers to convey the personality and make sure your brand lives within your company.

After Brand Strategy Together with your competitive positioning strategy, your brand strategy is the essence of what you represent. A great brand strategy helps you communicate more effectively with your market, so follow it in every interaction you have with your prospects and customer.

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STEPS TAKEN IN BANK OF BRAND STRATEGIES


Although it's true that all financial institutions offer a similar service, they should differentiate themselves in their branding strategy. Branding should resonate with the target audience and distinguish the institution from its competition. Market your specific brand rather than adopting a commoditized approach that sells your high level of service. After all, that service is what your competitor sells, too.

Brand Awareness
Before you launch your marketing, you should be aware of what benefit your brand provides. Rather than adopt a generic approach, it would be good to invest some time and money to understand what your brand stands for. Then it will be easier to convince your target audience about what you have to offer. While most financial institutions thought their good service, that's not a specific, brand-centric benefit.

Brand Differentiation
If you are familiar enough with your brand, use your knowledge to come up with branding that clearly differentiates you from the competition. Many financial institutions have adopted a commoditized branding approach that stresses their rates, locations and fees. This does little to differentiate one bank from another down the road in the eyes of the customer. Most financial institution rates and fees move in the same direction. And most financial institutions offer multiple locations convenient to customers. If you differentiate your institution on some level other than this, customers will pay more attention to your brand.

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Branding strategies in Bank

Other Considerations The message that the brand conveys should be simple. Not everyone is familiar with the financial industry and all the services it offers. Most people are familiar with checking and savings accounts. As you progress to using stocks, bonds, money market accounts and other financial instruments in your branding message, you may run the risk of alienating some part of your target audience. Research your audience first to find the best way to appeal to them. Be attuned to what sort of technologies they use Media Avenue will help with the branding strategies.

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12 PRINCIPLES OF BRANDING STRATEGIES


1. Define your brand
It starts with your authenticity, the core purpose, vision, mission, position, values and character. Focus on what you do best and then communicated your inimitable strengths through consistency. There are many examples of companies acquiring other brands but only to sell them off later because they dont fit within the brand and its architecture. Microsoft acquired in 2007 when it bought a digital marketing services company, for about US $6 billion then sold it a few years later for $530 million. Simply put, isnt a good fit with Microsofts brand strategy.

2. Your brand is your business model


Supports and challenge your business model to maximize the potential within your brand. Think of personal brands like Oprah, Donald Trump, Martha Stewart and Richard Branson. These individuals practically built their business right on top of their personal brand; everything they offer is an extension of their brand promise.

3. Consistency, consistency, consistency


Consistency in your message is the key to differentiate. Own your position on every reference point for everything that you do. For example: President OBAMA focuses on one message only during his campaign, CHANGE.

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4. Start from the Inside out


Everyone in your company can tell you what they see, think and feel about your brand. Thats the story you should bring to the customers as well, drive impact beyond just the walls of marketing. Thats example how empowers employees to strengthen consumer perception on its brand.

5. Connect on the emotional level.


A brand is not a name, logo, website, ad campaigns or PR; those are only the tools not the brand. A brand is a desirable idea manifested in products, services, people, places and experiences. Starbucks created a third space experience thats desirable and exclusive so people would want to stay and pay for the overpriced coffee. Sell people something that satisfies not only their physical needs but their emotional needs and their need to identify themselves to your brand.

6. Empower brand champions


Award those that love your brand to help drive the message, facility activities so they can be part of the process. If your brand advocate doesnt tell you what you should or should not be doing, its time to evaluate your brand promise. Go and talk to someone that works at the Apple retail store or an i-Phone owner and youll see just how passionate they are about Apple. Its a lifestyle and a culture.

7. Stay relevant and flexible


A well managed brand is always making adjustments. Branding is a process, not a race, not an event so expect to constantly tweak your message and refresh your image. Successful brands dont cling to the old ways just because they worked in the past; instead, they try to re-invent themselves by being flexible which frees them to be more savvy and creative.
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Branding strategies in Bank

Here is an example: when the economy tanked this year automaker Hyundai came out with an assurance program that lets you return your car if you lose your job with no further financial obligation and no damage to your credit. The results: As of end of February, only two buyers have taken advantage of this program but it has boosted their sales by 14% year-over-year in Q1, only one of the two companies increased revenue while companies such as Honda experienced a drop of more than 30%. Follow by that campaign in July, as gas prices expected to push higher during peak summer travel months, Hyundai came out with another program that guarantees a years worth of gas at $1.49 per gallon on most models.

8. Align tactics with strategy


Convey the brand message on the most appropriate media platform with specific campaign objectives. Because consumers are bombarded by commercial messages every day, theyre also actively blocking out the great majority of them. Invest your branding efforts on the right platform that communicates to the right channels. Television may be expensive but it has a broader reach, wider demographics and can produce instant impact. On the other hand, social media may seem cheap but it takes time, resources and may not give you the desire outcome.

9. Measure the effectiveness


Focus on the ROI (return on investment) is the key to measure the effectiveness of your strategies. Often times it is how well your organization can be inspired to execute the strategies. It could also be reflected in brand valuation or how your customers react to your product and price adjustments. Ultimately it should resonate with sales and that means profitability. But dont just focus increasing sales when you could be getting a profit boost by reducing overheads and expenses as well.
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Branding strategies in Bank

Give yourself options to test different marketing tactics, make sure they fit your brand authenticity and align with your strategy.

10. Cultivate your community


Community is a powerful and effective platform on which to engage customers and create loyalty towards the brand. In an active community, members feel a need to connect with each other in the context of the brands consumption. We all want to be an insider of something, it excites us to tell people which community were part of and what knowledge we posses. In many ways its our ego that prides us to be part of a sports team or a professional group. Guess what car would members of the Porsche club consider first when its time to purchase their next vehicle? Brand communities allow companies to collaborate with customers in all phases of value creation via crowd sourcing such as product design, pricing strategy, availability, and even how to sell.

11. Keep your enemies closer


Even if you have the most innovative, highly desirable product, you can expect new competitors with a superior value proposition to enter your market down the road. The market is always big enough for new players to improve what you deliver better, faster, cheaper. Call it hyper-competition or innovation economics, competition could be good for you believe it or not. It challenges you brand to elevate the strategy and deliver more value. Just look at how the Big Three (automobile manufacturers General Motors, Ford, and Chrysler) got crushed in the past decade by competitions from Germany and Japanese. Not only do their competitors make a better product, theyre more efficient doing it and command a higher brand loyalty.

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Branding strategies in Bank

In 2008, Toyota overtook GM while Honda passed Chrysler in US sales.

12. Practice brand strategy thinking


IDEOs CEO Tim Brown calls design thinking a process for creating new choices. Essentially it means to not just settle for the choices currently available but to think outside the box without being limited. This concept actually applies to your brand strategy creation process that I called brand strategy thinking. Its always easier to execute tactics than coming up with a strategy because it implies the possibility of failure. Its much faster to emulate what worked for your competitor than to come up with something original and creative. But the truth is, thats not you and it violates the first principle of brand strategy. Brand strategy thinking is about creating the right experience that involves all the stakeholders to foster a better strategy.

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Branding strategies in Bank

EFFECTS OF BUILDING BRANDING STRATEGY

a. Systems and process strategy


To successfully build an integrated brand marketing strategy for a winner in the market place, things have to happen by design so that results can be maximised with minimal effort. The system that enable the flow of goods and services and its wide spread availability in the external markets. The internal processes that make all this possible. When the sales and marketing people are marching in tune, with one another, consumers sing praises of the brand.

b. Product portfolio strategy


Naturally to improve the speed of the carriage, it is important to change that horse. Similar happens to the product portfolio of a company. A successful company may have a couple of brands that are runaway winners. But the tendency, by and large, is for them to house a few duds that take away from their bottom line. If build an integrated brand marketing strategy that is so essential to having a winning brand, it must be reviewed constantly of product portfolio and it make each and every brand and every brand variant stand up and be counted.

c. Pricing strategy:
A creative pricing strategy can ensure the brand a place in the consumers mind and heart. An effective pricing strategy can play a stellar role in the efforts to build an integrated brand marketing strategy. The middleman also has his own perspective on a companys pricing policy. Since he is concerned with the margin, the pricing strategy a brand
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marketer chooses can be used as an effective weapon to control the middleman and to force him to stock the brand. Pricing is one strategy that can help a brand penetrate or skim a market. It can also be a double edged sword. If used without proper understanding, it can cause immense harm to a brand. Both under priced or overpriced product could suffer.

d. customer service strategy


A brand must have a way of handling consumers on a continuous basis, so as to ensure that their needs are being met by the brand offerings. Every organisation must set its own customer service standards for its brand and that ensure that these standards are met. Customer service standards should not be confused by event. This is absolutely important because customers expectations so that there is satisfaction and delight. Companies which do not respect the Indian customer are rejected by the customer.

e. Marketing research strategy


Whether formal and informal, the key to marketing research is regularity. There must be tracking both at the customer and the consumer levels. The role of marketing research is an integrated brand marketing strategy is sometimes overstated, sometimes understated, but rarely used in its right proportion. In todays overchanging world, it is important to be in constant touch with consumers changing aspirations and needs. Brand managers can get good consumer insights by observing and listening to consumers.

f. Competitive edge strategy


When competition rears its head on the horizon, marketers generally do one of the two things: they reduce price or advertising spend. To give your brand a competitive edge, the
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strategy should fit in with the brand positioning on the one hand, and the customer service strategy on the other. Consumers buy brands because they believe in it. Whether it is a branded product or service, when consumers dont trust a brand, they do not buy or consume it. Brand credibility is perhaps the single most significant reason for brands to be bought again and again. Credibility is thus vital to the success of any brand and a brand marketer must factor this quality in when he is building his brand.

g. Skills strategy
In skills strategy, you need to look at two aspects: hard skills or sales techniques; and soft skills or appropriate for the market place. A proper skill strategy that will contribute to the marketing mix of a successful integrated brand marketing strategy looks at two side. Due to training the skills of a common person came into an existence are as follows: a. Training inculcates a sense of formal discipline in a person. b. Training helps change mindset c. Training results in skill up gradation with technology moving at the pace that it is, an area that no company can afford to ignore. Training in marketing teaches one to appreciate the other person point of view. It is most important to clearly define the short term and long term objectives of the exercise.

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REFLECTS ON BRANDING STRATEGY

a. Brand experience strategy


This is the culmination of all 17 brand practices that we have selected and affected so far. This is the moment of truth. That magical moment when the consumer, the person who is the very reason for you brand existence, will pass judgement. It ensured that we would stay in touch with the people who buy the brand so that we could re-evaluate their needs from time and ensure that the brand would always deliver its promise. It is evolved with skills strategy, so that the team would be a force to reckon in the market so that the brand can be built strongly and create harmony.

b. Integrated communication strategy


At the reflect stage of the select effect reflect process of integrated brand marketing strategy, it is time to put on your thinking cap and ponder over the implications of the selections which have been made and the strategies. At this stage, this are concerned with communication after the launch of the brand. Brand communications takes various forms: 1. 2. 3. 4. 5. 6. 7. You can advertise You can opt for personal selling. You can choose to keep tabs on how your brand is perceived. You can look at promotional, below the line activity. You can walk down the public relations path. You can coordinate a grandiose event. You can take the direct market route.
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8.

You can forge a relationship with your customer.

c. Advertising strategy Advertising is paid form of publicity that can either be mass based or a one to one proposition. This is perhaps, the most misused element of the marketing mix, so I want to spend a little time putting it in its proper perspective before going on to espouse the need for an appropriate advertising strategy. Marketers tend to see advertising as the one and only mean to move the brand. In reality, advertising is a subset of the integrated communication strategy and has its own place in a brands scheme of things. Advertising has a lot of power and it can work wonders for the brand. So having the right advertising strategy is extremely important.

d. Perception strategy
It is vital for the brand to project a positive image to the world, to highlight its strengths and achievements. All this, while being brutally honest with its public image. This means it must be attempted to show a brand positive light, to consumers, the trade and the public at large. It is well known that in many cases, the only reality is the consumers perception. Hence, managing the image of the brand is of vital significance and a senior level management task.int the entire brand marketing strategy, this is a vital ingredient, which must be nurtured carefully and regular feedback from consumers must guide it course. it is genuine and honest highlighting of the brand strengths, and has no place for lies or misleading statements.

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ADVERTISING BRANDING STRATEGIES IN BANKS


Financial institutions such as investment companies are directly competing with commercial banks. Banks need effective marketing strategies to retain their existing customers and attract new customers. .Although the environment for banks is more challenging, employing effective bank marketing strategies will enable a bank to grow and maintain profits.

E-Newspaper
Accordingly the website Bank Advisor, banks need to reach customers when they are not in the bank, because customers are using other channels to meet their banking needs. One example is to use teller machines in convenience stores not owned by the bank. Another example is online banking. Another option is e-newsletters. Banks can use them to educate their customers about improving their financial decisions and to educate customers about the banks' products and services.

Social and Mobile Media

Banks need to take advantage of social media. According to the research company

Nielsen, the use of Twitter grew 1,444 percent in 2008-2009, and time spent on Twitter grew 175 percent during the same time period. In addition, web visitors using a mobile device grew 34 percent from July 2008 to July 2009. Your bank can provide mobile personal finance applications to help customers manage and improve their financial situation. You can also use social media tools to help promote special deals.

To differentiate your bank from the competition, consider stopping charges for fees.

Instead of fees, generate income by advertising other revenue-generating services such as financial counselling or long term-planning assistance.
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Innovate

Give away free money. Periodically place an extra $100 bill in ATMs. This will create a

lot of conversation about the bank. Customer reclamation One of the reasons customers leave a provider is because of a perceived attitude of indifference. Communicate with customers who have left you by giving them a compelling message indicating you want them back. Some will return.

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BRANDING STRATEGIES ON INTERNET BANKING


Internet banking is a competitive industry, with many banks offering an enormous variety of checking and savings account plans. Faced with a nearly unlimited selection, consumers must make their choice based on advertising and company websites. A targeted, effective marketing plan can set your bank apart from competitors and convince customers that banking with you is a wise, safe and convenient option. Emphasize Security: One of the major concerns with online banking is security. To set potential customers' minds at ease, focus your marketing campaign on the security of banking with your company. Explain the security measures you have in place to keep customers' personal data safe, like a dual sign-in authorization or an accredited security system. You also can provide tips directly in your marketing materials; by advising customers on how to stay safe, you convey that you are concerned for their security.

Market Second Chance Accounts: When individuals have problems with their
checking accounts, they can be put onto one of several national registries and refused regular checking accounts. To get the business of these customers, focus your marketing efforts on your bank's "second chance" checking or savings accounts. Choose language that does not criticize past behaviour but that offers a positive solution to fix their banking record. In doing so, you can position your bank as a fair place to make a new financial beginning.

Advertise Wisely: Anyone can advertise on the Internet, and it is wise to place your ads for online banking carefully; often, the quality of your bank will be associated with the quality of the page on which its advertisement appears. Choose reputable websites that deal with financial matters: magazines, newspapers, or financial blogs, for example. Hire a designer to make tasteful ads that are targeted to the readers of each
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website. If you are advertising on a financial planning website geared toward young people, you might focus your ads on accounts that build interest or have low yearly fees.

Search Engine Optimization: To reach customers who are seeking an online banking service with a search engine, optimize your website. Consider the phrases your ideal customer might use, like, "low fee checking accounts" or "high interest savings accounts" and optimize your website accordingly. If you do not have the coding skills, hire a professional; the process can be time consuming and expensive, and it is worth getting right on the first try.

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THE TREND OF REBRANDING OF BANKS IN INDIA


The re-branding of the Banks involves heavy cost and it involves all the stakeholders of the Bank. Therefore, it is a must to analyse the need of rebranding. Re-branding may isolate the Bank from its loyal customers who would like to be associated with their old brand while the new image may or may not project the right image of the Banks at the target audience. Similarly, the product branding needs to be looked into more deeply. A detailed study is required to be done to analyse the right approach towards product branding, as the product branding conveys the purpose or objective to the target customer segments as well as differentiates itself from other similar products in the minds of the customers. Today, the customers are more educated and well informed. The customer mindset is changing rapidly so the brands have to be in accordance with the customer's taste and preferences and only then.

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Branding strategies in Bank

BRAND LOYALTY AND CUSTOMER SERVICE


Brand loyalty is moreover understood as repurchasing a particular brand. A customer repurchases the brand when he perceives the product to be the appropriate for him and trusts it. Customer service also helps in forming the brand loyalty among the consumers. If a customer is happy with the services and satisfied then he would like to buy that or brand again and again. It also helps to reduce the brand switching and enhances retaining. Brand loyalty helps the companies to uphold a lasting position in the competitive world. Brand loyalty is also considered to be a deliberate asset of a company. To create brand loyalty companies try to break the existing habit of the consumer, instigate new habits through advertising, promotions etc. and form new habits in order to make the new brand more acceptable and then creating the loyalty towards their brands. Providing best customer services is one such way of creating brand loyalty. It is also practically understood that brand building alone would not help banks win loyalty of customers as customer service stays the key priority identified by the study initiated by, which states clearly that customers of banks mostly focus on people (staffs of the banks) factor for improving customer satisfaction; while the banks are focusing on tangible factors such as computerisation, ATMs, etc. to attract customers.

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BRANDING STRATEGIES FOR THE NEXT GENERATION


Todays Indian market is overflowing with some of the most diverse and vibrant group of consumers .Here the main problem is unlike the previous era and generations the Onesize-fits-all marketing that often works in typical retail does not work for e/m-Banking. Here understanding the context of customer needs, pin point at them and then devise the marketing strategy is the key. Moreover, in this era marketing needs to be consistent to create a certain image in the minds of customers and then take them from being unaware to becoming actively engaged. While an bank engages in the process of Identifying/defining their most important customers, understanding what motivates these customers and what could cause them to choose the selected banks branded services over other competitors brand plays a key role. Thus, carefully selecting a brand position could provide the bank with marketplace advantages help in translating the existing position to a strong and consistent brand identity. Including the intuitive brand architecture backed up with a strong name, icon, and tagline that concisely reinforces brand promise.

Banks also have to indulge in activities such as developing brand messages by including an well framed and focused speech, educating its employees about the brand promise and giving them the incentives, helping customers identify itself easily with its identity standards for services delivered, Similarly the tools and training methods to become effective brand champions should be periodically assessed at all levels by using the most effective and efficient means, Banks also should develop an integrated launch and ongoing marketing plan, and should also emphasize the banks promise at each point of customer contact, as mentioned early the process of measuring the ongoing equity of the brand and making adjustments are to be done as necessary and more specifically mandatorily. The driving force behind the growing trend of mergers and acquisitions in the banking sector other than efficiency, profitability and synergy can be deregulation in the financial market, market liberalization, economic reforms and many more. Here the main objective for such activities and initiatives are very well and closely related to the brand building process.
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Branding strategies in Bank

RESEARCH METHODOLOGY
In research metholodology there are having 2 types are as follows:

1. Primary data: personal interview

2. Secondary data: Reference books


Internet sources

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Branding strategies in Bank

STATEMENT OF PROBLEM

A study of branding strategies in bank

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Branding strategies in Bank

OBJECTIVE OF THE STUDY

To understand the concept of branding strategies. To analysis the branding strategies are taken in banking sector. To know how is the branding strategies are important for the banking sector. To comprehent the competent in Indian banking industry to adopt branding strategies. To study the branding strategies in banking sector.

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LIMITATIONS OF STUDY
This study is limited to: Study is limited to only one bank

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FINDINGS
INTRODUCTION OF INDIAN BANK

Indian Bank is one of the indigenous banks of India that emerged as a result of the Swadeshi Movement during the British Raj. The bank was established on 15th of August, 1907. One of the prime figures associated with the establishment of the bank was V. Krishnaswamy Iyer, a lawyer from Madras (Now Chennai). The bank soon spread its wings outside India too, and opened its branch in Colombo, Sri Lanka in the year 1932 and Rangoon, Burma in 1940. The bank was further nationalized by the Government of India. The modest beginning made by the Indian Bank has come a long way since then, with 1642 branches located nationwide within India and Overseas branches in Singapore and Colombo as of April 2009. The bank also has 40 Overseas Correspondent banks in 70 countries, giving a strong presence internationally. A 22,000 strong workforce of dedicated employees takes pride in serving.

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Indian Bank offers a wide variety of Banking Products and Services to its customers, including various Deposit Schemes, Loan Options, Financial Services, Stock Investment Services and a number of specialized services such as Remittance, Collection, 7 Day Banking Branches, Cash Management and Electronic Funds Transfer. As of April 2009, the bank has Core Banking Solution (CBS) implemented in its 1642 branches and 66 extension counters. The bank has 755 connected Automatic Teller Machines (ATMs).

Subsidiaries: Apart from its Regular Banking Services, the Indian Bank has also been offering various other services through its 3 subsidiary companies, which are Indbank Merchant Banking Services Ltd., IndBank Housing Ltd. and IndFund Management Ltd.

Rural Indian Bank has been a leader in bringing new initiatives for development of rural banking and extending help to the farmers of India. The bank has received award from Honorable Union Minister of Finance for Excellence in Agricultural Lending. Apart from it, the bank also received the Best Performer Award for Micro-Finance activities in Tamil Nadu and Union Territory of Pondicherry from National Bank for Agriculture and Rural Development .

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PERSONAL INTERVIEW

INTERVIEWEE: SATISH KUMAR LAHAN

1. Is branding strategy necessary for a bank? Yes, it is necessary for a bank to take its branding strategies. Without branding strategy the brand name will not be at its position. Our bank emphasis for taking on branding strategies for the improvement or better of our product.

2. What are the measures taken by a bank in order to improve the brand name? There is not having any specific measures If any fault happens due to its customer services, we use to see that next time it will not be happened. We use to plan in advance with the intention to increase the brand name, so that the customer trust will also increase.

3. What are the steps taken for building your branding strategy? The steps are taken for building our branding strategies are like skills strategy in this process, we use to train the employees the skill of the employees can inculcate their knowledge to do work in an efficient manner. Competitive strategy is also taken for building our branding strategy.

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4. How you will give brand awareness to your customers? Through advertisement the brand awareness given to our customer. Customer services are given regarding brand name. Targeted audience are seems for giving an best of our services were they are satisfied.

5. Do you think brand is service more important to sell the product? Yes, brand service is more important to sell the product. We use to sell our product through our brand name. Customers having a confident on our brand name, so it is easy to sell the product.

6. In what basis brand differentiation arrest rates to follow in oue taken place? According to RBI norms the brand differentiation are taken place. Our bank is nationalized bank, so we dont have any specific interest rates to follow in our own wish. RBI plays a vital role in this process.

7. What are the steps taken for promoting activities of brand? The steps taken for promoting activities of brands are like advertisement where the customers has the awareness of our brands. We have Broachers where the customer get an information about our brands. While entrance of our bank we use to put banners like home loan interest rates etc.

8. How branding strategies plays an important role in your bank? For every bank branding strategies is important on the same basis in our bank it also plays an important role. Attracting the customers towards brand name it is a keen objectives which are followed by our bank.
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9. How you will build your brand name? Our brand is built on knowledge, culture and experience that one has given service to our customers. To be stable, the experience and service is more important. So its a combination both which is taken to built our brand name.

10.Is online banking more efficient for promoting your brand name? Yes, online banking is more efficient for promoting our brand name. Nowadays online process are increasing day by day, so it is easier to acessing any information by seating. It is beneficial for both of us the customer as well as us. Advertisement through online are done for the customers who can access over it.

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CONCLUSION
When it comes to the key of success in branding there are two main keys: The first one being a combination of execution of the model and strong customer service, and secondly to ensure that the new service is allowed to build its own brand position in customers minds so that it may eventually survive and thrive on its own, differentiating itself from direct competitors and from the parent brand of complementary services. When both these are combined with a balanced marketing mix and clear marketing message will ensure the success of branding. The strongest connection between retention and satisfaction strategies turned out to be in terms of relationship and confidence. Similarly, Branding is as important in banking services as it is being used for other commercial products too. However, banking customers look for a different set of brand values. They asks what a banks service can do for their business or benefit the personally. When it comes to banking the investment or borrowing decision is often consciously competitive and mostly needs to meet the customers requirement, and will be more objective and less emotionally driven than retail consumer purchase decisions. Various brand attributes such as quality, reliability and innovation are very important and are to be packaged in a way that appeals to the people who will be using it. Hence bankers should be careful about who will make the purchase decision.

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RECOMMENDATIONS
As the bank is public sector, it should concentrate on their interest rate which also relates to private sector. They have to improve their customer loyalty towards a brand name.

RBI plays an important role in their own aspects, from this the rules and regulations should be utilised by Indian bank in an effective manner. They have to give a best customer service to their clients.

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BIBLIOGRAPHY
Books: Jagdeep kapoor, (edition 2004), macmillieum publication private ltd. Jagdeep kapoor, brand 18 Astra (edition, 2000), the division of saga publication private ltd. Magazine: Geoffrey Randall, branding (2nd edition), in association with marketing magazine. Ravi Kumar Sharma (edition 2011), rebranding and product branding in Indian banks, journal of Indian Institute of banking.
Internet sources: www.indianbank.in/en.wikipedia.org/wiki/Indian_Bank www.iba.org.in/

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