Branding Opportunities During an Economic Crisis

No doubt, we are all experiencing an economic crisis and challenge as never before. As a result, most banks are making adjustments in loan policies and procedures, deposit acquisition strategy, and watching non-interest expenses. However, let’s not forget the all important element of brand during this crisis.

According to surveys, money is in motion more so than it has been in more than 50 years. And as a result, there is greater opportunity to pick up deposits and relationships if we position our brand properly in the marketplace. Contrary to the reaction of cutting back on non-interest expenses, this is not the time to cut back on putting forth your brand internally and externally.

More than ever, you want to communicate your brand so that your employees feel confident in communicating with the customer, you have a greater top-of-mind awareness during this transferring of funds and the marketplace will feel something positive about your bank. Remember, ultimately, branding is all about what the customer feels about your bank, and in today’s environment, the feeling of trust is very vital. In the US Banker magazine this month (November) the opening line of an article titled Building Your Bank Brand said “In today’s competitive marketplace, branding can be the final factor that affects a consumer’s decision of where to bank.” The author goes on to say, “The degree of trust influences the buying decision more that the product or service features and benefits themselves.”

Therefore, make sure you are communicating and building your brand. You cannot over communicate during these times. Continue to remind your employees of the vision and mission of the organization. Continue to remind them of the longevity and success of the organization. And continue to remind them that that they are the key to communicating with the customer. You will want to communicate through e-mail, staff meetings, newsletters and even town-hall meetings.

Also, you will want to communicate to the customer and the marketplace, reassuring them of the safety and soundness of the bank. However, you will want to do this within your brand and according to your brand message. Avoid the temptation to just communicate a message that highlights the negative aspects of our crisis. Make sure, as an institution and leader in your community, that you communicate a positive message of hope. You want to be an inspiration during this time; if you do so, people will transfer those positive feelings of hope to your brand. Look for opportunities to communicate through mass media, retail merchandising, personal contacts, luncheons, press releases and personal contact (Be very active in the community).

No one can deny that we are going through an economic crisis. However, the present crisis also creates opportunity for the banks that will seek to step forward and lead with their brand. Never has it been more important to define your brand, differentiate your bank from competitors and communicate clearly what you deliver to the marketplace. Avoid getting lost and trapped in a survival mode where you lose sight of your brand, but rather embrace your brand and seize the opportunity in the marketplace.