Branding: "What's the first step?"

Last Friday, I attended a day-long branding seminar put on by the ABA New England Bank Marketing Chapter. The sessions, led by Tom Asacker – author of “A Clear Eye for Branding”, were very different (in a good way) from other branding conversations I have been a part of at other banking conferences.

Tom pushed the audience to think differently about their institutions and brands. And, throughout his presentations he emphasized the importance of how brands make people feel – which he discussed, goes well beyond simply what people think about your company and brand. As you can imagine, this challenged the bankers in the room; when was the last time you thought about how your bank makes your customers feel?

Late in the day, Tom opened the floor for questions. And, not surprisingly, someone in the audience asked “What’s the first step?” – What’s the first step we, as community bankers, can take to bring clarity, strength and focus to our brands?

Tom handled the question very well.

He told the audience that the first step is having the passion and commitment – and a shared mindset among your team to really get the job done. Referring to a concept he discussed earlier in his presentation about the difference between formula and framework, Tom reminded us that there is no specific formula you can follow to bring clarity to your brand.

Rather, he presented a framework of elements that are necessary in building a successful brand; these elements include:

1. Be Close (to your customer and target market) – and being close is not as simple as proximity; it means allowing yourself to be close enough to your customers and your target to feel what they’re feeling

2. Be Different (in the consumers' eyes) – be unique; be compelling. Stop focusing on trying to be better, faster, etc. than your competition and just be different

3. Be Relevant –be relevant to your target market within the context of your market and your competition

4. Be Real (once again, from the consumers' perspective) – align your brand with authentic human qualities; let your customers see your human face

I think Tom is right; these points serve as a great framework for bankers to evaluate and strengthen their brands. While many banks will continue to conduct business as usual - with little, or no attention paid to strengthening their brands - those that can strengthen their brand, their position and their connection with their target market will be those that can remain relevant and grow in today's increasingly competitive marketplace.