Presented by Jeffry Pilcher, financial brand strategist and publisher of The Financial Brand. Based on first-hand experience evaluating 75 financial brands over an 8-year period. These are the 7 biggest strategic errors (not tactical) organizations make.
DELUSIONS OF BRANDEUR Believing you have a differentiated brand when you really don’t.
1. What do you do best? 2. What do you do better than everyone else?
EVERYONE SAYS “SERVICE IS WHAT DIFFERENTIATES US.”
SOMEONE IS LYING.
In financial services, your service has to be good.
Warm, friendly, personal, professional “service” only gets you to first base.
What kind of financial “service” do you offer? Are you faster? Fun? Easier? More reliable? More convenient? More flexible? Smarter? More knowledgeable?
Our mission is our brand.
Our mission is to become the preferred provider of superior financial solutions by earning people’s trust in the most friendly, professional manner possible. S T E R E O T Y P I C A L M I S S I O N :
Everyone’s mission statement sounds alike.
It’s the credit union difference.
The first step in finding your brand’s true character is letting go of the “easy differentiators.”
credible differentiated relevant B R A N D P O S I T I O N :
TOXIC SAMENESS Looking like, sounding like and acting like everyone else.
If everyone is thinking alike, then no one is thinking. — Benjamin Franklin
differentiation is the key to branding
WE ARE HARD-WIRED TO NOTICE THINGS THAT STAND OUT
There are no rules.
M O S T C O M M O N W O R D S I N F I N A N C I A L T A G L I N E S :
zig zag when others Source: The Brand Gap by Marty Neumeier
M O S T C O M M O N W O R D S I N F I N A N C I A L N A M E S :
LCD SYNDROME Trying to appeal to the lowest common denominator.
Try to appeal to everyone and you will end up appealing to no one. — David Ogilvy
Standing in the middle of the road is very dangerous. You get knocked down by traffic from both sides. — Margaret Thatcher
YOU CAN’T BE ALL THINGS TO ALL PEOPLE.
BE A FEW THINGS TO A FEW PEOPLE.
The essence of positioning is sacrifice. You must be willing to give things up to establish a unique position. — Al Ries & Jack Trout
? ? ?
CRIMINAL NEGLECT Failing to support the brand over the long-term.
$ + +
I spend 85% of my time working directly with employees to “build the brand.” — Colleen Barrett, President Southwest Airlines
Front-line & Back-office Staff Middle Management Senior Management CEO two-way communication meetings strategy tactics teams measurement ownership vision
CULTURAL AUTISM Staff don’t know what the brand is or how to live it out.
B R A N D G U I D E L I N E S M A N U A L : Source: Weber Marketing Group
BRANDING SCHIZOPHRENIA Inconsistency. Doing things differently all the time.
marketing website products call center branches
consistency familiarity trust loyalty evangelism
1 Boredom. TOP 3 REASONS ORGANIZATIONS PURSUE A NEW LOOK AND FEEL: 2 New VP of Marketing. 3 No strategy or brand standards in place.
DURATION OF MATERIAL CONSISTENT, STANDARD LOOK a few days a few weeks many months many years promotional campaigns brand look-and-feel corporate look-and-feel
COSMETIC FIXATION Misunderstanding the role of the brand’s look and feel.
identity strategy The image you project. The reputation you want to have.
logo name brochures website slogan branches apparel apparel staff culture values mission vision position promise personality products innovation training hiring employee evaluations marketing identity strategy CSR strategy
1. Believing the brand’s identity is “the brand.” 2. Confusing a nice identity with a healthy brand. 3. Thinking that an identity makeover will “fix things.” THE 3 MOST COMMON FLAVORS OF “COSMETIC FIXATION”:
Brand perceptions are created by the experiences you deliver.
the image you’re projecting your actual experiences you deliver brand lie
People may doubt what you say, but they will believe what you do. — Lewis Kass
Your brand’s identity is just one of many image-building tools.
The clothes don’t make the man.
I don’t like orange.
You are not the target audience.
D E L U S I O N S O F B R A N D E U R Thinking you have a brand strategy when you really don’t.
T O X I C S A M E N E S S Looking, acting and sounding like everyone else.
L C D S Y N D R O M E Trying to appeal to everyone.
C R I M I N A L N E G L E C T Failing to support the brand with time, energy and money.
C U L T U R A L A U T I S M The staff doesn’t understand how to “live the brand.”
B R A N D I N G S C H I Z O P H R E N I A Delivering an inconsistent look-and-feel and/or experience.
C O S M E T I C F I X A T I O N Placing the wrong significance on the brand’s identity.