Rebuilding Brands

Financial services companies’ approach to branding is outdated and ineffective. David Smith believes that declining trust in financial institutions requires a new approach where building esteem, being innovative and energetic, and rebuilding trust are key.
Last year researchers identified why some financial services brands had met with a marked lack of success. They concluded that brands which had not achieved ‘greatness’ tended to display the following behaviours and characteristics:
• They are rooted in the past
• Place emphasis upon financial performance
• Inadequate leadership support for the brand
• Poorly differentiated
• Lack of understanding of brand issues
• Service quality concerns
• HR activities that do not fully support the brand
• Values and culture which do not clearly or consistently reinforce the brand.
According to Young and Rubicam Brands, the indicators to developing a successful brand are that it is differentiated, it displays ‘energy’, it has relevance to its target market, is held in high esteem and the market has knowledge of it. They take the view that a brand needs to be differentiated from its competitors but this alone is not enough to build the brand.
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