Retail bankers love to talk about what separates their banks from the competition. But all too often, differences in products, pricing, and service quality are hard to see.
So it's not surprising that executives are working harder to forge singular identities for their banks. Increasingly, they are looking to emulate the winning brands and retail strategies created by consumer marketers. To break away from the pack, more than a few banks have recruited talent from powerhouse marketers like Procter & Gamble or Coca- Cola.
With mergers creating vast banking companies that are competing against nonbank financial services companies, which have themselves built national identities, brand identity has never been more important.
"Brand management in the end is about creating a customer experience that is consistent with that image and that identity that we hope to have with customers," said Amy Brinkley, director of marketing at NationsBank in Charlotte, N.C.
In this issue, two articles explore ways banks are building brand names. Our cover story looks at the experience of banks that have sponsored arenas and stadiums. Typically, companies pay $1 million to $2 million to hang their names on these facilities.
Maintaining a presence in "customers' minds is one of the most important things to drive top-line revenues," said Julia Adamsen, senior vice president of marketing at KeyCorp in Cleveland.
Our second article looks at how mergers have created a slew of new brand names - and how banks introduce and support them.
As always, let us know what you think.
