Ever curious about what bankers are spending on their marketing and branding efforts?
A recent Creative Brand Communication survey has offered a behind-the-scenes peek at what marketers face at banks. Despite their larger budgets, they often have to deal with many of the same challenges as credit unions.
The survey revealed that most grapple with branding challenges with many saying they felt their brands were only somewhat effective in helping meet their strategic goals and barely more than half of larger banks even have formal brand guidelines in place.
According to Jeff Stephens, president of CRB, a Portland, Ore.-based financial services industry brand engagement consultancy firm, a strong brand has less to do with a high level of awareness and more to do with achieving brand clarity among consumers.
“True brand strength comes when a financial brand stands for something clear and distinct, and the people who are aware of the brand whether it's just a few people, or millions, understand precisely what this brand stands for,” Stephens said of the key survey takeaways. “Do a quick Google search for strongest brands and you'll find many lists,” he said. “But when you look at these household names, ask yourself, 'Do I know what this brand really stands for?' In many cases, the answer will be 'not really.'”
For the majority of respondents marketing budgets have stayed the same while most indicated their marketing efforts were done in-house.
The CBC survey was based in part on a survey designed by The Financial Brand.
The biggest marketing and branding challenges at banks is the difficulty in measuring and proving results and return on investment, according to a survey from Creative Brand Communication.
The CBC survey was based in part on a survey designed by The Financial Brand.
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