Effective Brand Management Needs Employee Buy-In
A new report shows that credit unions "dedicate very little time to managing the brand with employees.”
Effective brand management by financial institutions requires developing a good relationship with three important targets: market, customers and the often-neglected employees, who could unintentionally or intentionally sabotage the entire marketing process.
“As marketing leaders, it is imperative that we think of brand management in the three pillars that make up our brand: market, customers and employees. All three are critical to the strength of our brand,” Karen Kislin, Raddon strategic advisor, for Lombard, Ill.-based Raddon, a Fiserv company, said in a report.
The challenge, according to Kislin, is to evenly distribute brand management time and deliverables across all three sectors. She indicated most financial institutions spend brand management time conducting customer surveys, embarking on arduous customer journey mapping, and strategizing ways to gain market share by positioning and delivering a unique value proposition of products and services. “We dedicate very little time to managing the brand with employees.”
Raddon’s Employee Viewpoint Survey found 55% of employees disengaged with the brand of the typical financial institution. “A remarkable 29% are ‘detached’: actively disruptive and negative toward the institution, even sabotaging the company goals and objectives,” Kislin added. “When you think about the investment of time and money put toward improving the customer experience, how much of that investment has been put toward managing the engagement of your workforce?”
The Raddon advisor suggested by not managing the institution’s brand with employees, there is a risk of disrupting the brand with your customers. “When your customers encounter a negative experience with a detached or complacent employee, that experience will ultimately negatively impact the brand in your market.”
The fastest method to boost employee engagement is to help staff comprehend the company vision, and how their role influences the vision and the bottom line.
Kislin recommended financial institutions formulate a marketing strategy for employees. “You need to develop a specific strategy to create a tactical plan that involves identifying your audience, channels to use, the way you engage with and seek feedback from associates, and the way you measure success, identify issues and highlight best practices.”
Utilizing one-way passive channel communication tools such as emails or post content on an intranet, are not as effective as leveraging interactive channels. “When you are over-reliant on this technology, you could be lowering the quality of your communications because communication is about relationships as well as information,” Kislin Noted.
She suggested communication could including biannual face-to-face branch visits, “lunch and learns” or video chats; quarterly inter-department sit-downs; and monthly managers meetings.
“Just as you would consider how to best position product messaging to resonate with your target market, you must consider how employees will best engage with your messaging,” Kislin said, who recommend all internal communications meet at least one of seven internal communications drivers that help answer, “What’s in it for me?” Such as reward, recognition, opportunity, process, personal pride, product, and working environment.
The Raddon report also recommended measuring marketing and sales success by including metrics that support the vision of the institution. “Start with results at the institution level, and then break it down by marketing campaign results including product penetration and balance growth. Then drill down the results even further by individual branch sales results.”