From Bank Marketing International
Reality Branding and Global Bank Marketing
London, UK – Here’s a branding firm that tells it like it is. The eponymously-named Stealing Share, which calls itself a strategic marketing and brand-planning firm, specializes in robbing others of market share on behalf of its clients.
Now, the Greensboro NC and New York City firm has concluded that banks are losing ground to financial services competitors because their branding positions fail to communicate that banks offer all the services necessary for consumers’ financial success. This follows an analysis of marketing approaches by institutions in the financial sector, including banks, brokerage houses and professional financial planners.
“Among financial institutions, banks have been hit hardest by the recent trend toward one-stop shopping for financial services,” says Tom Dougherty, its senior strategist. “Part of the reason for this is that generally banks compete on retail offerings and an occasional claim of how important the customer is to their organization. Their branding messages do not focus on the consumer’s desire to find a principal resource in achieving or maintaining financial success.”
Based on its findings, Stealing Share recommends that banks adopt a branding position that enables customers to link their own financial success with the diversity and quality of services and expertise which banks offer. Very few banks have “even hinted at this position of being about your [customers’] success,” it says. Best-practice in this area is probably insurer New York Life, whose anthem is, “The Company you Keep.”
This, Stealing Share reckons, reflects the idea of diversity and the success of their customers with the belief that “you are known by the company keep,” if you use us, you are one of the successful.”
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