relationships Tag

Bank Relationship

How would you define your Relationship with a Bank?

Timothy Sloan is replacing John Stumpf, as the new CEO of Wells Fargo, due to the bank’s inappropriate and, perhaps illegal, cross-selling practices.  In the October 13 Wall St. Journal, Sloan is quoted as saying,

“I don’t believe that strategy was fundamentally flawed. We are not abandoning our cross-selling focus. Cross-selling is shorthand for growing relationships with our customers.”

This shows a serious misunderstanding of what “relationship” means to Sloan and to the Wells Fargo organization. Only a banker would say that their relationship with their customers is based upon how many products the bank can sell them, whether they need them or not.

A relationship to most people involves some kind of human connection. A positive relationship is one in which people regard and behave toward one another with respect, understanding, and truthfulness. Strong brands are built on individual connections, not financial transactions, but most big banks seem to get this wrong. Perhaps this is why most banks typically rank very low on brand satisfaction surveys – they are focused on the wrong kind of “relationships.”

Wells Fargo and its new CEO need to give some serious thought to what is needed for the bank to truly serve its customers’ needs. They should change their focus on building the bank’s income and instead focus on how customers might define a profitable relationship. That is how we would recommend Wells Fargo make its next efforts to become appreciated, profitable, and to a grow a lasting brand.

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Focus First on Your Brand’s Message, Not Appearance

Focus First on Your Brand’s Message, Not AppearanceSeveral years ago I took a Harvard Business School course on business thinking for design leaders. Toward the end of the course, one professor told us that what we do as brand strategists and designers frightens some CEOs. Why? Because what we do, while vitally important to their success, is not always directly quantifiable. It’s hard to measure emotional connection with a number.

This unsurety and discomfort can cause business leaders to judge brand expression solely on its aesthetics, rather than on the idea the expression is meant to represent. Ironically, this can increase CEOs’ discomfort; what sits before them does not appear to be immediately satisfying. Without a clear understanding and appreciation for the meaning behind the brand expression, executives will miss out on the value brand thinking can create for their organizations.READ MORE

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If They Know What You Stand For, Your Consumers Will Love You (and Your Brand)

HeartIn the news last month were the results of a recent study that reveals the world’s 100 most loved companies. The top three brands? The Walt Disney Company, Yahoo! and Google. The study surveyed 70,000 people in 15 countries and measured individuals’ emotional feelings toward a brand. While we’re happy to see several of our past clients on the list, the study poses a great question: How can a company establish enough emotional connectivity to create familiarity and favorability among its audiences?

A company can’t be familiar to, or loved by its customer base if it isn’t true to itself. If familiarity breeds favorability, this might make a good argument to push for a higher marketing spend. But a more fundamental (and less expensive) way to improve and sustain familiarity is to be coherent and consistent in how you tell your story. Customers are people. People trust what they know.

Creating a Trustworthy, Intriguing Brand
Three steps to becoming a familiar and favored brand:

  1. Know who you are. Build a strong identity strategy and you will have a clear mission. Your employees will understand what they’re a part of and your customers will be able to identify with the choices you make. Our founder and CEO Philip Durbrow points out that everyone from the gardeners to the guy who plays Goofy could give a solid yes or no on whether something’s really “Disney” or not.
  2. Walk the talk. If there is a disconnect between what you proclaim yourself to be and how your customers experience you, your brand will cease to be appealing or trustworthy. All the marketing dollars in the world won’t solve this problem.
  3. Find the balance. Once you have an established following, you have to decide how to walk the line of remaining familiar while innovating and evolving as an organization. One of our recent SlideShare presentations, “How to Create a Valuable Company,” demonstrates that a company can be both solid and reliable and dynamic and innovative.

Seeing Success
Many brands struggle to connect with their customers and create favorability because they never take the time to assess what they stand for. One study points out that, more than familiarity just leading to favorability, it leads to behaviors that support companies’ strategic goals. Word-of-mouth marketing, investment referrals—these help companies grow and succeed, and they are more likely to happen for organizations that tell a clear and honest story about who they are.

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What I Learned About Branding From Aristotle Onassis

Aristotle OnassisIn 1975, I had the enjoyable experience of being the guest of Jackie and Aristotle Onassis at the El Morocco club in New York City. It was New Year’s Eve, and while I had worked with Jackie previously, I was meeting Mr. Onassis for the first time. I explained my profession in corporate branding to him, and his subsequent advice surprised me. It was completely related to image; not a word he said dealt with financial or investment advice.

“Drink where the rich drink, even if it means sipping one drink,” he said. “Live at an upscale address, even if it is the worst accommodations in the neighborhood. Exercise. Stay tan, even if you use a tanning lamp.” To me, his advice was this: To be successful, act successful and network with successful people. This is good advice for building your personal brand.

Using Your Personal Brand to Engage Others

But Mr. Onassis’s advice relates to more than just your personal brand or image. It also relates to how successful you are at reaching your intended audience—both within your organization and externally. When you think about what your personal image is, it’s really a combination of four things:

  1. Appearance: How are you dressed? Do you have good posture?
  2. Personality: How well do you communicate? Is it apparent that you have a good attitude?
  3. Competencies: Can you easily fulfill what’s required of you?
  4. Differentiation: What traits or skills separate you from everyone else?

These elements must be suited to your audience and the milieu you—and your organization—operate in.

Over the course of my career I’ve spent time in Hollywood, New York, Washington DC and Silicon Valley. Each place thinks it’s the center of the world and each has its own values, styles and characteristics. If you went down to Google’s headquarters wearing a three-piece suit, you’d be rejected. So just as you need to think about the signals you’re putting out with your personal image, you need to do the same when it comes to your audience. You need to understand, attract, and engage your audience.

If you’re going to operate across these different arenas you need to be sensitive to each audience and understand what resonates with them. Only then will you be successful.

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