Vince Kerrigan, strategic solutions manager at Vital Communications, shares his thoughts on some key factors that influence the delivery of a successful rebrand
Rebranding activity in the banking sector is steadily increasing as more financial institutions face instruction from the European Commission to sell off branches. RBS is the latest bank to announce its rebrand, following in the footsteps of HSBC UK and others, as part of a move to rebuild brand loyalty and customer trust following the financial crisis.
During any time of change, risks surrounding customer and staff retention, as well as the future of the business, are heightened. Therefore, knowing that behind a name change or new logo there is a well-considered plan to deliver a brand strategy that will support the organisation’s growth is critical.
Have a plan
Rebrands within the banking sector are often triggered by EU policy and regulatory changes, but these shouldn’t be the only times a rebrand is considered. Often, the best rebrands arise organically when a business takes stock of its current market position and wants to strengthen it. To rebrand purely on a reactionary basis, without appreciating the full extent of any market opportunity, is risky and any changes implemented won’t necessarily benefit the business or its customers.
Define the scale and scope
Once a decision to rebrand is agreed, it is wise to examine the scale and scope of the changes that need to be made realistically. In the banking sector, business structures are often complex; comprising a collection of branded business offerings operating in different markets, or across some of the same markets. Because of this, the sheer extent of the rebrand project and all that it involves in terms of the communications materials required and logistical delivery can be easily overlooked. Marketers should start by considering the impact the rebrand will have across the entire business. When considering the need for marketing collateral, it is tempting to focus on the physical elements only, such as signage, letterheads, posters and direct mail, forgetting to consider the scale of digital assets, for example. Such oversights can have catastrophic consequences on timing and delivery and, to avoid this, marketers should aim to define all elements of the rebrand project at the outset, allocating timescales to each. They should also factor in a realistic distribution schedule to help satisfy the needs of each business area and each branch.
Take a phased approach
When considering the logistical process, it is usually best to start with back-end systems. If there is the option to stagger the rollout of the rebrand, do it. The rebranding process is fluid and has multiple parties involved, from marketing to procurement, customers and stakeholders, and being able to deliver branding objectives on a back-end to front-end, branch-by-branch or region-by-region basis alleviates the pressure on all parties. Phasing the rollout also provides some leeway in the event that something doesn’t go to plan, causing timings to slide. This allows time for the problem to be rectified and to ensure it is not repeated during the next phase.
Select supply partners carefully
Even the most well-planned rebrand projects can alter significantly in terms of their scope once underway. Therefore, it is vital that marketers select supply partners carefully to ensure they have the resources and flexibility to meet any shifts in demand. Keeping a close and open line of communication with suppliers will also help to ensure they always know what is happening and will help to ensure they can react quickly if needed. Such flexibility can prove to be a valuable weapon when faced with tight timescales.
Stay focused on the end user
There is no one-size-fits-all approach when it comes to devising a rebrand project and this is especially the case in the world of financial services organisations. Ensuring the new brand strategy is aligned to the end user is fundamental to driving forward changes that go deeper than just switching visual identities. Start by conducting audits with customers, employees, and industry influencers in order to identify any brand strengths and weaknesses, and to gather valuable insights about the new brand strategy. It is a good idea to review how individual stakeholder groups like to receive information and communicate the brand changes in a way that suits them. For example, if a customer has opted for online banking and paperless statements, they would probably prefer to receive an email or digital update about the brand changes rather than a personalised letter.
Review and evaluate
It is highly unlikely that rebrand activity will stop on announcement day, so always factor in additional time and resource to tie up any loose ends and to provide any additional support that may be required. Don’t wait until after the rebrand to evaluate the success of the activity – this should be done throughout the project at key milestones to ensure that rebranding objectives are having the desired effect. Consider conducting a brand perception audit with existing and prospective customers, employees and other stakeholders before, during and after the project to objectively evaluate its success.