With news hitting recently that MasterCard is dropping the brand name from its logo, you may be thinking about your own organization’s branding and how it holds up in today’s marketplace. And it’s well worth thinking about, seeing as MasterCard is only the latest in a growing list of major financial brands to make significant changes. American Express, Bank of America, and Santander all refined their brand identities last year, with each citing the need for a more contemporary look and feel. So if it’s been a while since your brand identity received a little nip/tuck, now is the time to do it. Here’s why.
Although modernizing your brand identity is crucial for success, there is one major caveat: do not ignore the history and equity already built into it. What made the revisions from brands like American Express and Bank of America so successful was their ability to maintain the brand’s legacy. They implemented an evolution, not a revolution.
If you’re ready to give your brand identity the refresh it needs, remember to honor its history and heritage. Just do it with a contemporary spin that enables it to stand out in today’s modern world.
Have You Met Digital?
It almost seems redundant to mention the influence of digital – we’ve heard it hundreds of times before – but the reality is it’s the biggest driver for change today. And as it continues to dominate as the preferred medium for consumer engagement, it’s essential to have a brand identity that easily adapts to all digital contexts – both functionally and aesthetically. If your assets are difficult to scale-down, become illegible on a mobile screen, or feel clunky in a micro-setting like a social media post, you are sacrificing the opportunity to appeal to consumers in the environment where they most want to be appealed to.
Everything Is Connected
While digital viability remains one of the strongest reasons for a brand enhancement, this doesn’t give a free pass to create an identity that only looks good digitally. The reality is your brand needs to come across strong on every platform; it must look as sharp on a letterhead or an in-branch poster as it does on a mobile app.
With consumers engaging with brands across multiple touch-points, you must give an impression of your brand that is as cohesive as it is compelling. Reinvigorating your current brand identity to ensure cross-platform optimization will ensure your credit union can stand out and cast the right impression in every context.
Blink And You’ll Miss It
Today’s consumers are constantly bombarded with information and our attention spans are dwindling as a result. This means your brand identity needs to cut through and immediately appeal. It needs to instantly convey the very essence of your credit union and all that it represents, especially as it stands today.
Many credit unions have stuck with a brand identity that no longer does justice to the services or value they provide. Perhaps your brand identity was developed when you only serviced the needs of a select member group. Or at a time when financial brands were expected to be serious and sensible. These days, however, credit unions represent much more than a small, local alternative to a big bank. They are an educational resource, financial advisors, community advocates, friendly neighbors, and serious competition for the big banks. If your brand identity does not have the quality or substance to immediately convey this, then it’s time to take action and breathe new life into it so that it does.