Competitive differentiation and reputation are everything. This is especially true for financial institution brands competing with commoditized products and services that all look the same.
So, in this historic time of unrest, how does a financial institution build competitive distinction to stand apart? First, you must begin with re-articulating your Brand position today, but this is only the beginning. Defining your brand is a singular moment in time. It’s what you do next (or not) to integrate your brand into your corporate philosophies, messaging, operations and brand actions that ultimately will determine your brand’s success.
These actions are Branding and it is the most important aspect of your brand—the proactive systematic and strategic shaping of consumer perceptions and feelings about your organization and their experiences. Ultimately, it’s what will earn customer loyalty, build trust and drive consideration for your brand and your reputation.
Consumers are watching brands very closely in how they act, what they say and how quickly they support their communities during this historical time of unrest. Just days ago, an internationally respected brand quickly fell from its pedestal when Reebok dropped its long-standing partnership with CrossFit after the CEO Greg Glassman tweeted “It’s Floyd-19” in response to a statement made by a University of Washington research center stating that racism and discrimination are public health issues. CrossFit athletes were outraged and scorned the organization for violating its cornerstone values of Community and Belonging. Some CrossFit gyms nationwide retaliated quickly by abandoning their long-time and loyal affiliations because the statement was so egregious and counter to their values.
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