We get asked about best practices tips about building a better bank brand. Where banks go wrong is that they confuse marketing with branding. Advertising, creating a slogan, buying radio time and having new shirts for the branch staff is all about marketing. While it helps support the brand, it should not be confused with the brand. While there are lots of ways to create a remarkable bank brand, one of the simplest is to set out to start a cult – A cult of a bank.
The Three Elements of A Cult
Every cult that ever started has three elements. These elements pertain to a nefarious cult like the Branch Davidians, positive cults like what the founding fathers of the United States started, or informal cults such those that follow Apple, Star Wars or Harley Davidson. You know you have reached cult status when y our followers are getting tattoos of your bank’s logo. How could you have that type of following?
Here are the three elements and how they could relate to your bank:
A clear leader/organization: This one is easy. You already have a bank that is a definable entity with a leadership team in place. You are partly there and ahead of other cults that had to start from scratch.continue reading »