Refresh. Revitalize. Reposition.
Community banks and credit unions that have a long history and built brand equity may need to update and reposition their brand for the next generation of consumers.
And that is exactly what the management of F&M Bank in Tomah, Wisconsin decided to do with the help of Leap Marketing. The F&M Bank effort is currently a work in progress.
Many organizations with decades of outstanding service to their local communities, like F&M Bank, have continually added technology to their consumer and business products and services. They are updating their websites, enhancing their presence on social media, but have not refreshed their logo, tagline or their image in many years.
The Brand Equity Lifecycle
A principle of marketing, every brand travels through a brand equity and performance lifecycle. So, while you don’t need to change the name of the company, you do need to find a way to refresh the look and positioning of the brand to regain momentum.
The impact of brand equity has been evaluated by universities and companies across the globe for many years. The sales and profits lifecycle of companies that have undertaken a revitalization of their brand, while others haven’t are represented in the chart below.
A brand revitalization effort doesn’t require a revolution, but can be staged as an evolution that takes place over a period of time.
What impacts the slope of the increased sales and profits is directly related to pace and depth of the brand revitalization effort.
If the pace of the revitalization effort happens quickly, the impact experienced is known to be greater. In fact, if executed properly, it can literally generate sales and profit results similar to the original introduction of the brand itself.
However, if the pace of change is too slow, the impact will be more muted, and runs the risk of not grabbing the attention of the customers and prospects. Sometimes this approach will under-perform sales and profit expectations.
The right pace of change can help control expenses, while generating a controlled, operationally sensitive change that will inspire the team members of the bank or credit union to help you grow the newly updated brand.
That is where Leap Marketing comes in. The agency has helped many community banks revitalize their brands. We can help you develop a plan for revitalizing your brand equity and generate a recommendation to help you differentiate your financial institution in your market.
If you would like to learn more about brand revitalization, just drop us an email or give John Verre or Laura Guarnaccio call at 262-436-4080.