BRAND AUDIT AND MARKETING COMMUNICATION STRATEGY 2

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    14-Feb-2017

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<p>BRAND AUDIT AND MARKETING COMMUNICATION STRATEGY</p> <p>THE NEW WEMA BANK</p> <p>BRAND AUDIT AND MARKETING COMMUNICATION STRATEGYBYARMSTRONG ILILE</p> <p>1</p> <p> NEW BANKING MODELNew banking model structurally overhauled the operations of banks in NigeriaDiscarded the universal banking policy New policy regime based on a capital scale and fitted into a four-tier operating structure namely:</p> <p>International National Regional Specialized</p> <p>Changes expected from the new licensing model</p> <p>Banks will only be licensed to operate core banking services specifically defined in its mandatesExpansion will be vertically only into new geographical markets and not horizontal into non core banking servicesBanks would either be commercial or merchant Merchant banks are required to have a minimum paid up capital of 15billionCommercial may be regional, national, or international 6 There will be specialized banks where primary mortgage institutions, discount houses, development banks and microfinance banks will be grouped</p> <p>7 There will also be non interest banks like Islamic banking</p> <p>REGIONAL BANKING MODEL: Prospects and Challenges</p> <p>Regional banks are permitted to operate in a minimum of 6 and maximum of 12 contiguous state of the federation This state must lie within two geo-political zonesWill they lose their clientele based in the north if they choose to operate down south?Will people prefer national bank because regional banks will no longer provide services they may require?Regional banks can build competitive edge by building services around regional economies instead of offering general services</p> <p>FACT CHECK ON WEMA BANKIncorporated in 1945 as a private limited liability company under the name of Agbomagbe bankTransformed into PLC in April 1987Listed on the stock exchange in January 1990Shareholder funds in excess of 25 BillionAsset based of 165 Billion90% belongs to both private and corporate investors including staff 10% owned by Odua investmentGranted regional banking License to operate within the South- West and South South region of Nigeria</p> <p>Brand logo is colored gold and purple and styled like a shield made from an African basketGold element represent wealth and purple depicts royal element of the logoThe basket which is traditionally like a carrier or receptacle symbolizes the bank as a repository of wealth, culture and heritageIt also stands for success, steadfastness and enduring achievements The brand believes in people and societal values, collective progress, the common good and sustainable success</p> <p>OBJECTIVE OF THE BRAND AUDITSources of growth; what brands are expected to drive future growth for the company, are they helping in pursuing the growth strategy?Competitive context; do the brand help you stand out or grab market share?To evaluate how the brand is perceived inside and outside the companyComprehensively inquire how the value proposition is linked the brand management and marketing strategySeek clarity of the value proposition, brand recognition, effectiveness of the pricing strategy and brand loyaltyAudience diversity; is the brand focus on just one audience or must it appeal to many? Product offering; how are product brands positioned, are they complimentary, competitive or incongruent?Organizational structure; who is responsible for brand communication, and how are the brand ambassadors complying?</p> <p>Brand performance; how do brands perform against desired attributes, is there positioning clear and effective?Brand role; what is the role of the brand in fulfilling the business model, how important is the brand in driving awareness or creating loyalty?</p> <p>Brand role; what is the role of the brand in fulfilling the business model, how important is the brand in driving awareness or creating loyalty?6</p> <p>BRAND AUDIT AND STRATEGY</p> <p>ANALYSES OF CULTURE PERSPECTIVES..WEMA brand will have to define what ideas and ideals it holds dear in the heart of the market through one or a combination of these cultural formsThey will reinforce what its brand value stands for They will better tell the true story why the brand is a true repository of wealth, culture and heritage of the peopleThey will give credibility and credence to the brands value propositionStrategy here will be to constantly seek for tie-ins with these components to create ideas that will eventually become part of the brand culture</p> <p>Brands are key components of our culture Fix deeply in our music, movies and conversation They are key part of our conversation and even childhood memoriesThey are part of the social fabric of our society Fundamental and influential to modern life like politics, technology and educationCultural perspective will situate the topography of the WEMA brandIt must describe were the brand lives within a cultural contextTo determine which ideas hold the most strong promise to move the brand forward</p> <p>RE-ENGINEERING MYTHS AND MORESCulture imposes belief system on us right from birthOur parents constantly enforce standard of behavior and appreciation of beautyThese belief system becomes schemes of stimuliThey form schemas that will be used as reference for cognition and understanding our worldTension between the ideal and the actual selfTension that demands to be resolvedThey are peculiar tensions that arises from these cultural impositionBecause of the myriad of myths ,morals, fads, values and ritualsPrevailing behind the scene and holding the culture together WEMA brand attributes as a repository of the peoples wealth, culture and heritageHave the power to use this culture elements to resolve tensions created by myths and moralsThrough a well articulated marketing communication strategy that places emphasis on consumer insights that invokes emotional engagements with these belief systemsBrand audit can also identify myth target to ensure they can be used in creatively crafting the brands story in a manner that will extol the brand value of team work, innovation</p> <p>Customer Brand Relationship Management(CBRM)Just like people , consumer keep relationships with brandsWhat kinds of relationship exist between the brand and customers?Is it forced, platonic, a fling or an enslavement?Brand audit will use consumer insights (CI)here to appraise how consumers describe the WEMA brandFactoring its new regional banking model Identifying customers brand relationship will provide powerful insights into forging a bond between consumers and the brandStrategy here will be to use this bond to create brand loyalty through the reinforcement of the brand values and philosophy Diagram below further explain the (CBRM)</p> <p>BRAND LOYALTY LADDER</p> <p>ADORERSADOPTERSACCEPT USAVAILABLES7%33%19%41%</p> <p>11</p> <p>COMPETITORS ANALYSISClear understanding of the brand strategies and communication practices of the competition is very importantBrand can use innovation to bond with the consumers by creating a relationship that reinforces and promote mutual respect and teamworkOtherwise this exercise will become a Me too and Also ran charadeBecause of similar insights that competitors have found Are they other regional banks like us, what have they done or what are they doing?How are they positioned, and how do they execute their strategies?Strategy here will be used as innovation to deliver brand communication strategy that differentiate us from competitionsBrand can use innovation to promote myth targets through an ideal cultural platform</p> <p>POSITIONING DECONSTRUCTION</p> <p>..Positioning is not just a battle for the mind It is an effort to find a home, refuge, shelter in the world of the people that live with the brandThe brand may not change but the culture and environment in which the brand operate always changesWEMA Bank was a national bank, now it is a regional bankThe environment and culture it now finds itself is no more the same as beforePositioning would take notice of the peculiarities of the south-south and south-west economies, politics, social and technological environment</p> <p>An appreciation of the workings of the macro-environment can be done through PRESTCOM and SWOT analysisPositioning strategy will seek to position the bank as a regional catalyst/agent building its services around regional economiesProspects for this is high given the demand for more autonomy for the federating units of the country</p> <p>BRAND PERSONALITY ASSESSMENT</p> <p>Brands are not human beingsYet we ascribe human characteristics/traits to themThis is done to strengthen the human connection to brandsIs the brand personality evoking excitement, sophistication, glamour or ruggedness? WEMA Banks strategy here will be to identify desired personality dimensions to aid the development and evaluation of its creativeThe creative strategy will have attributes of the brand which depicts royal elements and wealthFrom the MD/CEO to the gateman, the nobility and status associated with wealth and royalty most be displayed at all times especially at the branchesEvery stakeholder in this wise must be regarded as a brand ambassador, the chief brand ambassador being the MD/CEO</p> <p>The head of Brand Communication must see himself as chief brand compliance ambassador and must ensure ; All verbal communication interface with consumers support the brandCoaching of all staff on communication styles and technique is doneMessage theme examination identifies what is being communicatedIndustry wide buzz and noise is avoided (me too syndrome)A process is in place for all communication materials to be consistent and meet the requirements of the brand values attributesAn image appraisal mechanism is in place to strengthen the brand personality. This will prevent the brand personality from drifting in unintended and undermined directionsAll brand name assets are currently strategically appropriate to the brand ideals and visionBrand name assets are not being over extended, misused, or potentially left legally weakened e.g copyright, trademarks issues etcA proper guideline is in place for the proper use and format of all brand name assetsA proper inventory of typography across media is maintained. This will help improve the efficiency and effectiveness of all typographic assets employed in all communications. The right font is not only readable but help contribute to the brand personality</p> <p>BRAND ARCHITECTURE ANALYSIS</p> <p>Irrational brand architecture threatens the brands equity both internally and externallyTherefore it is instructive to have an optimal synergy of all product brand within the bankStrategic brand architecture that aims for synergy will ensure different products reflect the core brand image and value of WEMA BankA hybrid and unitary system of brand architecture will ensure sub brands are linked to the brand image and product brands bear the corporate name of WEMA Bank</p> <p>Below are steps to be taken to achieve all the above stated strategyDraw a list of WEMA Banks product/ services featuresFocus on the emotional and functional benefitsReview each feature and benefit individually and determine its level of importanceRank your features and benefitsIdentify the emotional benefit and make it the core of the banks brand strategy</p> <p>PAY-OFF ANALYSIS.Therefore Wema Banks Pay-off line should be centered around a concept that ranks highest on the consumer insight indexProvides a concise, memorable expression of the brand communication strategyObjective is to have a single, clear and unequivocal selling proposition that differentiates WEMA Bank from its competitorsThe overall meaning, tone and application must be simple and easy to memorize for recall purposesThe perceptual fitters of consumers ensures that decision are made on what verbal communication is retained for recallVerbal complexities kills recall potentials</p> <p>BRAND VOICE ASSESSMENTBVA provides an informed overall judgment of the brands personalityIt seeks to know whether the desired personality of the brand is being expressed in the brands communicationsBecause successful brand consistently speak in its intended voice to powerfully reinforce the bond that consumer feel for it WEMA Banks royalty and wealth personality attributes should be established to drive creative expressionsThe personality should also represent reward for success, steadfastness, societal values and enduring achievements</p> <p>STANDARDIZED DESIGNSWEMA Bank brands must have a unified and cohesive visual platform that can easily be implementedStrategy is to have a unified system that enhances recognition, maximizes impact for the target audience to understandAll existing materials must reflect standards in a professional and coherent manner </p> <p>19</p> <p> If we develop an effective internal delivery system that communicates to staff their roles in strengthening our brand values as they interact with customers, we will gain customer loyalty, because it is the customer that actually defines who we are and what we stand for.</p> <p>THANK YOU</p>

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