Transcript
Page 1: BRAND AUDIT AND MARKETING COMMUNICATION STRATEGY 2

THE NEW WEMA BANK

BRAND AUDIT AND MARKETING COMMUNICATION STRATEGY

BY

ARMSTRONG ILILE

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NEW BANKING MODELNew banking model structurally

overhauled the operations of banks in Nigeria

Discarded the universal banking policy

New policy regime based on a capital scale and fitted into a four-tier operating structure namely:

International National

Regional Specialized

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Changes expected from the new licensing model

1. Banks will only be licensed to operate core banking services specifically defined in its mandates

2. Expansion will be vertically only into new geographical markets and not horizontal into non core banking services

3. Banks would either be commercial or merchant

4. Merchant banks are required to have a minimum paid up capital of 15billion

5. Commercial 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

7 There will also be non interest banks like Islamic banking

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REGIONAL BANKING MODEL: Prospects and Challenges

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 zones

Will 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

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FACT CHECK ON WEMA BANK

Incorporated in 1945 as a private limited liability company under the name of Agbomagbe bank

Transformed into PLC in April 1987

Listed on the stock exchange in January 1990

Shareholder funds in excess of 25 Billion

Asset based of 165 Billion 90% belongs to both private and

corporate investors including staff

10% owned by Odu’a investment Granted regional banking

License to operate within the South- West and South –South region of Nigeria

Brand logo is colored gold and purple and styled like a shield made from an African basket

Gold element represent wealth and purple depicts royal element of the logo

The basket which is traditionally like a carrier or receptacle symbolizes the bank as a repository of wealth, culture and heritage

It also stands for success, steadfastness and enduring achievements

The brand believes in people and societal values, collective progress, the common good and sustainable success

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OBJECTIVE OF THE BRAND AUDIT

SOURCES 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 company

Comprehensively inquire how the value proposition is linked the brand management and marketing strategy

Seek clarity of the value proposition, brand recognition, effectiveness of the pricing strategy and brand loyalty

Audience 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?

•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?

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BRAND AUDIT AND STRATEGY

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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 forms

They 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 people

They will give credibility and credence to the brands value proposition

Strategy here will be to constantly seek for tie-ins with these components to create ideas that will eventually become part of the brand culture

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 memories

They are part of the social fabric of our society Fundamental and influential to modern life like politics, technology and education

Cultural perspective will situate the topography of the WEMA brand

It must describe were the brand lives within a cultural context

To determine which ideas hold the most strong promise to move the brand forward

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RE-ENGINEERING MYTHS AND MORES

•Culture imposes belief system on us right from birthOur parents constantly enforce standard of behavior and appreciation of beautyThese belief system becomes schemes of stimuli

They form schemas that will be used as reference for cognition and understanding our worldTension between the ideal and the actual self

Tension 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 people’s wealth, culture and heritage

Have the power to use this culture elements to resolve tensions created by myths and morals

•Through a well articulated marketing communication strategy that places emphasis on consumer insights that invokes emotional engagements with these belief systems

Brand 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

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Customer Brand Relationship Management(CBRM)

Just like people , consumer keep relationships with brands

What 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 brand Factoring its new regional banking model Identifying customers brand relationship will provide

powerful insights into forging a bond between consumers and the brand

Strategy 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)

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BRAND LOYALTY LADDER

Professionals, traditional marriages

Arranged marriage,

adopted

child, marriage of convenience, parent platonic

Fling, divorced, enslavement, rivalry,

etc

ADORERS

ADOPTERS

ACCEPT US

AVAILABLES

7 %

3 3 %

1 9 %

4 1 %

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COMPETITORS ANALYSISCLEAR UNDERSTANDING OF THE BRAND STRATEGIES AND COMMUNICATION PRACTICES OF THE COMPETITION IS VERY IMPORTANT

BRAND CAN USE INNOVATION TO BOND WITH THE CONSUMERS BY CREATING A RELATIONSHIP

THAT REINFORCES AND PROMOTE MUTUAL RESPECT AND TEAMWORK

Otherwise this exercise will become a “Me too” and “Also ran” charade

Because 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 competitions

Brand can use innovation to promote myth targets through an ideal cultural platform

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POSITIONING DECONSTRUCTION

. .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 brand

The brand may not change but the culture and environment in which

the brand operate always changes

WEMA Bank was a national bank, now it is a regional bank

The 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

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 economies

Prospects for this is high given the demand for more autonomy

for the federating units of the country

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BRAND PERSONALITY ASSESSMENTBRANDS ARE NOT HUMAN

BEINGSYET WE ASCRIBE HUMAN

CHARACTERISTICS/TRAITS TO THEM

This is done to strengthen the human connection to brands

Is the brand personality evoking excitement, sophistication, glamour or ruggedness?

WEMA Bank’s strategy here will be to identify desired personality dimensions to aid the development and evaluation of its creative

The creative strategy will have attributes of the brand which depicts royal elements and wealth

From the MD/CEO to the gateman, the nobility and status associated with wealth and royalty most be displayed at all times especially at the branches

Every stakeholder in this wise must be regarded as a brand ambassador, the chief brand ambassador being the MD/CEO

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The head of Brand Communication must see himself as chief brand compliance ambassador and must ensure ;

All verbal communication interface with consumers support the brand

Coaching of all staff on communication styles and technique is done

Message theme examination identifies what is being communicated

Industry 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 attributes

An image appraisal mechanism is in place to strengthen the brand personality. This will prevent

the brand personality from drifting in unintended and undermined directions

All brand name assets are currently strategically appropriate to the brand ideals and vision

Brand name assets are not being over extended, misused, or potentially left legally weakened e.g

copyright, trademarks issues etc

• A proper guideline is in place for the proper use and format of all brand name assets

•A 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

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BRAND ARCHITECTURE ANALYSIS

Irrational brand architecture threatens the brand’s equity both

internally and externallyTherefore it is instructive to have an

optimal synergy of all product brand within the bank

Strategic 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

BELOW ARE STEPS TO BE TAKEN TO ACHIEVE ALL THE ABOVE STATED

STRATEGYi. Draw a list of WEMA Bank’s

product/ services featuresii. Focus on the emotional and

functional benefitsiii. Review each feature and benefit

individually and determine its level of importance

iv. Rank your features and benefitsv. Identify the emotional benefit

and make it the core of the bank’s brand strategy

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PAY-OFF ANALYSIS. THEREFORE WEMA BANK’S PAY-OFF LINE SHOULD

BE CENTERED AROUND A CONCEPT THAT RANKS HIGHEST ON THE CONSUMER INSIGHT INDEX

1. Provides a concise, memorable expression of the brand communication strategy

2. Objective is to have a single, clear and unequivocal selling proposition that differentiates WEMA Bank from its competitors

3. The overall meaning, tone and application must be simple and easy to memorize for recall purposes

4. The perceptual fitters of consumers ensures that decision are made on what verbal communication is retained for recall

5. Verbal complexities kills recall potentials

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BRAND VOICE ASSESSMENTBVA provides an informed overall judgment of the brand’s personalityIt seeks to know whether the desired personality of the brand is being

expressed in the brand’s communicationsBecause successful brand consistently speak in its intended voice to

powerfully reinforce the bond that consumer feel for it WEMA Bank’s 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

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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 understand

All existing materials must reflect standards in a

professional and coherent manner

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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.THANK YOU