How important is your brand? It’s an impression of you and your financial institution. We’re talking about the essence of your credit union or community bank. Yeah, it’s pretty essential alright. And finding the right rebrand agency can be the difference between oh, meh, oops and aha!
If you’ve been here before to read one of our blogs, you know our stance: A brand is not built on rate or service. The same goes for selecting a rebrand agency. You shouldn’t make your decision based on price. If you are looking to breathe fresh life into a tired brand, dig into the value proposition of the agencies under consideration.
Here are some tough rules to help you choose the right rebrand agency:
Tough Rule No. 1: Find an agency that will challenge you.
A lot of rebrand agencies will help you uncover your corporate values. Things like “integrity,” “fairness,” “simplicity” and “accountability” will often make the list. You may even be thinking about copying and pasting those four words and making them your own.
Without context, however, they become thin and hokey. A great rebrand agency will ask tough questions of you and your financial institution. As they poke and prod, they may even make you feel uncomfortable at times talking about faults, failings or even bad habits.
It’s all part of coming to know our authentic selves better. If your internal brand isn’t in order, a new logo and tagline won’t solve your problems. A truly great rebrand is an amazing journey to identify and understanding your strengths – and positioning your organization in a way to live them daily.
Tough Rule No. 2: Select an agency that will reveal your ideal consumer.
Consumer loyalty should never be defined by a generation. You may want more Millennials – the largest and most educated generation – but your brand personality should cross all generations.
An easy trap is to just identify your audience by age, credit score and by professions, such as teachers, firefighters, plumbers and steamfitters, municipal employees or another Select Employer Group. What about their needs, interest, and attitudes toward life? Whether your financial institution is community-based or not, elements of your regions – community vibrancy, economic conditions, natural beauty and resources, and other market conditions – shape the identity of the people you serve.
Look for an agency that is not afraid to visit you, talk to your employees and explore your community. Don’t just develop a brand. Develop a brand attitude.
Tough Rule No. 3: Select an agency that holds you accountable to an action plan.
You can’t go from challenger to champion with just a new name and logo. The right agency for you will show you how to create consumer loyalty and penetrate existing and new markets with your new brand. They will identify your “only statement” – the single most compelling reason why customers or members should do business with you. And they will see you through beyond the finish line.
Most rebrand agencies understand visual language, and how to build a clean and unfettered design with a cohesive color palette. But few equip their clients with what to do next. Find an agency that will not just help you launch, but coach you on how to share your brand story.