Posts Tagged Strategy of Kenyan banks
(Picture courtesy of brandhalo.worpress.com)
After much hullabaloo in regards to Commercial Bank of Africa’s rebranding, let me also share my thoughts as to why their recent rebranding deserves an Oscar award.
And yes its true, sense has finally come to the banking world as far as brand positioning is concerned.
Early this year I highlighted my frustrations why the banking domain really needs to change course as far as branding is concerned. And this time round, CBA has set a good example for their peers in the industry.
Personally I must commend Interbrand for doing a marvelous job and the road they took was absolutely wise . I have always been concerned with the banking sector , since what I have witnessed is nothing but similarities and copycat-ism in brand positioning.
As I highlighted , predictability is what I saw when banks produced almost one consistent message in an average of three years.
I like the idea of banks breaking away from their traditional serious image they have long been associated with. But their evolvement shouldn’t be predictable for all of them at the same time. This is why Brand Strategy is key in carving your difference.
What I note in CBA’s new brand identity is an impression that potrays a more Mature, authentic , dynamic, contemporary African brand, with the adoption of earth-tone colors in their logo, giving me the confidence and reassurance that indeed they are the ones who will take me where no one has.
As I also noted here, brands in this era need to send a signal that they are ready to compete in the global arena with confidence. Kenyanizing branding is good but we live in era where boundaries are no longer dictating brand scope not forgetting how cyberia has really made the world smaller by the day.
Exception than the rule.
Why I’m also commending their move is because their strategy is focused more on the exception than the rule. Most of their peers sing how well they will help you get where you need to go which is not bad. Offering you the best mortgage or desired personal account is commendable for its always a tussle knowing the good product from the bad. But unfortunately this is more of the rule; the destination angle so to speak. The exception comes when after you know your consumers aspiration , hopes and dreams, understanding the purpose of what constitutes it and making it a worth while journey is what counts for them more than the destination .
Banks should know that what they offer is a means and not an end, hence I find it disturbing when most banks position themselves more on scrambling for your attention than giving you the much needed fulfillment you need in life.
And for me CBA has struck the right cord .
Well as you know on my end, the brand is not the logo or the beautiful designs a company has, but the promise one intend to keeps. It’s my prayer that the step CBA has made will help them travel a journey of helping their beloved people, known as customers, derive more in life, giving them the much needed fulfillment they seek with their promise of “Helping you get more out of life ”
Your thoughts are more than welcome.