Which Came First - The Research or the Brand?

How the right steps taken by one financial institution paid big dividends.

When it comes to branding, companies often think of a logo, tag line, marketing communication pieces, advertising, and promotions. However, an important first step in any branding effort is sound market research.

Branding is, after all, the perception of a company or product in the mind of the consumer. So, what better way to develop a brand than to get into the mind of the consumer? Find out what the consumer is thinking and why. Discover how you compare to your competitors. Determine what is missing and what needs are not being fulfilled by current offerings.

One financial institution did just that. As an initial step in the re-branding process, a series of focus groups was conducted among targeted groups of consumers in key geographic markets. This gave the financial institution a clear idea of how they were perceived, where they stood relative to competitors, and what voids existed in the market.

Additional quantitative research confirmed the findings from the focus groups and pinpointed the importance of various factors in bank selection. Market research findings were integrated into marketing communication and advertising. The re- branding strategy took on a unique and relevant focus that successfully set the financial institution apart from competitors.

Not only were marketing communication efforts grounded in solid research, but critical information to guide future branch expansion strategies were derived from the research findings as well.

So, is that the end of the story? Absolutely not. A successful re-branding campaign should measure how well advertising and communication continue to build a brand over time. These measurements include brand recognition, advertising awareness, and advertising recall.

Prior to the campaign launch, a survey should be conducted among a statistically reliable sample as a baseline measurement. Follow-up surveys taken at specified intervals following the launch of the re- branding campaign will allow these measurements to be tracked over time. Future market research will help fine-tune marketing messages and allow the financial institution to effectively target different segments of the population.

Market research has supported the bank’s management in strategic decision making and provided guidance for creative marketing efforts. Building a brand does not happen overnight. However, with the right approach before and after the campaign, this financial institution continues to reap the rewards of money well spent.

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