Brands reflect banks’ competitive position on the market, says Alexander Lopukhin of Association of Regional Russian Banks

29 December 2006 (08:44)

‘A brand is the company’s image projected (or failing to get projected) onto the client’s mind. A re-branding campaign is thus aimed at building the desirable image of the bank among their target audience,’ says Alexander Lopukhin, Vice President of the Association of Regional Russian Banks

‘Brands reflect the banks’ competitive position on the market, they make the banks differ. The main idea behind a brand is a promise that shows the value of the bank’s offer. Brands are built through visual images and messages that motivate a client to use this certain bank,’ Mr Lopukhin observed.

‘A re-branding campaign is not only about changing the company’s name; it is also about the qualitative changes in the company’s ideology, strategy, organization, corporate culture, range of products, and visual elements such as logos, uniform, and branded souvenirs.’

‘Why do banks need re-branding? It is essential if they want to adjust to the market changes and to the new needs and expectations of their customers; re-branding is important for building up a bank’s competitiveness, increasing its market capitalization, stimulating sales, reaching new target audiences, and expanding its business service market segment. Such campaigns are usually accompanied by some changes made to the company’s development strategy that are brought about by the extension of business and new partnerships,’ Mr Lopukhin noted.

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