New trends in visual communication are constantly emerging. Designers and marketers should remain mindful of trends as they develop. Awareness of current trends, knowing what's been and is being done, what works and what does not, will help your team make informed creative decisions for your brand communications. Here's what began to trend in late 2022 and is forecasted to hold our attention as we move through 2023.
2022 Strategic Priorities: Brand Positioning
The pandemic has impacted the way we think about our finances and our banking behaviors in a myriad of ways. For many of us, it has made us take stock in our lives our careers, even our financial situations. So, it should come as no surprise that we’re taking stock of our financial institutions, as well.
Considering so much change and consumer reflection, community banks and credit unions need to move toward a higher purpose when it comes to branding as customers, especially those in younger segments, have seen their world’s rocked and will be looking to corporations to step up because of a lack of faith in the performance of governments and other social institutions. Transparency is key, communicating who and what your FI supports.
Your Brand Post-COVID: An Opportunity to Step Up
Unlike 2008-2009, when banks were blamed for playing a lead role in the recession, customers are seeing community banks as part of the solution to the current crisis. A recent JD Power study highlights that 67% of people are satisfied with their bank’s response to the COVID-19 crisis and appreciate the efforts taken to support customers and local communities that are struggling. It’s crucial for financial institutions to leverage this positive perception and to continue the emphasis on raising brand awareness as you focus on your strategic plan for 2021.
Reconnecting Your Brand and Audience
Not long before the words “social distancing” became a part of our lexicon, Galapagos was invited to speak at the Michigan Bankers’ Association BEST Conference. At that conference, we spoke of the importance of making sure your organization’s culture and brand are in alignment. While we still wholeheartedly believe that it's imperative that your culture and brand are in sync, we also know that the current situation may have paused any significant plans to update your brand.
While your rebranding plans may be on hold, now is not the time to go silent. As customers increasingly find themselves with very real financial issues as a result of this health crisis, the need for banks who understand these issues is growing. Seize the opportunity - let them know you're there, and that you have the tools to help them.
When other FIs scale back their marketing efforts, step up and fill the brand space left vacant by your competitors. Use this time to focus on a strong brand message that sets your organization, and the expertise you deliver, apart. While an “all things to all people” approach is a difficult position to defend, staying clearly focused on a strong value proposition to a targeted group of customers pays long-term dividends.
Not sure where to start? Give us a call. We can help with market opportunity analysis or your next brand campaign.
