strategic planning

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.

Annual Planning: Why “Measure Twice, Cut Once” are Words to Live By

No matter the cause, the impact of poor planning can be far-reaching: Unrealistic goals can tax the system, demoralize the team, and leave the bank struggling to meet its targets. Taking the time to research or enlist data analysis is sometimes seen as too time-consuming. But the measure-twice, cut-once philosophy can prove to be far more valuable than taking the quickest path to a perceived solution.