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Activity:
Question posted: 11 04 2009 11:31:10 +0000,
2 answers, 256 views, last activity
07 06 2010 20:18:08 +0000
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In the last few decades I have seen very few companies has done rebranding in financial sector. Some of them have done just by changing company’s log or color but I find very few companies that rechristened itself.
One bank that rechristened itself successfully is UTI Bank to Axis Bank. The rebranding was done through innovative advertising campaign and new image was reinforced in the minds of people.
Why companies hesitate doing rebranding in financial sector. When a company does rebranding particularly in financial sector?
I expect good response on this question.
Basically Branding is Business technique used by the companies to position their company in the customer's mind. The rebranding means a change in which the company have to freeze its present image progress through the intended change of brand use every strategy for repositioning its Image in the minds of customer and refreeze in its new position.
Since all this process is attracting good amount of resources: time and grit of the company and also disturbs inertia of position in customer's mind, the rebranding is often not resorted to improve the company's business. Instead of rebranding the innovation of the products is the most tried technique in respects of financial institutions.
I think due to the below reasons the rebranding is very low in financial sector
- Exsisting customers may not recognise you- It is a common concern that change could put a lot of goodwill and customer loyalty at risk.
- It will cost too much- UTI Bank has spent almost 50Cr on rebranding.
- People may think the company has resurrected the failed business.
- Skeptical about the benefits of a cohesive brand.
The company does the rebranding if,
- Create a confidential Career Profile and Resume/C.V. online
- Get advice for planning their career and for marketing of experience and skills
- Maximize awareness of and access to the best career opportunities
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