The Right Brand and Position
A 50-year old ﬁnancial institution, second in size in a highly competitive market, needed to establish brand awareness and update its corporate identity and positioning. FabCom was commissioned to develop a comprehensive, three-year marketing strategy.
- Develop, brand and promote a unique and effective market position.
- Grow membership by 200% over industry average rate.
- Increase current members’ utilization of key services/products such as credit cards, savings accounts and real estate loans by 10% per year.
- Separately and strategically identify and target key stakeholders to inﬂuence acceptance of the market position.
- Clearly communicate the new market position to all target audiences.
- Reposition for future regional growth.
- Provide the “blueprint” and allocate the marketing resources needed to obtain the goals and objectives as outlined in the Board-approved “Vision 2005” plan.
- Provide the Internet infrastructure and user features for a fully-functional consumer ﬁnancial gateway.
- Separately and strategically target the Hispanic market.
The comprehensive marketing strategy and campaign elements were built around the positioning statement, “Your Financial Partner.” A name change was a key element of the strategy in order to resolve the confusion in the market relative to a large number of institutions with similar names. The logo was revised and updated. Print, radio and direct mail were also utilized.
The new positioning, “Your Financial Partner,” resonated with both existing members and prospects as corresponding to their needs and ﬁnancial concerns. While the industry’s average growth rate declined by 37.5% year-to-year (from 3.2% in 2000 to 2% in 2001), FabCom was able to help the institution grow its membership by more than 8%, or 4 times the industry average. In the institution’s statewide market, only one competitor (out of 70) grew by a larger percentage. Based on the success of this strategy, the relationship and the client’s growth continue to prosper.