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| Managing Corporate Brand Transition as a Major Challenge of Bank Nigeria’s Bank Consolidation |
 PRINTABLE VERSION |
f. Position the brand – Positioning is like renting a space in the customers mind and displaying your brand there. This could be voluntary or involuntary. Voluntary positioning is deliberately planned and executed through integrated marketing communications strategies to put a brand where the creator or owner wants it to be.
Involuntary positioning on the other hand is not necessarily planned, but arises out of social interests, activities and perceptions. Unconsciously society's desire and expectations for certain goods or services makes brands in that category the preferred. Track record has positioned Japan as maker of the best electronics in the world. But in Nigeria, Taiwan stands for fake and sub-standard goods, contrary to the country's intentions. As banks compete on the bases of efficiency, customer service and the like, the unknown side of them will be unveiled.
Is Bank Consolidation the end of Local Bank Brands?
Even in the face of possible threat of extinction, some local bank brands will survive well into the new dispensation. Most of them will emerge from the ashes to become strong brands, with greater strength and equity that could make them graduate into global brands.
So far, there is evidence that some brands stand the chance of survival. Among these are First Bank, Union Bank, United Bank for Africa, Afribank, Intercontinental Bank, to name a few. But surviving the change is one thing, and being able to mould old skin and become renewed for fresh start is another. It all depends on what the emerging banks will do to create enabling environments to know their customers better, familiarize themselves with the needs of these customers, carter for their desires and establish strong emotional links with them. In addition, the surviving corporate brands will be those institutions that will effectively combine men and machines to deliver greater efficiency not only in service delivery but also in managing relationships and improving internal processes and procedures.
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