“No one knows who we are!” Sound familiar? That’s just one of many common challenges financial institutions face in today’s market, and oftentimes, a very sound reason many give for exploring a rebrand. But, as Gap’s disastrous 2010 rebrand attempt will tell you, not all rebrands are created equal. So, how do we learn from their failure? Here are three tips to avoid a ‘Gapocalypse’ and create a brand that sticks:
1. Create Key Stakeholder Buy-In
A wise psychology textbook once said, “our favorite subject to talk about is ourselves.” From your staff to your board to your membership, it’s important that key stakeholders understand how their feedback was incorporated into your new brand. Educate stakeholders on how their voices were heard, how this rebrand helps them, and how they played a key role in the development of your new brand. Not only will doing so foster a deeper understanding of your new brand, it will create a sense of ownership, and create buy-in in ways that often results in a sense of pride and loyalty.
2. Launch Strong
Even the strongest brands can struggle to gain traction in the marketplace if launched incorrectly (ahem, #Gapocalypse). A weak brand launch can create more confusion than understanding and give your membership feelings of unfamiliarity and bewilderment. Make sure your rollout plan is sound! The “Who, What, Where, When, and How” of how you launch your new brand will be the difference between crawling across the finish line or sprinting those last 100 meters.
3. Create an Emotional Connection
Lastly, the most important thing about creating a brand identity that sticks is creating something that speaks to the heart and creates an emotional experience. What are your target audience’s aspirations? What keeps them up at night? These are the things that will resonate with your target market(s), because, at the end of the day, it’s not the colors that were chosen or the logo that was created—it’s the emotional connection a brand has imparted on a person that lingers long after the words have faded.
Are you ready for a rebrand? Learn more about how La Macchia Group can assist you and create a brand identity that sticks!
Rachel Scott | Brand Lead
Rachel Scott is Brand Lead at La Macchia Group, where her more than five years of experience crafting brand identities for financial institutions has included several award-winning rebrands.