Does your brand have a point of difference that gives it an edge over the competition? Great brand strategy is grounded in clearly articulating your differentiation against competitors. Successful brands continually accentuate these differentiators to their customers and prospects.
The key to developing the right brand portfolio is balancing how many brands you need to achieve your business ambitions against how many brands you can afford to support with the available budget.
Most marketers don’t wake up one morning and realize they have a problem with their brand portfolios. The vast majority of organizations have never explicitly considered how many brands they need (their portfolio) or the structure and manner in which those brands are viewed in consumers’ minds (brand architecture). Furthermore, despite the relative lack of corporate attention placed on them, portfolio and architecture issues are the primary source of brand pain and profit loss in most of the companies with which our brand consultant partners have worked.
Because financial institutions are known for offering a similar range of services, customers typically have little, if any, point of differentiation when choosing whom to give their business to, begging the questions: