Social Services Research Paper
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Internal brand factors driving successful financial services brands
´ Leslie de Chernatony and Susan Cottam (nee Drury)
Birmingham Business School, The University of Birmingham, Birmingham, UK
Abstract
Purpose – Having a successful brand that is integrated and coherent can provide a sustainable competitive advantage. The aim of this paper is to identify internal factors contributing to financial services brand success and ultimately to facilitate better-informed branding activities, thereby growing brand equity. Design/methodology/approach – A grounded theory approach is adopted and indepth interviews were carried out with 68 respondents …show more content…
Tight branding is the dominant model evident in the management of FMCG brands. However, the importance recognised by managers of the more successful brands of personalising the customer service experience is more in keeping with the idea of loose branding. There is a realisation that senior management must relinquish their dominant control over the brand, so staff can be allowed, or even encouraged, to personalise the experience for consumers. Such personalisation is governed by the brand’s values, as these define boundaries and enable staff to understand what is appropriate behaviour. With many organisations still clinging to the dominant paradigm of tight branding may be one reason why there are so few successful financial services brands, given how consumers seem to welcome an individualised service experience. An outcome of excellent, personalised customer service provided by the more successful brands was the formation of genuine and lasting customer relationships. This is discussed by Zeithaml and Bitner (1996), who note that organisations can successfully exceed customers’ service expectations by developing relationships, and Kapferer (2001, p. 221), who states that “A brand’s power lies in its ability to form relationships with its customers”. One example illustrating this
Internal brand factors driving successful financial services brands
´ Leslie de Chernatony and Susan Cottam (nee Drury)
Birmingham Business School, The University of Birmingham, Birmingham, UK
Abstract
Purpose – Having a successful brand that is integrated and coherent can provide a sustainable competitive advantage. The aim of this paper is to identify internal factors contributing to financial services brand success and ultimately to facilitate better-informed branding activities, thereby growing brand equity. Design/methodology/approach – A grounded theory approach is adopted and indepth interviews were carried out with 68 respondents …show more content…
Tight branding is the dominant model evident in the management of FMCG brands. However, the importance recognised by managers of the more successful brands of personalising the customer service experience is more in keeping with the idea of loose branding. There is a realisation that senior management must relinquish their dominant control over the brand, so staff can be allowed, or even encouraged, to personalise the experience for consumers. Such personalisation is governed by the brand’s values, as these define boundaries and enable staff to understand what is appropriate behaviour. With many organisations still clinging to the dominant paradigm of tight branding may be one reason why there are so few successful financial services brands, given how consumers seem to welcome an individualised service experience. An outcome of excellent, personalised customer service provided by the more successful brands was the formation of genuine and lasting customer relationships. This is discussed by Zeithaml and Bitner (1996), who note that organisations can successfully exceed customers’ service expectations by developing relationships, and Kapferer (2001, p. 221), who states that “A brand’s power lies in its ability to form relationships with its customers”. One example illustrating this