BANK OF BARODA
In the case of Bank of Baroda it was the need to refresh brand image and create a more contemporary persona as the old identity was not well recalled or liked so a dramatic transition was called for. When brands undergo an overhaul, how should they ensure that consumers do not misinterpret this as a negative sign as though something is amiss and start worrying if it means the brand was not doing well before? Bank of Baroda is a comprehensive re-branding initiative that addressed issues far beyond a new logo. Public sector organizations must change in order to be relevant to India’s increasingly youthful audiences. Similarly, ayurvedic soap Medimix had an extremely distinctive but unappealing packaging that did not resonate with youth. We changed it dramatically in 2006, not just as a cosmetic exercise but to communicate cues that the product was better. This too has been a huge success in the market. Change requires intelligent, consistent communication. As long as that is delivered, consumers will not worry With 2009 promising a level playing field to foreign banks, Indian banks have been rushing to not only bulk up efficiencies, they are also rushing to shed their staid public-sector branding. While changing public perception is one step, a new identity also helps draw new customers. Over the last two years, private sector entities such as Catholic Syrian Bank, Jammu & Kashmir Bank and South Indian Bank have all gone for a new fascia, apart from BoB. Hence now it too followed the league. However, this should be done without alienating its existing clientele. Banks work on trust. Thus, success of such re-branding campaigns lie in integrating a new look while retaining their earlier allure.In the fiercely competitive financial services industry, it has become imperative, if not mandatory, to rebuild a brand in order to attract and retain customers who have a wide range of alternatives. Bankers also have to take into account...
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