ABC

Economic update: Yellen takes the baton

3/4/2014

Visit the Associated Bank Knowledge Center for Yellen takes the baton by Thomas M. Toerpe, Senior Vice President, Capital Markets.
Why brand strategy development is key to creating a successful campaign

3/4/2014
As previously published on In Business Wisconsin February 25, 2014 issue

By Dawn Riedel, director of brand management & marketing services, Associated Bank

Since starting my career in the marketing field 20 years ago, I have never personally been part of a campaign that has received as much employee and customer support as Associated Bank’s new “A good fit” brand campaign featuring the Green Chair. It was an unconventional move to ask our customers to take such a large role in our campaign, but we know better than anyone that banking is personal, and we were humbled to find customers willing to speak on our behalf about why our bank is “a good fit” for them.

It is a known fact that the best brand campaigns have the power to set a company apart from its competitors, increase internal and external loyalty, and accelerate profits. However, what those planning a new brand strategy often forget is that it takes time. Overwhelmed by the excitement of the opportunity and motivated by managers and others wanting to “get going,” sometimes companies bypass some of the most vital elements to developing a successful campaign.

It’s important to realize that a company’s brand is part of its culture and must be real to those who are your most visible brand ambassadors: your employees. But in order to achieve this brand image, it’s essential that all steps in the strategy development process are completed and all delivery vehicles are explored before launching into a new campaign.

Steps of strategy development for a successful brand campaign
1. Research: qualitative and quantitative
2. Developing the framework, strategy, and messages
3. Plan best delivery channels
4. Launch campaign
Before developing your strategy, qualitative and quantitative research must be completed to understand what the current state of your brand is and how this image compares to your competition. How is your company perceived by others? A large part of this research must include talking with employees, customers, and potential clients to see how close your existing image compares to the image you would like to portray. Additionally, this will allow you to identify what aspect of your business is most valuable — the golden nugget that is, or will become, your point of differentiation.

Once you do this, you will be able to start developing the framework of your strategy, starting with the formation of your core brand positioning statement. This statement is meant to be kept internal but will allow you to identify attributes and personality traits that directly relate to your brand. By doing so, employees will be able to much more easily absorb the message you want to get across. All employees should be able to succinctly share the same message to ensure brand consistency throughout the company or organization. After this is done, you will be able to build out your key messages and plan which channels you want to deliver your messages across.

When deciding which platforms to utilize, it is important to remember that frequency and consistency are the major players. Although using an integrated, multilayer strategy will enable your company to reach the most people and break through the clutter, it’s important to remember that in a pinch, your website and social media channels can be a cost-effective way to launch a campaign and start the conversation with customers and prospective customers.

However, in order for any of this to be effective, every company must have internal and external buy-in, going back to the core positioning statement that supports your business goals. Internally, employees are the ones who are delivering the customer experience. Therefore, if employees don’t believe the message you are trying to deliver, neither will your customers. In order to avoid this, it’s extremely important for the executive leadership to be a part of the entire development and execution of the campaign. Without executive leadership involvement, it will be nearly impossible for employees across levels to see the value in the brand and its differentiating factor from competitors.

To this end, it’s critical that your brand as an employer and as a provider to customers play hand in hand. How you recruit your employees and communicate with them regularly to engage them in the success of your company and your customer relationships will directly influence the strength of your brand.

By putting in the necessary time for each step, basing your plans in the core truth of your customer experience and culture, and bringing those truths to life in a differentiated, compelling way, companies of all sizes will be able to create a successful brand strategy.
Associated Bank ranks among top three in national small business banking study by ath Power Consulting

2/28/2014

Mobile banking, customer service cited as driving factor for small business owners

Associated Bank was recently named to The ath Power Small Business Banking Study™ and received the second highest overall evaluation score in the study, and the top score in the category of “Ease of Doing Business With.”

The study revealed what small business clients expect from their banking relationship, gaps in the service experience, and how banks measured up in this all-important market segment. Over 800 in-person branch visits by prospective small business owners at banks across the U.S. were surveyed.

This year’s study revealed the impact of a bank's mobile banking offering. Sixty-six percent of small business owners said they would be likely to switch banks for one with a superior mobile offering. Conversely, despite its growing prevalence and importance to small business owners, 37% of bankers in the study failed to even mention their bank's mobile offering.

“Associated is committed to continuously improving our products and services for our small business customers as their needs and expectations rise and this ranking validates we are on the right path,” said Doug Kohlbeck, director of business banking, Associated Bank. “Small business customers are increasingly interested in how they can access their bank and Associated will continue to invest in alternative channels to meet their needs.”

Results also revealed that bankers from the highest rated banks were significantly better at determining needs and building rapport with prospective customers. Of those small business owners who reported that the banker built a rapport with them, 91% said they would become a customer compared to 28% of those who did not.

“We have a very disciplined approach to customer service that enables our colleagues to deliver exceptional service to our customers,” said Karen Whalen, senior vice president of retail banking and director of service excellence, Associated Bank. “Through the study we learned that small business owners that evaluated Associated found the in-person experience to be the most favorable based on several key indicators including dynamics such as the account opening process, the rapport built with the banker, and the process to switch to your bank.”

Along with Associated, other top performers included Bank of the West and Chase.

"Based on the impressive results attained in our study and the noted investment to constantly improve the overall experience for small business customers, it is clear that Associated Bank is making strides in this extremely important market segment,” said Frank Aloi, CEO of ath Power. “Associated has been properly educating its front-line staff in addressing the specific needs of small business customers, while also providing innovative and valuable tools to help them operate their businesses more efficiently. The focus to effectively serve this segment is proving to be successful.”