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WHY SHOULD AFRICAN BANKS LEARN TO BUILD THEIR BRANDS?

Branding can be a complex exercise when operating in the banking industry.
Generally, when a company doesn't offer a tangible product, the notion of brand for it is difficult to exercise.Why, because it is directly related to the person providing the service to the consumer.
The concept of brand in the banking industry therefore requires two fundamental aspects more than in any other industry :


  • Brand building 
  • Brand integration 



  1.  Why brand building on the one hand? 
No matter what market you operate on, your products/services will not stand out if there is no emotional connection between your product/service and the consumer.

The only entity that can create a direct link between the consumer's unconscious and the product you put on the market is the brand.

Maybe we should start by defining what a brand is? After many reflections and consumer studies, we have put together a definition that is unique to the notion of brand. For us, a  brand is the set of emotional value that a company manages to inscribe in the unconscious of its consumers through the different products and services that it puts on the market. It must be remembered that the brand and the product/service that carries it are indissociable: The product is the vehicule of the brand to the consumer. And the brand is the demarcation factor of the product on the market. The two entities (brand and product) are therefore intrinsically linked.

The notion of mark  being defined, we would be tempted to ask you which bank in Africa has succeeded in arousing in your brain a chemical reaction when we mention its acronym. Or again, we would be tempted to ask you the question, which banking product arouses in your brain any chemical reaction?

The mark as defined above, must mark you as the name suggests. It is this marker or psychological trauma that can be positive or negative that  will make that, faced with a buying situation you will take one product rather than another. Because worn by this or that brand.


2. Why brand integration?    

Brand integration why, because banks do not sell tangible products, their employees must be able to embody or materialize all the values by which their brand is carried. It may sound simple like that. But there is nothing more difficult for a company than having its values incorporated into all of its employees. This requires, therefore, training sessions never ending from the banks. Because, the only way for them to be able to cope with all future changes in their sector of activity is the creation and maintenance of a strong emotional bond with their consumers. They must not have fun to rely on the vital need for their customers to store their money in a financial institution. This is the case for most of them in Sub-Saharan Africa.


-Frédéric Betta-Akwa 

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