Brand growth solutions in the banking sector

The success of any campaign hinges on the intelligent allocation of resources to the right communication channels. Banks must develop an effective communication strategy by deeply understanding their target customers. This approach maximises cost efficiency and ensures high effectiveness, as every dollar spent is optimised for the most impactful channels.

Do Ngoc Son, deputy director, Market Research and Consulting, Mibrand Vietnam

Traditionally, bank employees, branches, transaction offices, and ATMs were the most effective communication channels. However, recent years have seen a significant decline in trust towards these traditional channels due to data breaches, fraud, and issues related to insurance and bonds.

In response, customers have increasingly turned to more objective and neutral channels such as social media and the press. Banks should leverage social media as a genuine, interactive tool for customer engagement and use these platforms to educate through creative content that highlights the bank’s core values.

The rise of e-commerce and its interplay with banking have led to significant changes in banking operations, from payment methods to digital financial services like online lending and investing. Banks have the opportunity to reshape e-commerce perception, transforming it into a versatile communication platform that deeply engages customers.

Different customer segments have distinct media consumption habits, requiring banks to gain insights for tailored strategies. For instance, customers under 30 often seek information through online news and official websites, while those over 40 are increasingly active on social media platforms like TikTok. This shift challenges traditional assumptions about media habits across age groups.

Banks often focus on enhancing brand recognition so that customers recall and recognise them effortlessly. The major challenge is evolving from a brand that is only remembered when prompted into a prominent and enduring symbol in the customer’s mind.

Fragmented communication strategies, spreading resources thin across numerous small campaigns, can result in vague and forgettable messages. Banks need to craft distinctive and impactful campaigns that leave a lasting impression. For example, Techcombank and VPBank have successfully associated their brands with major running events, while VIB has leveraged televised music shows to reinforce its presence in the entertainment sector. Such campaigns enhance brand awareness and ensure that customers think of these banks when discussing relevant events.

Effective campaigns should not only capture initial attention but also sustain long-term engagement through special events or activities aligned with the brand’s core values. A strong communication campaign helps the brand stand out and lead in the customer’s mind, even without prompts.

Positioning and message delivery depend on both brand communication and product marketing efforts. Customers perceive these activities as part of the same brand experience. Therefore, consistency and effectiveness in both areas are crucial. Many banks struggle with fragmented and disjointed approaches, which weakens their brand image and marketing effectiveness.

Banks that integrate product marketing with brand strategies will create a clear and cohesive brand image characterised by youthfulness, speed, dynamism, modernity, and creativity.

For example, a marketing campaign for a new mobile banking app with fast payment features and a user-friendly interface, if communicated consistently with these values, will attract younger customers and enhance trust and engagement. This approach demonstrates that a close connection between product marketing and brand activities can significantly boost the bank’s value and competitiveness.

To maximise brand power and ensure alignment of marketing activities, banks need to restructure the coordination between branding and product marketing teams. A unified strategy for both will create a strong, unmistakable impression in customers’ minds, enhancing brand value and gaining a competitive market advantage.

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