THE RELATIVE IMPORTANCE OF BRANDING TO
Date
2011-06-24
Authors
Warnick, Tracy
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Abstract
The recent rise in the numbers of high net worth and high net income individuals and
deregulation, globalisation and information access has driven the rapid growth in private
banking in South Africa. Competition is fierce and differentiation on the basis of
innovation and price only deliver short term advantages. It is envisaged that brands will
play an increasingly important role in distinguishing private banks as customers become
more discriminating and demanding.
This study aims to better understand the importance of branding from a potential and
existing client perspective and develop a series of recommendations for business and
brand managers in private banks to successfully build their brands.
A qualitative study was undertaken and in-depth interviews were employed to uncover
client’s perceptions of private banking and understand the importance of the brand
relative to other key attributes.
The overall finding is that brand is as important as attributes such as the product
offering, the additional benefits and access to information. Clients want to associate
with a private bank and want to be treated as individuals. They want to feel special and
recognised and they want private banks to be more proactive in terms of addressing
their needs. Private Bank employees have considerable influence on the perception of
the brand. It appears that Private Banks have a way to go when it comes to branding.
Description
MBA - WBS
Keywords
Brands and branding, Banks and banking, Private banking