As a bank director myself, I’m the last person who would advocate for longer meeting agendas. That said, I’m on a constant mission to be mindful that understanding bank performance requires understanding bank purpose.
While the strategic plan addresses purpose internally, it’s the bank’s brand that speaks to customers and the market. So even as we need to understand the strategic plan, we need to understand the bank’s brand plan on a regular basis.
Here are some things to consider:
Is your brand expression a platitude or a promise?
Here’s a hint: If you’re “the friendly bank” you’re selling what is already a customer expectation. Your message should be aspirational, and action focused. Periodically request data that reports how your message resonates with your internal and external audiences.
Also, take a moment to consider what the brand message means to you as a director and how it informs your perspective.
Is your brand wearing a leisure suit?
Brands are not marble monuments. Nor should they be contingent on just one set of circumstances. Think antifragile. Your brand should be able to conform and be customized to connect with key audiences. Make sure the destination of your strategic and brand plans is the same.
Approach chest-thumping with care.
Some of the most powerful brands are built around not only the productivity sold (banking services) but the altruistic purpose of the product (prosperity) as well. In today’s world of Diversity, Equity, and Inclusions (DEI) and Economic, Social, and Governmental (ESG) rights, this is more important than ever.
Are you deploying brand expansion to leverage your impact?
Wealth management, trust and mortgage lines of business should be given the latitude to customize the brand to encompass specific deliverables. Also, when possible, avoid creating stand-alone line of business creatives that can be expensive and confusing.
Are you generating brand buy-in?
My bank’s president and CEO anchors each board meeting agenda with our brand statement. We keep it top-of-mind as we address issues and make decisions.
Although your marketing team may be responsible for brand initiatives, bank leadership is responsible for being the brand champion. If something – actually anything – is important to leadership, it will be important to the enterprise. And vice versa.
So, as I wrote at the outset, creating long agendas is not my goal, but overseeing the periodic review, re-evaluation, and refreshing of your brand is consistent with our fiduciary responsibility.
