Identity-based brand differentiation : Brand Identity Prism application in South African banks

Abstract

Background: Branding serves two (2) fundamental purposes - brand differentiation and identification. Firms need to differentiate their brands in the market while consumers identify brands to satisfy their needs. The basis of brand differentiation is the development of coherent brand identities. However, due to scant empirical information, extant brand identity models remain largely conceptual, hence their robustness is questionable. Purpose of study: The current study explored the applicability of the Brand Identity Prism (BIP) in selected South African banks. The study sought to construe brand identity dimensions that differentiate banks in the sector. Design/Methodology/Approach: An interpretivist qualitative research design was adopted. Accordingly, indepth interviews were conducted with banks’ marketing executives who are instrumental in brand strategy formulation, whereafter, banks’ brand identities, as contained on websites and in media releases, were analysed. Results/Findings: Findings revealed that the BIP’s physique, personality, and culture dimensions were used as bases for brand differentiation. Relationships were found important but did not serve differentiation purpose. Reflection and self-image were found to be inapplicable. Managerial implication: The study makes a unique contribution to brand management literature and practice in two ways; (i) it explored the applicability of an existing model in a new context (ii) and concurrently established the sources of brand differentiation in the South African banking sector.

Bank identification and perceived bank brand personality: A gender comparison

“…To remain competitive, banks endeavor to attract fresh clientele and uphold the loyalty of current customers via promotional efforts, inventive practices, and the rollout of novel offerings (Hopkins, 2017). However, effective branding is essential for differentiation from other banks and financial service providers and building a strong customer base (Zwakala & Steenkamp, 2021).…”