Challenges & Opportunities of Corporate Rebranding In Case of Zemen Bank

Abstract

The objective of the study focuses on assessing the challenges and opportunities arised because of rebranding activities. Hence it helps to understand customers’ evaluations and perception after a bank name, strategy or overall brand/image is changed. This empirical study was done taking Zemen Bank as a case study. Three surveys were administrated to make the findings more exhaustive, by taking the bank’s individual & business account holders; as well as staffs with a direct responsibility related to branding issues. From a total sample size of 349; 257 Individual and 92 Business account holders’ were participants of the study. Quality and Brand Management Section Head, Senior Brand Management Officer and the Marketing Manager were taken as samples for the qualitative study. The findings show that customers’ perception and attitudes towards the banks’ brand were affected by brand renaming, and corporate rebranding; whereas the bank personality perception was to some extent alter in the public mind. Companies differentiate themselves from competitors by incorporating practices from changing their logo, name or image in order to attract more customers and use this as an effective way to draw in more desirable employees. As the need to differentiate; especially in markets such as the financial services industry is prevalent, rebranding a company’s brand image should be supported by tangible actions to give substance to the message with consistent effort till the life span of a company.