I had the pleasure of listening to Jim Little - Chief brand and communications officer at RBC talks about branding and what it means to him.
Jim is responsible for building the brand and improving communications globally for RBC - The Royal Bank of Canada.
Jim's philosophy on branding
Jim's definition of branding is this (Which he developed about 15 years ago)
It is a relationship that secures future earnings by securing customer loyalty.
So the true understanding off brand means that you can predict the future value of of a relationship based on the percentage of loyalty you have with that customer.
It is the reason why we pick certain relationships with companies.
Heritage and Relevance
Continuing on Jim's philosophy, for a brand to be successful it must have Heritage and Relevance.
Many brands have the heritage, but struggle to be relevant.
Relevance is the most difficult thing for a brand, because the environment changes all the time. What may have been relevant at one time may not be relevant just a few weeks later. Brands must always strive to be relevant in the changing world.
A great example that he had was that last year, the biggest relevant issue was the environment. While the environment is not less relevant now than it was, it certainly has been replaced. Now, the economy is the most relevant issue.
A brand, must be able to be relevant with what is going on.
Not being relevant has a huge negative impact on your brand and your revenue.
Here are some brands that were relevant versus. brands that are relevant now
Levis Jeans vs. Seven Jeans
Starbucks vs. Tim Hortons
General Motors vs. Toyota
Arbie
RBC has introduced Arbie. He is the adorable banker that doesn't say a word. I think Abie is a great strategy for RBC as it softens up the banker image through a friendly yet knowledgeable person, who is very easy to remember and recognise.
I think Arbie is definitely helping RBC remain relevant in this ever changing world.
It was great to listen to Jim speak and I look forward to watching RBC grow under his branding leadership.
Ciao,
Robert Scozzari
