ScotiaBank is in 48 countries and 5.5 milion customers. They are currently expanding into Latin America to reach those who are unbanked in the Caribbean. Their core purpose is to help customers become better off. In Canada, their motto is “You’re richer than you think.” This doesn’t translate correctly across regions. They’ve looked to change this in Latin America.
When you’re doing research to make your company cross borders, and create a new brand based on one that exists, you must start with a huge opening for your funnel. No one can be left out of the process.
First, one must determine the key brand attributes. What are the generalities, and also look at the little thinks that make the brand. Burke wanted to then figure out what was driving the brand, what’s differentiating ScotiaBank, and what are the key constituencies.
Concentrate on what would differentiate the bank based on missions, goals and identity. This is different from building an identity from scratch.
Lessons learned from ScotiaBank and Burke:
-The brand attribute “research funnel” should have a wide opening and a narrow outlet
-Use multiple evaluation criteria for determining optimal brand elements
-Readiness assessment requires both operational and marketing components
-It is possible to arrive at common brand strengths across multiple geographies
-Well-communicated research findings can influence thinking among diverse stakeholders
-Competitive bank comparisons overcome cross country measurement concerns