BEYOND NEW LOOKS: How FCMB missed it
It has been rightly observed that rebranding really is not just a mere change in logo, slogan or even name but the underlying reason that surrounds the change and the new grounds it intends to break. When a brand gets obsolete, loses its position in the minds of the consumer or it becomes restricted by its present image, then rebranding becomes a good life-line.
This was the case of First City Monument Bank (FCMB) who takes the position of being one of the many banks in Nigeria. One would have expected that its new brand identity would not just be a way of telling its customers ‘say hello to our new look’ but also a means of sending a bold message to its market that we are back, better and ready to compete for the topmost position in the minds of the consumers.
Having replaced its black and gold colour for a more vibrant and exciting purple and yellow, it was only normal for there to be significant changes in its relation with its consumers and brand category via multi-platforms.
It is no longer news that the Nigerian Youth market is filled with a lot of possibilities, opportunities and has overtime become the ‘prize’ for many brands in and out of the country. It is rather surprising that in all the calculations and strategies of the ‘new look’ none was skewed towards tapping into this market. The new image supposedly reflects the bank as youthful and colourful, which speaks to a wider audience, but does not in any way reach to the vibrant and youthful market.
A new look should reflect originality and innovation from top to bottom, but just like it is after many traditional rebranding, FCMB, engaged in a placid and very much expected “Millionaire Promo” for its existing and prospective customers. This campaign might have been successful but in keeping up with a fast-evolving and highly competitive market, this is in no way sustainable.
It is also worthy of note that FCMB’s Digital presence particular social media, before and after the rebranding is in no way used to engage and build cordial relationship with the dominant age groups using those platforms but used much more as a means of communicating the activities of the bank in a One-step flow manner. A brand that promises a world of opportunity to its customers is expected to see and maximize opportunities in everything.
For a bank that is customer-centric and promises a new world of opportunities to its customers, an adjustment in the positions of the pillar to turn forward would in my opinion have strengthened and re-emphasize the vision of the bank. I mean who doesn’t love or want to be associated with a progressive and innovative brand?