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.

Highlights

  • Branding is seen as the foundation of a broader marketing strategy (Zhao et al, 2018) and has evolved into a global, strategic and multidisciplinary phenomenon that facilitates brandcustomer relationships

  • In order to address this lacuna, the current study empirically explored the applicability of the Brand Identity Prism (BIP) in the South African banking sector

  • The study investigated the applicability of the BIP in the South African banking sector to gauge its plausibility, robustness and validity in this context

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Summary

Introduction

Branding is seen as the foundation of a broader marketing strategy (Zhao et al, 2018) and has evolved into a global, strategic and multidisciplinary phenomenon that facilitates brandcustomer relationships. Brands empower consumers to identify and evaluate product performance (Keller, 2013). This phenomenon is twopronged; branding serves as a strategic differentiation resource for firms and brands serve as a guide for consumers in the product decision-making process (An et al, 2018). Purpose of study: The current study explored the applicability of the Brand Identity Prism (BIP) in selected South African banks. 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

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