Absa Bank: a Brand Strategy Study
The Absa Group | Brand Strategy
Discuss the relationship between the brand identity and brand image
A Brand identity can be defined as the particular and unique meaning and value that a brand aspires to create and sustain. Brand Vision, Positioning, Promise, Personality, Values, Mantra and Language are the defining roles that comprise a brand’s identity. Most importantly, it is the brand’s view of itself and what it strives to be, both in the market place and in the minds of their target audience. Brand image, contrastingly, refers to how the brand is perceived by outsiders and most importantly by its target audience. Brand image can be strongly influenced by marketing, as well as a consumer’s direct interaction and own experiences with the brand. In order to achieve an intrinsically healthy brand, the brand’s identity should mirror the brand’s image. However for most brands, this is an idealistic goal, as only very few brands have managed to perfectly align their identity with their image, such as Richard Branson’s Virgin brand.
Absa’s main aim is to be acclaimed as the unsurpassed provider of financial services in South Africa, as well as in several other African markets. Absa promises superior benefits to all stakeholders by facilitating each of their clients in achieving their own individual ambitions.
Absa’s values include: • Valuing people and treating them with fairness • Demonstrating integrity in all actions • Striving to exceed the needs of their customers • Taking responsibility for the quality of work • Displaying leadership in all that they do. (Source: www.absa.co.za)
As a brand identity, Absa differentiates itself through superior service quality and competitive products, continuous innovation, and their ability to place the customer at the center of everything they do. The identity aims to demonstrate brilliant execution
Discuss the relationship between the brand identity and brand image
A Brand identity can be defined as the particular and unique meaning and value that a brand aspires to create and sustain. Brand Vision, Positioning, Promise, Personality, Values, Mantra and Language are the defining roles that comprise a brand’s identity. Most importantly, it is the brand’s view of itself and what it strives to be, both in the market place and in the minds of their target audience. Brand image, contrastingly, refers to how the brand is perceived by outsiders and most importantly by its target audience. Brand image can be strongly influenced by marketing, as well as a consumer’s direct interaction and own experiences with the brand. In order to achieve an intrinsically healthy brand, the brand’s identity should mirror the brand’s image. However for most brands, this is an idealistic goal, as only very few brands have managed to perfectly align their identity with their image, such as Richard Branson’s Virgin brand.
Absa’s main aim is to be acclaimed as the unsurpassed provider of financial services in South Africa, as well as in several other African markets. Absa promises superior benefits to all stakeholders by facilitating each of their clients in achieving their own individual ambitions.
Absa’s values include: • Valuing people and treating them with fairness • Demonstrating integrity in all actions • Striving to exceed the needs of their customers • Taking responsibility for the quality of work • Displaying leadership in all that they do. (Source: www.absa.co.za)
As a brand identity, Absa differentiates itself through superior service quality and competitive products, continuous innovation, and their ability to place the customer at the center of everything they do. The identity aims to demonstrate brilliant execution