Repositioning a nationwide Russian bank
Client: Vozrozhdenie BankSituation
Since its introduction on the Moscow exchange in 1991, Vozrozhdenie Bank (VZRZ:RU) had become a leading retail and business bank in local communities across the Russian Federation. However, competition from international banks had become a threat and was projected to increase. Although its performance was strong, the bank’s share was undervalued; it was hardly mentioned in the press and coverage by financial analysts was limited.Solution
Our employee and market research revealed a number of viable positioning scenarios. By testing the scenarios with customers, employees, analysts and regulatory bodies we were able to build a clear picture of the direction we should take.
The bank’s local and often personal relationships formed the cornerstone of the new positioning strategy under the tagline, “the bank that is always with you.” All employees were trained prior to the launch of the new brand identity and marketing program that included nationwide PR, TV and outdoor advertising. Following the launch, revenue from banking fees increased steadily, the share price multiplied and the bank emerged from the credit crisis as one of the strongest in the market.Related services