According to the BrandZ Ranking, Itaú was considered the most valuable brand in Brazil in 2020, and such a diagnosis could only be the result of a well-crafted and well-executed strategy. Of course, there are many factors that may have contributed to this outcome, but today, I will share some of the brand management strategies used by Itaú that can be embraced by companies of any size and fit even the tightest budgets. Here we go!
1. Don’t be afraid to be different
You may not remember, but Itaú didn’t always have orange as its trademark color. It was only after nearly 10 years of existence that the company decided to adopt the color, inspired by a highlighter pen shade. At the time, all bank brands used only black and white, and the name “Itaú” itself means “black stone” in Tupi-Guarani. So how do you explain the change? The answer is simple: strategy.
While the black and white colors positioned the company well within its segment, they disappeared in the urban landscape, thereby missing the opportunity to leverage the architecture of the branches as a differentiating factor. Using a distinctive and eye-catching color was, therefore, a design strategy solution that gave the bank a strong and unique presence. Of course, achieving this result required courage from the managers to make a decision that went against the strategies of the biggest competitors in the market. Any resemblance to the effect achieved by NuBank, therefore, cannot be mere coincidence.
What about you? Are you simply copying your competitors, or are you strategically working on your brand, daring to present your differentials and message effectively, even if it deviates from what is familiar to your audience?
2. Embrace change
It’s time to accept it: companies that resist change are doomed to fail. Itaú would not have achieved the position of the most valuable brand in Brazil if it had not been constantly updating itself in the face of the main technological and social changes of our time. And this is not only part of the brand’s message (which now addresses relevant issues for the present), but also of the corporate culture. More than just adapting, it is necessary to create an environment where people feel stimulated, challenged, and inspired by innovations.
That’s why putting aside distrust and embracing cultural, social, or technological transformations can be the impulse your brand needs to reach a new level in the minds of your customers. Don’t be afraid to expose your beliefs, your manifesto, and update them if needed.
3. Create experiences
Human beings are captivated by pleasant experiences and tend to reject anything that is too difficult to execute. That’s why Brazil’s most valuable brand invests in specialized teams to turn each of its products into extremely enjoyable experiences. From using illustrations that make communication more human and friendly to the design of the apps: providing a good experience is at the core of the bank’s offerings.
And you? Have you put yourself in your customer’s shoes? Have you mapped their journey from the first contact with your brand to post-sales? User-centered design is more than just a trend and needs to be part of your business strategy!