Re-branding strategy of Prime Bank Limited & how it ensures organizational sustainability
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Re-branding is the pre-condition to maintain organizational sustainability. It is very challenging to ensure proper re-branding for any exiting organization for which before forming the re-branding strategy, proper knowledge of the customer requirements is a must. Prime Bank is a well-known organization that has been serving Bangladeshi market for almost 24 years and in order to keep up with the shifts in perspective and taste trends of its customers, adopting a re-branding strategy is very necessary. For this purpose, marketing research is essential to identify the driving forces that are indicating the emerging needs for re-branding. For Prime Bank, these driving forces are outdated image, lack of brand clarity and consistency, extension of the targeted demographics, technological shifts in taste trends and pressure of the competitors. Focusing on this, PBL has introduced new products and services to ensure the extension of target customers, updated the outlook and brought technological advancements within the branches to compete with the competitors and matching the customer expectations, re-designed the communication strategy and focused more on CSR activities to change the outdated image it has and lastly, changes the brand logo to eliminate the lack of brand clarity and reflect the updated image it has. Judging from these, the on-going re-branding activity can be identified as the corporate level re-branding. This re-branding is also ensuring organizational sustainability through proper risk management, ensuring work efficiency, cost control and increasing customer’s brand awareness. Survey results indicated employee and customer satisfaction due to these on-going re-branding initiatives. Moreover, digitalization efforts are successfully shifting consumer perception of traditional bank to digital bank as well.