[Authored by MBA Candidate Jay Crosson] When is the last time you saw a little red hummingbird and thought of a bank? If Ron Samuels' Avenue Bank is successful in building its brand, that connection will occur a lot more often. According to the bank’s informational website, www.thedifferenceisreal.com , the hummingbird was chosen because it is agile, sensitive to its environment, and can defy the laws of nature by even flying backwards. Avenue Bank is trying to differentiate itself from the traditional concept of a bank by associating itself with this likeable and somewhat magical little bird.
Avenue Bank opened in July 2007, by reaching out to customers who are tired of doing business with impersonal regional and national banks. The old community bank where the teller knew your name and the banker was part of the community had faded away. Since banks were deregulated, bank products like loans, checking and savings accounts, and mortgages have become more like commodities---so how do you differentiate yourself?
One way Avenue Bank is different is by building a brand using holistic marketing strategies. When you walk into a branch you are greeted by a concierge who is not the receptionist but your banker. In fact, there are no tellers or receptionists. Everyone is a banker. These concierge bankers have been trained to give you exceptional customer service. The buildings have also been designed to reinforce the image of "trustworthy, yet edgy" by using brick facades and traditional wood accents along side of high tech lighting and drop down ceilings. Photographs in the lobby reflect local icons to underpin that this is a bank with Nashville roots and connections. Every customer contact seeks to reinforce this image. They even answer their own telephones instead of sending you through an automated system. Many brand elements, like their red and gray color schemes, have been designed to reinforce the edgy feel of this startup bank. The bank’s website seeks to further cultivate customer loyalty and tell their story even as it reinforces the brand they are creating www.avenuenashville.com.
Ron Samuels tried to resurrect the First American name that had strong local brand equity when he discovered that AmSouth/Regions had not protected it. The ensuing media buzz when the large regional bank threatened litigation against the new startup bank helped bring free publicity to the name that they had been developing all along. Avenue was chosen because it represents “a path toward something”. The bank leverages this slogan when advertising by asking “where do you want to go? Advertising is focused in this startup bank to reinforce the budding brand. Another slogan they use plays on the phrase of not asking who is your bank --- but who is your banker?
Avenue Bank appears to be on the path to success, despite the economic adversity that has hit the financial sector. So, the next time you see a little red hummingbird, you might just think of a bank.
Authored by Jay Crosson, MBA Candidate