Regions Financial, now one of the largest US financial
services groups following the merger with AmSouth Bancorp in 2006,
has rebranded its retail banking arm, Regions Bank. The bank is
using, in particular, the image of bicycles and the colour green to
get its new message across, says Charles Davis.
It’s an all-too-common marketing challenge: one regional US
banking group merges with another and sets out to distinguish a
newly integrated retail bank in the crowded retail
marketplace.
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For Alabama-based Regions Financial, which merged with AmSouth
Bancorp in November 2006 and became the US’s tenth-largest bank
holding company, inspiration struck in the form of the colour green
– and a bicycle.
Why a green bicycle? There is method to the madness, as its
‘lifegreen’ bike supports a bank-wide brand positioning initiated
last July, in which Regions employs its signature icon to signify
the consumer experience as well as carry the theme and campaign
message throughout the institution.
Simplicity, freedom, friendly and easy are just a few of the words
used to describe a bike ride, which is the same experience Regions
is working to create in banking.
Regions is the largest bank headquartered in Birmingham, Alabama,
with 88 branches and $5.9 billion in local deposits, according to
Federal Deposit Insurance Corporation data. In the wake of its
merger with AmSouth, the bank knew that it had to create a new
identity as it converted the old AmSouth brand to Regions.
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By GlobalData“This campaign is the next generation of what we launched last
summer,” said Scott Peters, Regions’ chief marketing officer.
“We’ve since found through our initial research that people can
relate to Regions’ lifegreen bike. The advertising speaks to the
banking experience with Regions, how we are positioned today to
help our customers reach their chosen destination for the future,
and the roadmap we can help them design to reach their financial
goals.”
In addition to the new marketing campaign, the bank has unveiled a
new logo with a pyramid as its centrepiece. The pyramid points
upward and is divided into four radiants that create five sections,
with the five representing the bank’s basic values: put people
first; do what is right; reach higher; focus on the customer; and
enjoy life.
Regions teamed with local agency Luckie & Co to roll out its
first comprehensive marketing campaign since it completed its $10
billion merger with AmSouth. Media agency MindShare’s Atlanta
office also worked as part of the integrated team to strategically
place the advertising.
Brand-building objective
The campaign’s brand-building objective incorporates a value
proposition to increase understanding of Regions’ various solutions
to meet customer needs.
The advertising is situational, focusing on key life events such as
saving for a comfortable retirement, funding a child’s education,
purchasing a home or growing a business. Its spots emphasise why
“customers should expect more” and highlight the financial guidance
Regions provides to help customers reach their destination in life
– and that’s where that bright green bicycle comes in.
“Working with Regions to heighten the visibility of the brand has
been a rewarding, creative challenge,” said Brad White, Luckie
& Co’s executive creative director. “From the beginning, we
thought the bike would be a tangible icon that would allow us to
tell a story. The initial research has confirmed this for us and
allowed us to harness the power of the brand as well as hone the
market positioning for this campaign.”
Each 30-second television ad features a street intersection or
cross-roads. One television spot focuses on retirement, featuring
the corner of ‘Regions’ and ‘Gone Fishing’. Another commercial
brings a family to the junction of ‘Regions’ and ‘Every Bit
Counts’, showcasing bank account packages to help with the bottom
line. The campaign includes six different television commercials,
nine radio spots and numerous print ads that over the course of the
year will focus on different lines of business and specific target
markets.
The campaign employed some creative delivery touches as well.
Street teams pedalled into selected cities on bicycles to hand out
literature and entry forms for bike giveaways, supported by radio,
television, cinema, outdoor and newspaper ads, sports sponsorships
and other promotions.
To maintain a friendly neighbourhood feel that belies just how big
Regions has become, MindShare segmented the now-doubled footprint
of branches into 65 markets throughout its 16-state footprint
including Alabama, Georgia, South Carolina and Tennessee: areas
where there were only Regions Banks prior to the merger;
territories where AmSouth and Regions previously competed; and
regions where AmSouth was about to become Regions. Media would
‘talk’, ‘shout’ or ‘roar’ in those markets, respectively.
“Our brand reinforces that it is time for our customers to expect
more… more convenience, satisfaction, and better products,” said
Peters.
“Our plan is to build a bond with the customer and make banking
with Regions uncomplicated, accessible and enjoyable as we help
customers reach financial destinations important to them.”
