Differentiation: A strong brand helps a company stand out in competitive markets by clearly communicating its value proposition. It creates a unique identity, establishes a competitive edge, and positions the company as a leader in its industry. For example, Google is synonymous with internet search.
Customer Loyalty: A positive brand experience builds emotional connections, making customers less price-sensitive and willing to pay a premium. Loyal customers generate repeat business and act as brand ambassadors, reducing customer acquisition costs and boosting long-term profitability.
Talent Acquisition and Retention: A strong brand not only attracts top talent but also enhances employee morale and engagement. Employees who identify with a reputable brand are more motivated, productive, and committed, driving better business outcomes.
Scoring brand strength is subjective because it relies on individual perceptions and interpretations of various factors, such as customer sentiment, market dynamics, and the competitive landscape, which can vary.
Using our scoring methodology, the average score of a business is calculated as being C (average). This differs from the average score of the top 10,000 businesses featured in our coverage. Weighted to that cohort, the average brand strength score increases to a B (good).
The analysis team have noted the following factors impacting its brand strength:
The 7Ps of marketing are crucial components of strategic decision making for any organisation in any industry vertical.
Using the 7Ps in competitive analysis provides a holistic view of the marketplace, allowing businesses to refine their strategies, capitalise on competitors' weaknesses, and better meet consumer needs. The 7P's are defined as:
- Product/Service
- Price/Fee
- Place/Access
- Promotion
- People
- Physical Evidence
- Processes
All these elements together frame an organisation's marketing mix, crucial for creating effective marketing strategies.
This 7P analysis is designed to provide a valuable insight into the business strategies of the company. It can be used to reveal strengths and weaknesses in their marketing mix, offering opportunities to compare and enhance a business.
1. Product/Services: Bank of America offers a wide range of financial products and services to its customers, including checking and savings accounts, credit cards, loans, investments, and insurance. These products are designed to meet the diverse financial needs of individuals, businesses, and institutions.
2. Price/Fees: Bank of America offers competitive pricing for its products and services, with fees and interest rates that are in line with industry standards. The bank also offers various fee waivers and discounts to its customers, making its services accessible and affordable.
3. Place/Access: Bank of America has a wide network of physical branches and ATMs across the country, providing convenient access to its services. In addition, the bank also offers online and mobile banking options, allowing customers to manage their finances from anywhere, at any time.
4. Promotion: Bank of America uses various marketing channels, such as television, print, and digital media, to promote its products and services. The bank also leverages its partnerships with other businesses and organisations to reach a wider audience and attract potential customers.
5. Physical Evidence: The bank's physical branches and ATMs serve as tangible evidence of its presence and credibility. In addition, the bank's website, mobile app, and other marketing materials also contribute to creating a positive image of the brand.
6. Processes: Bank of America has efficient and streamlined processes for opening accounts, managing transactions, and resolving customer issues. The bank also invests in technology to improve its processes, making it easier for customers to conduct their financial activities.
7. People: Bank of America employs a team of knowledgeable and skilled professionals who are trained to provide excellent customer service. The bank also values diversity and inclusion in its workforce, ensuring that it reflects the diversity of its customer base.