Abstract:
This study investigated how customers’ perception of the rebranding exercise by the largest bank in Ghana with focus on selected rebranded elements and its influence on their bank preference. The perception of potential customers of the rebranded elements was ascertained using three of the selection criteria (memorability, meaningfulness and likeability) for brand elements as opined by Keller (2003). The selected brand elements in the context of this study included; name, slogan and logo. A multiple regression analysis of the data from 214 respondents revealed that, customers’ perception of the rebranded elements had significant influence on their bank preference. The customers’ perception of the rebranding exercise had the most significant influence on their bank preference. Among the rebranded elements, the rebranded logo had the most significant influence on bank preference followed by the name. This outcome is closely linked to the existing association customers have with the rebranded name and logo prior to the rebranding. Generally, the rebranding exercise was necessary. However, responses from potential customers’ suggest they were skeptical about its influence on their perception and preference for the bank because of the rebranding. Service firms seeking to rebrand must consider customers’ perception prior the exercise. This study recommends the adoption of Keller’s criteria for selecting brand elements (memorability, meaningfulness and likeability) to banks or service firms who intend to rebrand. To enable them build and maintain a favorable customers’ perception which would consequently influence their preference. Internal marketing (employee buy-in) and effective marketing communication of purpose of the rebranding would also be relevant in the success of any rebranding exercise
