BRANDS WE LOVE OR KNOW ON THE CZECH FINANCIAL MARKET
BRANDS WE LOVE OR KNOW ON THE CZECH FINANCIAL MARKET

Summary/Abstract: Being loved is good for our business, image, and sales. Being hated means a failure to connect with our customers. This paper analyses well-known brands on the financial market in the Czech Republic and defines the concept of lovebrand. Brand is a key asset in the marketing of goods and services. Now, more than ever, banks need to transition from being an ordinary brand to being a lovebrand. Ideas move mountains, especially in these days, where marketing communication is based on stories and an emotional connection with customers is essential. This paper will also present the basic overview ofthe structure of the financial market in the Czech Republic. On one hand, customers are expecting creativity from their banking experience, there by forcing banks to rethink their brand strategy or use multi-branding concept. On the other hand, market entry of new, low-cost banks leads to price competition. It takes time to create and build brand equity and the future of marketing is in “content marketing” and “lovebrands”. The main aim of this paper is the comparative analysis of financial brands on the bank market in the Czech Republic.

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