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Zion and Zion Study: Chase Beats Wells Fargo and Bank of America - Brand Personalities of Top Three U.S. Banks RevealedPHOENIX, March 14, 2024 /PRNewswire/ -- Zion & Zion, a full-service, global marketing agency, released part seven of its multi-part study that explores the relative brand personalities of 45 top U.S. brands. In the seventh study, the Zion & Zion research team explored brand personalities of the top three U.S. banks and the impact of those personalities on performance.
In a prior study the Zion & Zion research team explained how its measure of brand performance captures multiple desirable consumer behaviors into a single outcome measure. In this study, we use regression analysis to understand how the 11 brand dimensions drive brand performance for three of the top companies in the banking industry: Bank of America, Wells Fargo and Chase. "These findings emphasize the power of brand differentiation in capturing consumer loyalty," said Zion & Zion CEO Aric Zion. "Our research indicates that by targeting specific areas of improvement, brands can carve out a unique position and secure a competitive advantage in the marketplace." The seventh study shows that the three banks are seen by consumers as highly similar. Only Wells Fargo separates itself slightly from the pack, but not in a positive way. The regression analysis highlights that in this industry low scores on Socially Irresponsible, high scores on Sincerity and high scores on Competence are the key drivers of brand performance while Excitement and Ruggedness do not contribute much to the success of a brand. Chase scores lowest on Socially Irresponsible while also scoring highest onboth Sincerity and Competence, highlighting that Chase is the brand in this industry that will benefit most from its performance on brand personality dimensions. However, it's important to keep in mind that each brand has its own unique profile that needs to be understood in relation to the brand's positioning and target segment. It would be misleading to see this as a competition where a brand is strong only if it scores high on all appeal facets and low on all negative facets. Brands can perform well if they have middling scores on all these dimensions. Being perceived negatively by some consumers may be acceptable if the brand's target segment sees the brand in a positive light. View the full research report here. About Zion & Zion Zion & Zion's clients include American Eagle Outfitters, Bally Sports, BD (Becton Dickinson), Campbell's Soup Company, David Yurman, Hunter Douglas, IBM, NASCAR, NETGEAR, the Phoenix Suns, and Walmart. Learn more at http://www.zionandzion.com or follow us on Twitter @ZIONandZION, Instagram @zionandzion, Facebook @ZionandZionAgency and LinkedIn Zion & Zion. Contact:
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