Challenges of implementing branding strategy among commercial banks in Kenya
In the world of management, increasing numbers of senior people are recognizing that one of the key routes to improved business performance is better implementation. Changing a corporate brand name suggests the loss of all the values that the old name signifies in an extremely short course of time; it may nullify years of effort and can seriously damage or even destroy the equity of the brand. The objective of this study was to determine challenges of implementing branding strategy among commercial banks in Kenya. The study adopted Cross-sectional survey design. The target population of the study was 44 commercial banks operating in Kenya as at December 2013. Primary data was collected using a questionnaire. Secondary data was also collected for this study from published magazines and annual reports from both the banks and the regulator –Central Bank of Kenya. Data was analyzed by the use of descriptive statistics using SPSS and presented through percentages, means, standard deviations and frequencies. The study found that there are various elements that affect corporate rebranding to a great extent. The study also established that the banks faced limited commitment from senior management, changes in the operating environment, inadequate resources to finance the branding strategy, and inadequate skilled human capital to execute the branding strategy challenges that the banks faced in implementing the strategies .The study recommends that the banks adopt different porters’ generic strategies so as to gain competitive advantages among the competitors and create a stronger brand name. The study also recommends that the banks conducts a survey from the customers so as they can identify ways in which they can create a stronger brand that appeals to them.