Access To Diamonds

The Spark | Ignite/Connect/Achieve
www.thesparkng.com
Nigeria’s past history. This merger presents a
great opportunity for both banks to change the
narrative and prove that banks in Nigeria can
operate at international standards.
They need to upsell the benefits of the merger
to the acquired customers. The people behind
the brand need to ensure their strategy involves
combining the right elements of both brands or
a dual brand strategy approach where Diamond
Bank customers receive the same unique value
they have always received. I find this could work
short term to avoid drastic changes that could
upset customers but a more blended approach
should be applied the long term to ensure
fairness and a unified bank.
Sainsburys and ASDA announced a merger
in 2018, these brands have different brand
propositions as ASDA is known for its low-price
items, while Sainsbury’s is known for high priced
items as in the case of WAMU & Chase. What
Sainsbury’s seem to be getting right in their
communication is that they have observed the
need to lower prices and communicate a more
accessible brand image so as not to alienate
ASDA customers.
If the goal of a merger is growth then strategy
to win over a diverse range of customers is
needed. In the case of Access Bank, their value
proposition in comparison to that of Diamond
Bank isn’t that different so it should be fairly easy
to win over the newly acquired customers with
the right strategy.
There should also be transparency throughout
the process of the merger and ensuring due
process is followed to avoid any appearance of
impropriety as this can also affect perception
and stock prices especially if it results in a lawsuit
as we have seen in the past.
In 2012, Intercontinental Bank staff were reported
to have resigned en-mass after the acquisition
of the bank by Access Bank. If these reports are
true, it is obvious to see that understanding and
integrating both corporate cultures is extremely
important. Here is a chance for Access Bank to
do things differently.
The opportunity here is that both Bank now has
an increase in the pool of talent at its disposal. A
genuine process for retention in a position where
the bank has too many team members should
be employed. The process needs to be fair and
transparent for the good of the company as they
end up with the most qualified staff for the job
along with timely communication throughout
the M&A process to ensure employees are
adapting to the change.
A unified strong message is needed in this time
of uncertainty which both banks are seen at the
moment to be doing well. A visit to both websites
had very similar messages which communicate a
solid communication strategy but this needs to
continue as the merger unravels. To tip the scale
of a merger or acquisition and actualize the full
potential, the communication teams involved
must be deliberate with prioritizing the right
brand strategy.
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