Kevin Adelsberger
Welcome to the second episode of the Content Machine podcast we’re recording at Pretzel Day in 2024. I’m joined by Chad Wilson, President of Foundation Bank and a longtime customer and friend of Adelsberger Marketing. Thanks for joining us, Chad.
Chad Wilson
Happy to be here. Honored to be here.
Kevin Adelsberger
Chad, we recently helped you guys with a rebrand for the bank, and I wanted to ask you some questions about that because rebrand is a big marketing decision. So why did you decide to go through with a rebrand?
Chad Wilson
It is a big marketing decision. It took us some time to get to a point where I guess we were comfortable making the plunge into rebranding. I think that the more you think about it for a business, everything in your business speaks, everything says something. If you look at all the different parts of your business, what are those things saying? What does your building say? What does the vibe when you walk into the building say? What does all of the digital presence that you have, what does it say? We had thrown together our branding in pieces over the years. We had some legacy branding for our bank that had been there for a long time. We refreshed that a bit with the new brand in 2005, and it was really a bootstrapped project where we got online, found somebody to just help us put a logo together. I think a lot of thought went into our name that we wanted to use to brand with. There’s some real meaning behind the name Foundation Bank. But the graphics, the look, the feel of that, we put some thought into, but I think over the years, it just became more and more apparent that we could do that even more clearly, could do that with even more excellence. It felt like in some ways we were playing Pong, and the rebrand was like moving to Fortnite. It was a big time advance for us just in, I think, the quality of the look that we had. We feel like we’ve got a great culture, we’ve got a unique thing in our bank, and we want that to be visible externally. And so in some ways this brand, the rebranding, we wanted it to be a reflection of more so who we really are. And we wanted it to be something that was fresh enough that it looks like we’re paying attention to what is speaking digitally. And so thought about it for years and decided it was just time to take the plunge. I think you have to have, in some measure, things right internally before you can take that plunge, because in many ways you’re wanting that brand to be reflective of who you are. And if you’re not really happy with who you are, there may be some internal work to be done first to help you feel like you’re really capturing the essence of who you are in the brand and that you’re able to stand behind what you’re communicating. So we spent some years doing that. And you never arrive. You can always improve your culture. You can always improve the experience that people are having with you. But we felt like we were at a place where we were strong enough in our confidence of who we were. It’s time for us to now have a more attractive, contemporary representation of that through our brand.
Kevin Adelsberger)
That makes a lot of sense. So what was about that process? What did you not expect? What did you learn about the bank during the process of rebranding?
Chad Wilson)
Well, one thing we already knew is that we’re not perfect, and there’s always room for improvement. And that’s helpful, too, because sometimes you can poke your chest out too much and think, we got it all together. We’re the best thing since slice bread. Going through the process that you took us through of really trying to identify what we do well, where we really excel in the marketplace. When you do that, you also see where you don’t excel. You see the holes, and I think we knew that going in, but it was a more specific process to be able to see, okay, this is an area we just got to be okay with not being good at. These are areas that we just really need to lean in on. I think that’s the thing that I learned. I knew we had shortcomings coming in, but I think I came out of the rebounding process, and I think our whole team did, having a greater understanding of who we are, having a greater understanding of what we do well, and just really leaning into that. And being okay with that. It’s really easy, I think, in the business world to try to become all things to all people. I think, particularly in the banking world, there are lots of banks, and there are lots of banks that do different things well. If you’re not careful, you can always be chasing what seems to be really attractive at the moment or really eye-catching at the moment. But the fact is, every bank has a niche, and we embrace that niche even more now than we did before the rebrand, because I think the team that went through the process, they were able to see, okay, this is what we are good at. Let’s be better at it. That’s one thing that we took away, is a greater understanding of our strengths, and I think an even clearer understanding of our weaknesses and we’re trying to play to the strengths in our everyday operations and then represent those in the rebrand
Kevin Adelsberger
You mentioned a niche and feeling you define that now. How would you define that niche then?
Chad Wilson
I would I would say that our niche is providing financial solutions for people who appreciate a values-based culture and a values-based financial decision process. At first, going in, I think we thought we’re a small bank, we’re just able to do customer service really, really well. Sure. And that is something we do well. But I think we’re able to press even deeper into that. Not everyone is looking for a great customer service experience. Those who are sometimes are looking for not just a good customer service experience, but a process in which their own values are appreciated and even pushed up to the front in the process itself. And so we want to appeal in a culture where honesty and integrity are often questioned and where most institutions are approached with skepticism. We want to really, for those who value trust, who value integrity, we want to be an institution worthy of that, if that’s something that they care about. Some people just want a close bank that has a great app, and they never plan on walking in the door, and we’re not going to be the best fit for them. But for folks that want honest, sound financial advice, who want more than just a place to put their money, but people to help them decide what to do with their money, that’s where we’ve honed in to be able to get that personalized, not just relationship, but attention consistent with the values that they may already have.
Kevin Adelsberger)
That is a niche, I think, for sure, because I think most banks that people run into are large banks that are more interested in the transactionary stuff than the relationship stuff. Now, if you were to ever think about doing a rebrand again, what would you do differently or Or is there a way that you’d approach it differently? Or anything that maybe was a surprise to you in the process? You’re like, I wouldn’t have even thought about that on the front-end
Chad Wilson
I’m proud of the way that we went about it because we did include people from different parts of the bank to speak into it. I thought that was really important. You don’t want maybe the typical decision-makers being the only ones to weigh in on a rebrand, I think. We had a core team that was composed of a couple of typical decision-makers, but then we had some folks that just had marketing insight, and they were helpful to whittle down choices, to give some impressions of this is how this lands. But then we did include, at certain parts of the process, an even wider group to just give us, How does this hit you? If you were to choose between this and this, what would you do? We intentionally also were in six different markets in Northwest Tennessee. A lot of them are smaller towns than Jackson, Tennessee. And so we wanted to make sure that this brand would be embraced in each of those markets. And so we did get someone from each market to just let us know what they thought about the brand. So if I were doing it again, maybe even broadening that just a bit, You have to be real careful, I think, of involving too many people in the decision making, or you might say the draft input phase.
Kevin Adelsberger
Too many cooks in the kitchen.
Chad Wilson
Too many. But once you have have some choices, and once you just want to see how something lands, I think you can broaden the audience to where you’re able to just be even more informed. So we might have even broadened that. I think we did a good job, but we might could have done even better strategically not saying, What do you think our brand should look like, but here’s some work we’ve done. What do you think about it?
Kevin Adelsberger
And I’ll say from our perspective, we’ve done this with other companies. I think your team was on the better end of teams that we’ve worked off on that because You did have people from different departments. You had people with different opinions. And I’ll say everybody was cordial, worked together, was not in there just to throw a wrench in the plans. They were all there for the same goal and working together. It went really smooth for us. Thank you for listening to part one of our two-part podcast with Chad Wilson, President of Foundation Bank. Stay tuned to Content Machine for a future episode featuring Chad talking about his rebranding process.
