Building Your Brand
The following is based on one of The Covenant Group’s clients. All of the names and telling details have been changed.
“The shadow is a lot taller than the man” is an expression we use in our practice since hearing it from one of our industry’s icons — a superstar advisor, known to all, frequent headliner at conferences, and all-around highly-regarded individual. The occasion was a national advisors’ conference where we had just finished making a keynote address and as we stepped from the platform, he approached, introduced himself, and after congratulating us on my presentation asked if I would consider taking him on as a client. We were flattered and said, “Of course” but then asked “Why do you think you need our help? You are a legend in the business and have reached about as high as most advisors would ever dream.” That’s when he came back with “The shadow is a lot taller than the man” and it became apparent he had created an ethos around his business much larger than himself, yet he was concerned that it was not sustainable, given the dynamics of the financial services industry and his waning energy as he approached retirement.
In subsequent conversations, we learned that he had grown his practice the old-fashioned way – by being a terrific salesman who worked extraordinarily hard. His sales success garnered attention from everyone – clients, other advisors, suppliers, industry associations and so on. He was a classic “income producer” who woke up one day to the realization that there had been a paradigm shift in the industry from a sales orientation to a marketing focus and he hadn’t kept pace. Had he taken more of a “business builder” approach – had he created a brand separate from himself – he would have been far more at ease about the value and ongoing viability of the practice he had spent so many years building. He would also have had greater optimism about his succession and the legacy he wanted to leave the industry.
His experience emphasized the importance of building an effective brand and highlighted the difference between marketing and selling – marketing is everything that takes place up to the point of being face-to-face with a prospect – selling is everything that happens after that and until conversation. Our hero was a great salesman but a not-so-great marketer. Successful marketing programs are founded on strong branding which is all about creating an image that the people with whom we want to do business will find attractive and compelling. Before we can create such a profile, however, we need to define who it is we want to attract - our target market - that desirable group of people with common characteristics (occupation, income, age, net worth, needs, etc.) with whom we can communicate. That communication is reflected in our positioning and brand.
The starting point for creating a brand is your “unique value proposition” – what makes you different from all the others competing in the same market? Is it your experience and expertise, your approach and process, your philosophy and style or something else? Is that differentiation meaningful to your target audience and can it be effectively communicated? The measure of success in branding is how effective you are at being perceived as an expert, how often you are invited to demonstrate your capabilities and the ease with which you are able to network within your chosen market.
Having identified your unique offering, the next step is determining the key message – what impression do you want your target audience to have after they have been exposed to your marketing communication? What is the one (possibly two) major point(s) of differentiation between you and the competition you want them to recall? What style and tone do you want to convey? There is no right or wrong with this. There are very successful advisors who take a low-key approach to marketing while others emblazon their automobiles with signage and personalized licence plates (MR RRSP and DLR DR come to mind). Some want to project the image of a high-priced law firm while others portray themselves as “family-focused”. Whatever your preference, the image you create must be appropriate for your intended audience. For example, high-net-worth candidates for comprehensive investment and estate planning services are not likely to be attracted by marketing messages promoting “Income Tax Returns Prepared Free”.
Similarly, the look and feel of your brand-building tools should be consistent with what your target market expects. A professional photograph and tasteful “profile” ad in a respected business journal will likely appeal more to HNW prospects than will a billboard display (not that billboard advertising doesn’t work well in some markets). Strip plaza locations are convenient for access and parking if you are focusing on the seniors’ market – senior executives expect well-appointed downtown offices. The quality of your stationery sets a tone as does the appearance of your newsletter and website. I am not suggesting that everything you do in the area of brand-building has to be the most expensive – just appropriate for the market you want to address.
With decisions made as to the image you want to convey, let’s move to implementation. The changes you want to make can be as subtle as altering the colour of your brochure to a much more dramatic creation of an entirely new identity. In any instance, your strategic brand plan is best carried out in two stages: a transition phase from whatever your brand is today (you do have one even if it happened by default rather than design) to the new one you want to project; the post-brand change phase to identify opportunities to implement the new brand through a “best practices” marketing program.
The transition phase begins with the development of a professional corporate image, if an exciting one does not already exist. Things like your name and logo should verbally and visually depict what you do. Even if the work is not extensive, seriously consider hiring a good marketing communications firm to drive that process. You will recoup your investment many times through their experience and objectivity. Get input from all stakeholders – clients, staff, suppliers, sponsoring firms and compliance. To ensure consistency of image, your integration plan must include a set of rules as to what communication components can be used where and by whom and deal with more seemingly mundane matters such as font types and sizes, RBG and Web-based specifications, etc. Develop a priority list including your corporate capabilities brochure, specific expertise brochure, letterhead, business cards, signage, advertising, website and newsletter. Obviously, you need a budget and a timetable to monitor. Don’t underestimate the amount of time this process will take. A couple of months spent getting all your thoughts and resources together at the beginning gives the outcome a better chance of meeting your expectations at the end.
The second phase – post brand change – anticipates that you won’t get it perfectly right the first time. Update, revise and enhance the brand as experience dictates into an ongoing, proactive marketing communications plan that might include a client referral program, lead generation, community-based marketing and public relations strategy.
Building a brand is an essential step in taking your practice to the next level and sustaining it. It is what will make your shadow longer than you are and ensure that when the sun starts to go down, the glow will remain.
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The Covenant Group is referred to by many as where entrepreneurs go to become Business Builders. They are considered to be thought leaders and authors of the best-selling books, The 8 Best Practices of High-Performing Salespeople, The Entrepreneurial Journey, and The Business Builder.