There is more to branding than you might think, says Kirk Lowe, founder of Tactibrand, a marketing firm in Toronto that specializes in branding for financial advisors.
Branding is not about finding a witty tag line or designing a new letterhead, Lowe says. Instead, it is a thorough process during which you discover what your true strengths are and how you should market those strengths to the public.
You begin this discovery process by asking yourself these four questions about yourself and your practice:
1. What is my purpose?
In other words, why are you doing what you do? What inspired you to enter this industry?
Maybe it’s a love for developing strategies and a desire to use that skill in a way that helps others. Or perhaps you were forced to become financially independent at an early age and you want to teach others how to achieve that independence for themselves.
Your purpose should be important to you — and it should be something that will benefit your clients.
Advisors with a sense of purpose generally have great client relationships, Lowe says, and clients want to work with these advisors.
2. How do I define myself?
When advisors approach this question, Lowe says, they often end up describing what business the industry says they’re in, and not what clients believe they do.
The industry may say you need to sell certain products in order to be successful. But your clients, he says, want you to solve their problems. So, in order to be effective, you need to consider yourself a problem-solver and not a salesperson.
To illustrate his point, Lowe refers to an advisor he works with who sells annuities.
“Instead of talking about annuities in their marketing,” he explains, “we talk about retirement income and where annuities fit into that.”
3. What are my core competencies?
Some advisors are nervous about narrowing their focus, but defining key services areas will probably make you more successful.
“You have an opportunity to be known for something specific,” Lowe says. “Nobody will remember you for being general. People want advisors who are good at what they do.”
4. What is my key driver?
Your key driver is the characteristic of your practice that you want to set you apart from others. This question, Lowe says, is one of the most important steps in this process. It is meant to inspire you to work toward making the change that will improve your business.
What do you wish was different when you walk into your office every day? What change would you like to make in how your business operates or regarding the issues that cause stress?
Your driver could be redecorating your office to create a more welcoming environment for your staff and your clients. Or you could be working to add an associate to ease your account load.
This is the first instalment in a four-part series on branding for advisors.
Next: How to differentiate yourself from your competition.