Building a brand does not happen overnight, but it can be worth the effort as a strong product identity encourages increased sales and employee loyalty, says Nigel Payne
Businesses spend millions of pounds investing in their brands, but there is a misconception that brand-building is only for large corporate firms, which could not be further from the truth. A brand gives a business a point of difference. It is well worth investing some time to consider the benefits a clearly defined brand could bring to an adviser's own business.
So how do advisers go about growing their brand?
They first have to be satisfied that the raw materials for the new brand are right. To start with, advisers should make sure they are happy for their business name to become their brand name. If they feel there is a name that would better reflect their business going forward, they should change it before the investment in building the brand starts.
There are no rules on what makes a successful brand name, of course; a brand name reflects the culture and attitudes of a business. Advisers should ask themselves if their brand does that.
Advisers should also consider the typographical design of their brand name - the logo. Whole books have been written on the importance of getting a logo right, so a lot of time must be spent making sure that it says the right things about the business.
Next, advisers should make sure that everything in their business is geared to supporting their proposed brand. And that does mean everything - not just consistency of design through stationery, literature, customer-facing decor and the like. Customer interaction should also be looked at from the point of view of the brand, from the first point of contact on the telephone or internet through to how customers are handled when they have difficulties or voice some dissatisfaction. Are all the people answering the phones delivering the lively, professional, caring, enthusiastic attitude that a brand should project? Are they contributing to what ad agencies call 'the total brand experience'?
Advisers should take some time to discreetly check how their front-line troops are taking and handling calls. If necessary, it is a good idea to educate them on the brand values that they should project.
Visibility
Assume an adviser has chosen a brand name and look that they are happy with. It has established the values that make up the brand - successful brands have personality traits just like people - and it has made sure that everyone in the business understands them, so that they can each consistently reflect those values in their dealings with each other. Now it is time to take the brand to market.
The mix of possible ways to communicate a brand will normally include press advertising, direct mail, internet, possibly radio, and public relations (PR). An individual mix will depend on many factors, but every brand can benefit from PR at a relatively low cost.
The first decision advisers should make is whether they should bring in a professional to handle their PR, either in-house or by using a freelance individual or PR agency.
A specialist PR agency can devote a lot of time building relationships with editors and journalists so that an adviser - and brand - gets media exposure. Where an adviser tries to achieve that exposure depends on who his or her customers are.
For example, it might be an idea for an adviser to write a regular column about financial services in a free local newspaper to build a brand in the community. This is the sort of thing a PR consultant can arrange; however, they will only be able to secure a regular column if an adviser has something interesting to say.
Consistency
The simplest form of PR communication is a press release, sent out to as many relevant publications as possible in the hope that some or all of its content will be published. To improve the chances of a press release invoking publicity, it must contain genuine news, such as a new product or service that readers will want to know about.
Next up from the press release is an article, either short or in-depth, that a PR consultant places in a publication by "selling" the subject matter to the editor. If the editor does not know the adviser, the adviser will probably need to supply a sample article in advance for consideration.
One article or press release does not make a campaign, of course. The key to PR - and any other kind of marketing communication - is consistent presence. To help generate this, a PR consultant will try to set up meetings with journalists to discuss the content of future articles an adviser might supply. The more ideas a broker can come up with, the more likely they will be to achieve a longer-term relationship with a publication. These ideas can cover not only article content but also joint promotions between a brand and the publication.
If the relationship develops, then an adviser may eventually reach PR nirvana - when a publication will actually ask an adviser for a comment on an issue. If this happens then they, and their brand, have arrived.
Incidentally, if writing is not an adviser's strong point, there is no need to worry. The PR consultant or a contract copywriter can generate articles to their brief, leaving them free to do what they are best at - running their business.
If an adviser has a website - and every brand worth its salt should have one - they should not overlook its potential as a PR vehicle. They can place their own newsworthy articles and comment on it to their heart's content - and email them to a database. A lively, information-rich website supports a brand and is more likely to bring visitors back again.
Nigel Payne is managing director of The Mortgage Business
This article first appeared in Mortgage Solutions
COVER notes
Brands are not only for big organisations - advisers can benefit from building a brand.
Customer interaction is the simplest way to build a brand, right from the first point of contact.
