MARKETI BETTE RNG BUSI FOR N ESS I FAS
May 2019
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How strong is your brand? Simon Barbato, of Mr. B & Friends, takes us through a case study approach to demonstrate why having a clear brand strategy is crucial to the ongoing success of your financial planning business
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ith over 25 years experience in developing brands and marketing campaigns for organisations in the financial services sector, I can say with some confidence that it’s not enough to rely solely on your products and services to see your business succeed. In the IFA sector, there are in excess of 15,000 individuals and firms competing for clients’ attention. Finding a way to stand out is essential and in this market, first impressions really do count. Clients are becoming increasingly more discerning – and sometimes cynical – of what’s on offer from the myriad of providers so therefore achieving that critical positive first impression could be the difference between success and failure. The challenge is to find your voice in a market where clients are increasingly confounded by the ‘noise’ of multiple providers with similar offerings. Your brand is what people say about you when you’re not in the room. It’s so much more than a logo. Your brand – and how it is presented to the outside world – is you and your organisation’s voice. It encapsulates what you do, how you do it and why your clients value you. It’s the platform for your reason for being and carries your credibility, capability and reputation. Your branding is the way you tell that story in a wide array of applications such as website, collateral and your client touch points. Successful brands can, on average, capture three times the sales volume of weak brands according to a large study analysing shopping habits by Kantar Millward Brown.
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Interactions with a strong brand create positive associations in the mind of the customer or client. If the product USP addresses a consumer’s need then it is the brand that represents consumer choice. There are a number of factors that should be considered when developing your brand; a clear and differentiated positioning that concisely articulates your product and service proposition, a brand identity – visual and verbal language that is aligned to the client you are looking to work with and a well thought through client experience strategy that enables your clients to achieve their goals, minimise their effort and make them feel valued as a customer.
Your brand is what people say about you when you’re not in the room
Brand development of this nature is not just the preserve of large organisations – we’ve helped companies of all sizes to define their brands in order to thrive. To illustrate the point, I’ll share a few case studies – examples of how brand has had a positive impact on three different companies operating in different parts of the financial advice spectrum:
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