When you hear the words “building your brand” does it elicit a sigh or an eye roll?
Building your brand was a popular business catchphrase ten to fifteen years ago, especially in the financial services arena. Chances are you jumped on the creating-your-brand bandwagon years ago and checked it off your to-do list.
Now, let’s fast forward to present-day. If we play a game of truth right now, have you revisited your brand since you first established it?
If the answer is no, then now is likely the time for a refresh.
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Still Crucial
While some skeptics may believe building your brand is not that important and is just an over-hyped business buzzword, quite the opposite is true. Building your brand is crucial. It was important when you first established it and is still important now.
Once your brand has been established, however, it is important to not just set it and forget it. In fact, marketing and branding experts say your brand should be revisited at least every two to three years at a minimum.
Now, don’t panic. Revisiting doesn’t mean completely overhauling it. It just means taking another look with a fresh perspective and evaluating whether it needs to be refined.
Ask yourself these questions and answer them honestly.
- Has your ideal client focus changed?
- Has your value proposition shifted?
- Is your client service model different?
If you answered yes to any of these questions, then it is time to refresh your brand.
What’s Your Story?
Great brands tell a compelling story. Branding is all about your messaging. If you are refreshing your brand, take the time to refine the message you want to send to your clients and prospects.
Tell your brand story so that it makes an impact and resonates with your ideal clients
Start by revisiting your value proposition. While you likely went through this process when you first established your brand, ask yourself again, who are you and what truly makes you unique to work with to your clients and prospects?
Does your value proposition still speak to your clients? Does it attract prospects who are your ideal client type?
Gather Client Feedback
When revisiting your value proposition, it is also imperative to gain your clients’ perspective.
Client feedback is a key area that unfortunately many financial advisors neglect when it comes to their brand messaging. Your value proposition should align with your clients’ impressions of you. If you don’t ask your clients for feedback, all of the efforts you put into your branding just might fail. This is a costly mistake that can easily be avoided.
Gathering client feedback is especially important if your ideal client profile has changed. Ask your top ten to twenty clients what values come to mind when they work with you? Ask them why they chose you as their financial advisor instead of another advisor? Also ask them what they might tell a friend about what it is like to work with you.
By asking these important questions, you will uncover invaluable responses that will ensure your brand and your value proposition are in alignment with what your clients think of you. If there is a disconnect, this is a problem that you need to address right away.
Reinforcing Your Brand Equity
When you take the time to revisit your brand, you should also reflect on how you are building your brand equity. Simply put, how are you consistently building your reputation with your clients and prospects? The key is consistency.
With all the time and effort you have taken to establish your brand, you should also constantly be reinforcing your brand with intention.
Every time you interact with prospects or clients is an opportunity to reinforce your brand equity. All of your interactions should consistently send the same brand message.
Capitalize on every point of contact and every brand touchpoint. From the way you answer the phone, your social media channels, your website, to your printed marketing materials. Use every opportunity to convey your value proposition and what makes you unique.
The Bottom Line
How committed to your brand are you? Are you all in?
Building your brand is not just a fad. Revisiting and refining your brand is paramount. Keeping your brand relevant in an industry where changes and new innovation happen daily certainly takes effort, but it’s worth it to help you stand out from your competition.
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