Create Your Own Brand To Prosper In 2005 And Beyond
By Wilma G. Anderson
Getting recognition is tougher than ever. Besides the hundreds of other advisors in your market area, youre also competing against banks, mutual fund companies and wire houses. And all of them have a lot more money to spend on marketing and advertising than you.
But you have an advantage that none of the big companies have: you!
Youre not a faceless corporation but a distinct individual with a unique personality. Youre local, with roots in the community. You can leverage this to your advantage to beat the big guys.
But it takes creativity and a new approach to out-compete the others. Its a bit more workthe bad newsbut the good news is that its fun, exciting and profitable.
What are we talking about? As an independent financial professional today, you must create a sales formula that fits only you. That is, you must create your own brand.
This brand will set you apart, so that youll stick out as the advisor or agent of choice in your area. And even if youre an exclusive agent, while you can piggyback on your companys national brand, youll still need your own brand to distinguish yourself from other agents in your area.
Personal branding is a hot topic. “The Brand Called You,” a book by marketing guru Peter Montoya, lays out the key principles of how a personal brand is crucial for all entrepreneurs. Lets look at how this can apply to your brand in financial services.
In 2005, start by picking two age groups youd like to target. For instance: 40 to 55 and 55-plus. Now think about the products that appeal to each group and the products you like to sell. Ask yourself, “Whats the best way to attract the consumers I want for my practice?”
Start with three products that you like to sell and that your market buys. This amounts to niche marketing that fits your personality, your market and what youre licensed to sell. Sales systems can be very helpful, but no sales system will magically do your work for you.
The most successful approach takes into account two factors: (1) what product(s) will consumers buy as a first sale in your market; and (2) the products and clientele youre most comfortable and successful with. Put both together, communicate with your market effectively and you have a winner.