I never took a marketing class in college, but as a loyal, spend-happy consumer I certainly understand and appreciate the concept of “branding” very well. Have you ever wondered why companies spend billions of dollars to market products that are already a household name? They mainly do it to keep their products relevant and attractive and to constantly put them in the consumer’s face.
While the marketing methods that we as financial advisors use may be different than a Fortune 500 company’s tactics, the goals are no different – to effectively position your firm and the services you offer to your target market.
I embraced the concept of branding very early on in my practice. This was evidenced by everything I said or did to market my firm. In our industry, branding encompasses a lot more than simply associating a product with a catchy jingle that you hear thousands of times. It includes everything our clients experience from the moment we begin communicating with them as a prospect and continuing indefinitely, even when they are entrenched and loyal clients. To me, branding your firm should never stop because we work in a hyper-competitive industry and our clients are being targeted by our competitors on a daily basis.