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The idea of branding seems trendy. What are its advantages for financial advisors? Where does it fall short?
Tom Peters has an arresting do-or-die quote in support of branding: "distinct...or extinct."
Key Characteristics Of Branding
In Peters' 1997 article in Fast Company magazine, he introduced "The Brand Called You" concept and listed its key characteristics:
- "figuring out how to deliver value to the customer,"
- creating "a distinctive role for yourself," and
- generating "a message and a strategy to promote the brand called you."
So far so good . . . but there are shortcomings.
Peters writes about design, a logo, and a marketing brochure as if they were an end in themselves. Just a guess, the name "The Brand Called You" may be at fault. It sounds egocentric... as if it is, first and foremost, about you more than about your selected audience.
Checking Out "A Brand Called You" Message
Let's see how this plays out with a real-life "Brand Called You" brochure. (I have one in front of me as I write this.) The "Brand Called You" brochure is self-centered, largely about "we," the financial advisor. The text is filled with phrases such as "we can offer," "we believe," "we aim to," "we continue to," "our focus is," etc.
The tagline in the logo in tiny print states, "The Financial Planning Specialist for Owners of Family Business," yet nowhere in the brochure are the specific problems and needs of these business owners addressed, or even mentioned. The brochure could be for anyone.
Although there is plenty of space to prominently display the logo twice, the brochure says nothing about the next step the financial advisor would like the person reading the brochure to take.
A Brochure For Results
In contrast, we think of a brochure as a conveyor belt from beginning to end smoothly carrying your reader to take your desired action. And along the way it positions you uniquely.
So, beware of "The Brand Called You" if it produces a logo, a brochure, a business card, and consistent design and doesn't get to the heart of your target audience's deep concerns and their dreams and desires. Stay away if it doesn't have a specific call to action to prompt your audience to take the next step.