COVER STORY
Branding from page 8
Mr. Smith said, “I believe you have to build your marketing plan first, and then your
brand. You have to define your target market. Ask the question, why should someone
do business with you rather than all the other alternatives?
“One of the challenges in financial services is that we focus on what we do, not how
to sell what we do.
“Write down everything you can think of about the benefits of working with you.
Then build your brand and message around everything you’ve written down.
Gathering honest feedback
“A major part of the process is gathering input from people who will provide honest
feedback and can ask hard questions through the process. One of the other reasons
input from others is so important is that people generally have a lack of self-awareness.
I often quote a study from Harvard Business Review: 95% of people think they have self-
awareness, when in reality only 10% to 15% actually do.
“For my business, the process was strategic, and I asked myself those kinds of
questions. The problem with letting this just evolve is that, if you go where the business
takes you, you will just bounce all over the place.
“Having a process and following a methodical approach is no different than the
approach you would take in successful selling. I have found every successful salesperson
follows a sales process. For the wholesaler or advisor who takes a disciplined approach to
marketing and branding, it is easy to stand out.”
Mr. Tessler stressed the importance of perspective and feedback. “I would encourage
a new entrant to consider what they bring to the table that will be important to their
potential customers and what will differentiate their practice. I honestly can’t stress
enough the importance of trying to stand in a potential client’s shoes to determine how
to develop/communicate brand. One method we employ — and have used for years
— is creating focus group meetings. It comes as no surprise that there is a tremendous
amount to be learned by listening and getting feedback from clients and potential clients.
I can hardly think of a topic that was presented to a focus group that, based on feedback
from the group, didn’t cause us to go back to the drawing board.”
Building blocks of a brand
For Mr. Baker, competence and knowledge are key. “Brand is not a function of years
in business as much as it is derived from word of mouth. A young advisor who can
demonstrate competence and knowledge can be just as successful as an advisor with
years of experience. The key is being able to articulate what you do and why you do it.
Then deliver on the promises.
“In my early years, I built my brand on competence and networking — helping people
help people. As I grew in the business, I continued this same strategy, but word of mouth
began to develop as I became better networked. The key is delivery on promises. If you
gain a reputation for poor service, you may never know it, unless someone tells you. But
you will feel it, because your network of referrals and influence will not grow.”
Branding continued on page 12
10
Perspectives
Q4 2019
“Our marketing efforts
are those things that
help the advisor
remember what we do
and when to use us.”
Michael Tessler