COVER STORY
“You must have checkpoints when
you evaluate the effectiveness of the
marketing and branding. It sounds
basic, but few marketers do it.”
Ken Smith
Branding from page 10
Keys to sustainability
Finally, I asked these three talented, experienced marketing
minds about sustainability. How does an ongoing sales operation
— whether a top advisor or a wholesaler — sustain itself? In
other words, are there times in an advisor’s or wholesaler’s career
when it’s appropriate to go through a re-branding to appeal to a
different market? If so, how do you know when the time is right to
initiate that kind of change?
Mr. Tessler told me, “There is an old cliché that says a business
is either growing, dying, or dead. Reinventing is likely necessary
for every business — unless it is dying or dead. The quickest way
to determine when it is time to change is to take a look at the
landscape. Consider the activities of firms you admire, those you
think less of, firms on the grow, firms that are faltering, trends,
technology, etc. Maintaining and focusing on the attributes that
made your business great while continually updating is tricky,
but necessary.
“I often look at retailers, shopping malls, etc., that are
struggling to keep the lights on and wonder to myself, ‘Did you
not see it coming?’ It’s not too difficult to see which firms are
rising, which are falling, and what the firms did or did not do to
find themselves in those positions. I believe you will find multiple
re-branding programs in the histories of the firms on the rise…
and that is the lesson.”
“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.”
Guy Baker
12
Perspectives
Q4 2019
Mr. Baker sees things in a little bit different light, with an
emphasis on keeping what works. “I don’t think it is ever smart
to rebrand success. If you are known for the problems you solve,
why would you want to change that? The key to success in
financial services is your ability to identify issues and then start
conversations about those problems and concerns. People do
what they want to do, when they want to do it. That will never
change. What changes is your ability to help people break out of
denial and see clearly their options. If you become their guide,
then you will become known for your ability to help people see
their options and find the best path.”
In his answer, Mr. Smith reminded us again of the importance of
taking a methodical approach. “With marketing and branding,” Mr.
Smith said, “you must have checkpoints when you evaluate the
effectiveness of the marketing and branding. It sounds basic, but
few marketers do it. How many marketing organizations evaluate
the effectiveness of marketing and branding on a regular basis? In
my experience, very few.”
The bottom line is that, for these experienced marketers,
branding is a critically important part of marketing that is a key to
success all along the insurance distribution line. Ignore its impact
at your firm’s peril.
Charles K. Hirsch, CLU
Chuck Hirsch, CLU, is the former editor and publisher
of Life Insurance Selling magazine. He continues to
contribute to insurance industry publications, in
addition to providing consulting and marketing services
through his firm, Hirsch Communications Consulting,
LLC. He can be reached at [email protected].