Your market – the financial advice sphere – has undergone significant changes over the last fifteen years or so. We all know the history, I won’t go into it here. But more recently we’ve seen client attitudes change. In turn this has brought to market new offerings, such as ESG portfolios and cashflow planning.
The pace of change isn’t slowing down any time soon.
It’s said we’re living through a new industrial revolution. The cyber revolution if you will. Video calls are now commonplace, if not the norm. Apps like moneyinfo have democratised financial planning. Many clients now use apps to collaborate with their wealth manager. I’ve seen many of my clients adopting this hybrid model.
The rise and rise of digital technologies only makes your brand even more important. Your brand ties together your marketing and business collateral. In this digital world this is very important. Security and trust are vital. A properly branded app signals to your client that they’re safe and secure. Modern technologies demand modern brands. It’s only logical.
Of course, the traditionally understood purpose of a brand is to help you stand out in a crowded market. Well, you run a good business. You don’t need me to tell you it’s competitive out there. So let’s first define the problem. A developed market like yours will have myriad firms that offer a similar service. This can be a problem for potential clients. There is loads of content available to them and – while good – much of it is pretty generic. That won’t help them choose. So how can we help? How does one stand out in a developed market?
You’ll know the term “unique selling point”. But USPs can be hard to define. Is it unique? Doesn’t that firm, or this firm also do that? Well, yes. But your business does have some things that are yours, and yours alone. Your people, your purpose and your brand are all unique to you.
You’ve probably heard of SJP. I’m joking, of course you have. Their brand is well-known and their business successful. The brand was originally conceived to give an impression of heritage. The traditional font and winged lion artwork feels venerable, like a coat of arms. That was a good choice in 1991.
One could argue that continued success will rely upon their established brand. Or “if you do what you’ve always done, you’ll get what you’ve always got.” But that’s the wrong way to think about a brand. The SJP brand is a key component of their success – evolving the brand for the market of 2023 is how they will stay relevant. Which is precisely what they have done. Gone is the winged lion. They’ve dropped the “wealth management” copy from their logo and modernised the font. It’s all very now. But it somehow harkens back to their “traditional” beginnings. For all their undeniable success, SJP have seen the future and readied themselves.
A brand isn’t immutable. It mirrors a living, breathing entity which comprises you, your people and your beliefs. I’ve shown how and why it must evolve to thrive. Brand evolution is an important aspect of a sustainable, growing business. The strength of your brand showcases the strength of your company, whether you’re looking to attract clients, high quality staff, or – ultimately – a buyer for your business.
Next time we’ll discuss how to website user engagement, client retention and the next big-thing. We’ll also dip our toe into brand purpose in: part 3, The Rules of Attraction.
