Is branding really all that hard?
Your article, "Branding Business" (Money Management, September 16), seems to suggest that branding is an all-to-tough proposition for financial planning organisa-tions. Why is this so?
Your article, "Branding Business" (Money Management, September 16), seems to suggest that branding is an all-to-tough proposition for financial planning organisa-tions. Why is this so?
The notion that planning firms cannot brand because they are "one-on-one" busi-nesses, or that they are "intangible", or that people within the business "run their own race" is nonsense.
If other advice-based businesses can successfully brand themselves, why can't finan-cial planners? Some examples of the may successes in this area are LJ Hooker, Raine and Horne, ITP, H and R Block.
In terms of branding to specific markets and by smaller firms, look no further than real estate companies such as McGrath Partners. The fact is you can brand anything.
If financial planning companies have failed to brand themselves, it is because they are, by and large, sales-driven, rather than marketing-driven businesses.
A successful brand must first establish two things: a point of differentiation and a fo-cused positioning strategy. I can't think of any planning firm (or for that matter, too many fund managers) that have succeeded in this regard.
In the national arena, everyone is fighting for the same clients, over the same turf, making the same offer, and saying the same things. If you want to be known to con-sumers, you must narrow your focus, and stand for something quite different from that of your competitors.
Make no mistake, brand building is equally as important for financial planners and funds managers as any other current issue.
Gary Chow
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