Do you have a brand?

(October 2007) Coca-Cola. Nike. McDonald’s. Even Joe Camel. All are recognizable, identifiable, and very powerful brands. Whether it’s a red can with a white swirl, a swoosh, a set of Golden Arches or a smoking, cartoon camel, each brand is the symbolic embodiment of a product or company. These brands elicit an emotional and sometimes loyal response from clients and consumers. This response, over the decades, has prompted many businesses to re-examine the role branding and brand awareness play in building a business. In this article: Ingredients for advisor branding, client wants and needs and branding tips for your practice.

Unfortunately, most financial advisors do not have a brand. There are more than 85,000 licensed financial advisors in Canada; that means your clients have choice. Lots of choice.

I am not suggesting you pull out half of your nest egg to pay for a huge marketing campaign. In fact, brand creation at the advisor level has little to do with marketing; it has everything to do with experience.

Take, for example, Air Canada. In October 2004, the world-renowned entertainer Celine Dion was hired to sing “Fly” for their new ad campaign.

I am a frequent flyer. Despite Air Canada’s flashy campaign to convince and move me, I did not believe her when she said we are “meant to fly.” My experience with unnecessary lineups, exhaustive wait times in their reservation queue and a general lack of courtesy makes me feel otherwise.

Obviously then, marketing campaigns alone do not create strong brands. So what does? There are four mainstay ingredients that go into establishing and maintaining brand greatness: • Consistency • Superior process delivery • Distinctive experience • Relevancy With these four concepts in mind, let’s examine a few of the leading brands today.

Consistency is key Tim Hortons sells coffee and other edible (and durable) products in more than 2,700 outlets across North America. Although it’s not the best coffee in the marketplace, there are several factors contributing to the company’s success.

Regardless of the location, the stores maintain the same look, menu, product campaigns, signage and quality across the continent — customers can buy the same order of Timbits or a double-double in Prince George, B.C. or Wolfville, N.S.

More Shawn O’Brien columns:

• Walk in the shoes of your best clients • Do you have a brand? • The Puf Principle • How do you earn trust?

Tim Hortons is also distinct with their branding and promotions. From their “roll up the rim” campaign to an order of Timbits, the company has established front of mind recognition through repetition, so well, they are a recognized part of Canadiana.

Superior delivery Another key to Tim Hortons’ success is convenience and the coffee chain’s ability to deliver consistent products to customers across the continent.

Has Tim Hortons evolved? Yes — they have maintained their core offering and have successfully introduced a more diverse menu, including sandwiches, soup, iced cappuccino, yogurt and breakfast sandwiches. They have increased their deliverability, without jeopardizing their consistency. This combination helps to build a promise to consumers that the brand can be trusted.

Branding and experience management, though, is an ongoing effort.

Even Tim Hortons has not been immune to challenges. In 2002 the company decided to replace their adored fluffy apple fritters with a “new and improved” version, prompting one patron to say “your new fritters are tasteless, small and without character.” In other words, the company had broken its promise.

Relevancy, distinctive experiences Coca-Cola is the global leader of the soft drink industry, but in 1985 they too felt the brunt of customer disappointment after the release of New Coke. After 200,000 taste tests assured them that “New Coke” was preferred over Coke and Pepsi, they aggressively launched their new product. But after receiving 40,000 letters and 6,000 calls a day, Coca-Cola pulled their new product off the shelf. Total time on the market: 87 days. The reason: Coke drinkers felt violated and loyal consumers felt that a promise was broken — Coke was no longer a “beautiful thing.”

These examples reinforce the importance of the four branding ingredients, but what do they have to do with you and the financial services business?

Your clients are consumers and they also desire consistency, deliverability, distinctive experience and relevancy from you. All of these factors help develop a relationship between a product (you the advisor) and the client. The cornerstone of any advisor-client relationship is trust and trust is measured or created by your ability to keep promises.

Earlier I posed the question “do you have a brand?” The reality is whether you created it or not, your brand already exists. Every time they have an experience with you, a message is sent to their brain. Good or bad, they are continually judging your ability to keep promises. Your ability to establish and maintain a great brand is reflected in your ability to manage these messages.

The first step in managing these messages is to gain a better appreciation of client expectations.

In surveys conducted over the past eighteen months, our clients said they wanted several things: b>Customization — They want a portfolio that has been designed specifically for them. They don’t want to feel institutionalized.

Expertise — Clients don’t expect you to be an expert in everything. They do expect you to augment your expertise with that of others to complement your offering.

Communication — Frequency of communication is important. But equally important is your ability to speak to them in a language they understand.

Advice — Clients want personalized advice. If you are not developing a personalized plan, the perception is that you are simply a salesperson and not an advisor.

Comfort — Clients seek comfort through clarity. They want to know where they are in relation to where they need to be. Their biggest concern is their ability to maintain their lifestyle.

Transparency — It is important for them to understand how you get paid and whether you have invested interest in their success.

Simplicity — They don’t want “planning by the pound.” They want us to provide concise and clear information with thoughtful recommendations.

Based on this survey of client expectations, I have compiled a list of ideas, strategies and techniques that will help you manage client messages and help build your brand identity:

More Shawn O’Brien columns:

• Walk in the shoes of your best clients • Do you have a brand? • The Puf Principle • How do you earn trust?

Personalized Service Standard — The first step in meeting expectations is to set these expectations for clients. A Personalized Service Standard (written document) should be given to your client to demonstrate your commitment to them.

Investment Policy Statements — This is an effective tool that demonstrates your ability to personalize and customize service.

Financial plan — A plan that determines where they are, prioritizes risk and provides direction on how to mitigate these risks is a tool that provides comfort through clarity.

Financial review — A plan is wonderful but is only relevant if it is reviewed regularly. A review should address recent changes in a client’s life.

Meeting agenda — An agenda shows that you value the client’s time. When used continually it breeds confidence through predictability.

You already have a brand. Your brand will strengthen when using these four critical ingredients: consistency, superior service delivery, distinctive experience and relevancy. Even without a huge marketing budget your practice can be “a beautiful thing.”

Shawn O’Brien is the vice-president of national sales at Investment Planning Counsel. For more information, contact Shawn at shawn.obrien@ipcc.ca or (877) 212-9799.

(10/04/07)