What's in a brand? 5 steps to set yourself apart

March 19, 2024 10:00 AM

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Having a brand that stands out from the competition figures on that long list of needs that fall squarely into the easier-said-than-done category.

It's not that most firms don't offer distinct services and have a distinct character. It's that so few are good at presenting these traits in a way that makes them easy to perceive and remember.

Branding may seem an afterthought to advisors enmeshed in the everyday minutiae of financial planning. But it can make all the difference for firms that are either just starting out and looking to grow or are hoping to multiply past successes.

Enter marketing firms like Snappy Kraken and Intention.ly, which help advisors find ways to show off their services.

Robert Sofia, the chairman and CEO of Snappy Kraken, said too many people think branding stops at having an attractive logo and a presentable website. But if the example of some of the most prominent companies is indicative, he said, neither of those two things is even essential.

"Go to Berkshire Hathaway's website," Sofia said. "It's one of the ugliest. It's plain, it's simple, it's basic. But that's not why people do business with Berkshire Hathaway. … You know, every year, you get Warren Buffett's shareholder letter. And that's their primary method of communicating with the public. It's not typical, but it works for them."

That's not to say, Sofia added, that advisors should abandon having appealing websites in favor of annual communications with their clients. But it is an example of a company that has managed to make a virtue out of doing things differently from everyone else.

Melissa Thomas, the head Intention.ly's new tech platform Advisor Brand Builder, said firms that are looking to redo their branding should prepare for "a candid conversation about how well your current or former brand supported your success (or not)."

"Identify the things that made you shine—and give them a fresh polish—and say 'so long' to anything that made you sink into a sea of sameness," she said.

Want to do more to make sure your firm stands out? Scroll down for five more tips on brand building from Sofia and Thomas.

Be bold

Sofia recommended advisors research their competitors' brands and then design theirs "to be so different, it can't be ignored."

One example he cited is that of his own firm, with its chiming name and its red squidlike mascot (actually a kraken) wearing sunglasses. Sofia said he saw one sign of success at the Fearless Investing Summit held in Coachella Valley, California, by the industry consultant Riskalyze (now Nitrogen) in fall 2021. Entertainment at the event was provided by members of the improvisational comedy troupe Whose Line Is It Anyway?

"And wouldn't you know it, Snappy Kraken came up in their improv skits three times," Sofia said. "Why? They don't know anything about Snappy Kraken, and they're not from our industry. They walked through the exhibit hall, and they couldn't forget it. It was bright red, and the kraken was wearing sunglasses."

Thomas said branding comprises everything from logos, color palettes and typography to photography style, messaging and tone.

"Each component is important," Thomas said. "And when combined, each shapes perceptions, establishes credibility and helps you leave a lasting impact."

Aim for uniqueness

It's fair to say that few things in this world are truly unique. Still, Sofia said, advisors should strive to make their brands as one-of-a-kind as possible.

Sofia said the purpose of having a bold brand is to attract potential clients' attention in the first place. A brand that's distinct should then hold their attention by arousing curiosity.

Sofia said advisors have generally fallen into a bad habit of relying on the same small collection of nouns in naming their firms.

"Compass Planning, Compass Partners, Compass Asset Management, compass, compass compass," he said. "Or Blackstone, Blackrock, Blackstar. Bridges, trees, compasses, lights, horizons. I mean, come on."

Thomas said firms should consider jettisoning anything that doesn't contribute to the perception that they really are different from their rivals.

"Identify the things that made you shine—and give them a fresh polish—and say 'so long' to anything that made you sink into a sea of sameness," she said.

Make them remember you

If clients can search for your name online and find something that isn't yours but is similar — preferably a company in another industry — then you most likely still haven't done enough to distinguish your brand. That's where the need for memorability comes in, Sofia said.

Here the goal is to go beyond presenting striking colors and fonts. It's to arouse the sorts of emotional response that will give clients a sense of recognition when they come across your brand again.

One way to evoke emotions, he said, is to relate the story of your firm — what inspired you to start it, what sorts of clients you are seeking to help and what you're hoping to accomplish. Sofia also recommended advisors plumb their own memories to try to understand what makes certain events stand out in their minds.

"Think about the last emotional experience you had, the last time you were mad, the last time you were overjoyed, the last time you were sad. You'll remember that," Sofia said. "But what if I say, 'What's the last non-emotional experience you had?' You don't remember. You remember what's fun, what's unique, what's bold. What's memorable is the thing that is evoking emotion."

Know your value in order to build awareness

Boosting brand awareness is probably what most financial planners think of when they think of branding. It often involves questions around where marketing should appear so that it's most likely to be seen by potential clients and other people advisors are trying to reach.

Should that marketing be in the form of paid advertising? Or should advisors devote most of their time to free-of-charge forums like LinkedIn?

The answers, Sofia said, will depend on each individual firm's resources and goals.

"When I walk through a branding process with somebody, it's typically understanding their business, figuring out what the common themes are, the value in their business, figuring out how to attach the brand to that or build the brand from that," Sofia said.

Establish loyalty from within

Thomas said it's important to have a brand that attracts loyalty not only from clients. It's also essential to have support from the employees at your firm.

"Why?" she said. "Because happy, engaged employees provide better service, spread your brand values and, ultimately, help build a rock-solid brand and reputation that people can't help but love."