Even the most carefully constructed brand can wear thin or lose focus over time. It may be time for you to update your brand to better represent your services.

The right brand “helps unlock profits, prompts consumer selection, builds name awareness, increases the odds of your business surviving and produces long term loyalty,” says Donald Robichaud, president of FloodLight Consulting in Kelowna, B.C.

A brand is more than just a logo, says Debra Stuart, a brand marketing expert in Toronto. It’s everything from client perception of your corporate look to the tone of your marketing materials. A re-branding can be a complete overhaul of all these components or simply a “fresh coat of paint.”

There’s no excuse for not re-vamping your look. The right brand and marketing strategy are important to all companies, Stuart says, regardless of size.

Branding is especially important for financial advisors. How clients and prospects perceive your business — through everything from your marketing materials to your office décor — will influence their decision to do business with you.

Follow this expert advice to give your brand a facelift:

> Do your research
Get an outside opinion of your firm’s image to find out what should be changed.

Survey your clients informally to find out how they feel. “That really is the ultimate test,” Stuart says, “because they’re going to be the recipients of the new branding.”

> Develop a plan
To ensure that you stay focused, create a detailed plan for your re-branding strategy.

The plan should outline every step you will take, and when, Stuart says. These steps could include the creation of a new logo, for example, or the development of a new tag line to re-position the business, she says.

Make sure your changes are reflected consistently in all visible components of your practice, including your business cards, letterhead, website, newsletters and brochures.

> Use a professional
Hire a professional marketing consultant to design and implement your new look.

Most advisors’ busy schedules and personal biases may lead to bad marketing decisions, Stuart says. A professional consultant can help you avoid those mistakes and make decisions for you based on their training and expertise.

As well, resist the urge to enlist the help of family members, Stuart warns. While it may be economical to use the skills of an art-student nephew, that may not be the best choice for your business.

> Time your launch
Choose the right time to launch your new look to clients and prospects.

Robichaud recommends launching a re-brand during a slow period to avoid confusion. For example, make the changes in the summer when many of your clients are away on holiday. You can then announce the re-branding when people return in September — still plenty of time before RRSP season.

For a successful launch, make sure everything, from the website to business cards, changes at the same time, he says.

In most cases, a written communication to clients is the best way to inform them of the change, Stuart says. That way, there should be no surprises or confusion. If you typically communicate with your clients by telephone or email, then use that method to tell them of the launch.

IE