This case study is based on the situation of a client of the Covenant Group. Names and details have been changed to preserve client privacy.

“So, what exactly are those best practices?” Darren James asked.

I had known as soon as the words were out of my mouth that Darren wasn’t going to let me get away with generalizations. Before becoming a successful advisor, Darren was an investigative reporter for a newspaper and his questioning instincts wouldn’t allow him to accept at face value anything he didn’t fully understand. So, when I made the broad statement in one of our workshops that part of a good marketing plan was the adoption of best practices around building a brand, I should have known he’d pounce.

“Well, Darren,” I answered, “as with most lists of best practices, there are a number of them. And some can have a greater impact than others, depending on the situation…”

“Be more specific,” he interrupted. “What’s the most important one?”

As tempting as it was to respond with equal impudence, I did admire Darren’s persistence in ensuring he knew what I was talking about. So, I retaliated with my own question: “Before I answer that, Darren, tell me what the word ‘brand’ means to you, in the context of a financial advisory practice — yours, for example.”

“It’s all about the spin I put on my business,” he responded. “The look, the feel, the impression that people have about me and what I do.”

“It’s those things for sure,” I agreed, “but also so much more. Many people feel that a firm’s brand is captured in something as obvious as its logo or tag line. Let’s take a high-profile company — Nike Inc. Its logo is a simple ‘swoosh’ and its tag line is…”

“Just do it,” Darren said.

“Right,” I replied. “But is that what Nike is all about — a stylized check mark and a taunting tag line? Of course not.”

I explained that what the company is trying to convey is the feeling of prowess and invincibility that is bestowed on anyone who uses its equipment or wears its clothing — even if the user is not athletic. It’s all about the experience of being a Nike customer.

“Likewise, your brand as a financial advisor should reflect what your clients can expect in their dealings with you,” I said.

“But what I do is much more complicated than a pair of running shoes,” Darren replied, softening his attitude slightly. “How do I communicate the professionalism and care I bring to a comprehensive client situation? There is a lot to that relationship.”

“Of course, there is,” I said. “And you have highlighted an essential point: your personal brand is the face of everything you do. At every touchpoint between you and your clients and prospects, your brand makes an impact. So, it goes far beyond logos and brochures; it extends to how you dress and speak, the atmosphere in your office, the attitude of your team, the rigour of your discovery process and the clarity of your presentations. Have you done business recently with a firm that gave you 100% confidence that it had your best interests at heart and that you were getting great value for your money?”

“Yes — and it felt great,” Darren said. “The interesting thing is that I had very high expectations about the company; yet it still exceeded them.”

“You — high expectations?” I joked. “But, seriously, how were those expectations developed?”

After a moment of thought, Darren answered, “Through everything it did and how it did it. It was top-notch all around. So, it has set a pretty high standard for itself.”

“So, what’s its brand? How would you describe it to someone else?” I asked.

“Professional, experts, caring, a delight to do business with,” Darren said.

“And what does the company’s logo look like?” I asked.

“I don’t remember,” Darren admitted. “I think it’s some sort of futuristic-looking circle. I’ve never really paid much attention to it, but my impression is that it is consistent with what I think of as the brand.

“OK, point made,” he continued. “I get it. Our brand is the ‘face,’ as you call it, of all the promises we make to our clients and prospects. Now, cutting to the chase, what are the most important best practices around brand-building? I want to see how we are doing.”

@page_break@“You’ve already started,” I said.

When Covenant Group consults for major organizations, we insist that the corporate branding strategy start in the boardroom, I explained. The CEO must be personally involved and he or she must be passionate and fully buy into the idea of branding.

“You are the CEO of your practice,” I said. “Are you committed to building a strong brand?”

“Unquestionably. What’s next?” Darren pressed on.

“Accept the fact that you can’t just copy someone else’s brand model, even if you think it is the best you’ve ever seen.” I responded. “All businesses have their unique requirements, values and way of doing things. Your brand must be tailored to you.”

“I think I have a pretty good idea of what makes us unique,” Darren said, “so it shouldn’t be too hard to articulate that.”

“I am sure you know your capabilities and the image you want to project as well as anyone,” I conceded. “However, I’d suggest you also involve as many of your stakeholders as possible in the process. After all, aside from you, who knows more about your company than your clients and your staff? They are easily accessible sources of valuable information for the branding strategy. Also, allocate some portion of your marketing budget to researching your current brand image among people who are interested in your success.”

Your brand is an excellent way to advance your long-term vision throughout the organization, I told Darren. It helps you to involve, educate and align everyone around your objectives, values and view of the future. The most important asset in your practice is your team. They interact every day with clients, colleagues, suppliers, competitors and industry experts. But they also interact with an impressive number of people totally disconnected from your business: family, friends, former colleagues and others. Hence, they serve as your most important brand ambassadors through word of mouth.

The most effective way to turn staff into brand ambassadors, I continued, is to engage them in developing your brand strategy — vision, values and personality — to ensure they understand exactly what you want to be in the minds of your clients and stakeholders — and what you want them to believe! Nike, for example, is known for empowering everyone in the company to be a strong brand ambassador.

“OK, so far. What else?” Darren asked.

“Don’t make promises you can’t keep.” I answered. “Remember, your brand tells everyone what to expect from you. Think about the practical implications of delivering the right products and services for your market. Adopt the ‘client for life’ concept and consider each client’s value to your business over his or her lifetime. Measure that against the resources you have to employ to meet your promises and decide what is feasible and desirable. As you have experienced, the moment of truth for your clients is when the brand promise is delivered well, particularly if you exceed their expectations.”

“So, logos and brochures alone won’t do it,” Darren said. “What’s the best way to communicate my brand?”

“Bring your brand to life through a range of well-planned, well-executed marketing activities, making sure the overall messages are consistent, concise, clear and relevant to your target market,” I suggested. “Don’t try to communicate every single point in every message. A selective approach will have much more impact using the same resources.

“Modern technology should also play a part,” I continued. “Your own professionally designed, useful and relevant Web site is a crucial channel for communicating your brand. In the minds of many Internet-savvy clients, if you are not accessible on the Internet, you do not exist!”

“Wow, there certainly is a lot more to this than first appears,” Darren admitted. “I have a lot of work to do.”

“And, unfortunately, it is a never-ending process,” I continued. “The business landscape in which you operate is changing all the time. That means you must re-evaluate and possibly adjust your branding strategy on a regular basis. Obviously, a brand should stay relevant, differentiated and fairly consistent throughout time; the basic parts — vision, identity, personality and values — shouldn’t change often. That said, the strongest brands are those that are driven forward by owners who never tire of raising their own bars.

“Given all of these considerations,” I asked, “are you still committed to building your brand?”

“You bet,” Darren exclaimed, “and you’ll be impressed by the result!”

“Darren,” I said, “I have no doubt you will exceed my expectations!” IE


George Hartman is a coach and
facilitator with the Covenant Group in Toronto. He can be reached at george@covenantgroup.com.