Tag Archives for " personal branding "

marketing strategies for alcoholic beverages

Absolutely Better Branding (Lessons from a strong shot of vodka.)

dill pickle vodka BNBrandingChocolate vodka? Dill pickle vodka? Bacon flavored vodka? Cinnamon Roll Vodka? Smoked Salmon Vodka. I kid you not. When it comes to marketing strategies for alcoholic beverages, fantastical flavors are all the rage.

Seems like there’s a new flavor-of-the-day every time I visit a liquor store. Ten years ago there were basically only four or five choices of vodka. Now there are 20 brands, and every brand has a dozen different whacky flavors.

Where’d the vodka flavored vodka go?

It’s great news for mixologists, but a bit overwhelming for the average consumer.  And it poses huge challenges to marketers who are trying to succeed in this newly crowded space.

Doesn’t matter if it’s vodka, gin, whiskey or rum, the marketing strategies for alcoholic beverages are getting more and more involved.

So here’s some advice, based on one of the classic marketing case studies from this category: Absolut Vodka.

The first rule of advertising is this: Never take the same approach as your closest competitors.

If you want to differentiate your brand, you have to think “different.” Contrarian even. Everything that you say, everything that you show, and everything that you do should be different, to some extent than what everyone else in the industry is doing. Study all the market strategies of alcoholic beverages, and then choose a different path.

”Here’s how:

• Even if you’re selling the same thing, don’t make the same claim.

There are hundreds of different ways to sell the benefits of your product or service, so find one that’s different than your competitors. That often comes down to one thing: Listening. The better you are at listening to consumers, the easier it’ll be to differentiate your brand.

• Don’t let your ads or your website look or sound anything like competing ads.

Use a different layout, different type style, different size and different idea. The last thing you want to do is run an ad that can be mistaken, at a glance, for a competitor’s ad. If all the companies in your category take a humorous approach to advertising, do something more serious. Find a hook that’s based on a real need of your target audience, and speak to that. Zig when the competition is zagging.

• If you’re on the radio, don’t use the same voice talent or similar sounding music.

Find someone different to do the voice work, rather than a DJ who does a dozen new spots a week for other companies in your market. Same thing for tv spots. (This is an easy trap to fall into if you live and work in a small market… there’s not enough “talent” to go around.)

Unfortunately, every industry seems to have its own unwritten rules that contradict the rules of advertising.

These industry conventions aren’t based on any sort of market research or strategic insight. They’re not even common sense. Everyone just goes along because “that’s how it’s always been done.”

The problem is, if that’s how it has always been done, that’s also how everyone else is doing it. In fact, some of these industry conventions are so overused they’ve become cultural cliches.

• Don’t use the same images or advertising concepts that your competitors are using.

The rule in the pizza business says you have to use the “pull shot:” A slow-motion close-up of a slice of pizza being pulled off the pie, with cheese oozing off it.

In the automotive industry, conventional thinking says you have to show your car on a scenic, winding road. Or off the scenic winding road if it’s an SUV.

In the beer business, it’s a slow motion close up of a glass of beer being poured.

marketing strategies for alcoholic beveragesThose are the visual cliches… the images that everyone expects. They are the path of least resistance for marketing managers.

But if you go down that road, and follow your industry conventions, your advertising will never perform as well as you’d like. In fact, history has proven you have to break the rules in order to succeed.

Absolut Vodka won the market by winning the imagination of the consumer through brilliant print advertising.

In 1980 Absolut  was a brand without a future. All the market research pointed to a complete failure. The bottle was weird looking. It was hard to pour. It was Scandinavian, not Russian. It was way too expensive. It was a me-too product in the premium vodka category.

But the owner of Carillon Imports didn’t care. He believed his product was just different enough… That all he needed was the right ad campaign.

So he threw out all the old conventions of his business and committed to a campaign that was completely different than anything else in his industry. And he didn’t just test the water, he came out with all his guns blazing.

TBWA launched a print campaign that called attention to the unique bottle design of Absolut. It was brilliantly simple, and unique among marketing strategies for alcoholic beverages of any kind.

Needless to say, it worked.

The “Absolut Perfection” campaign gave a tasteless, odorless drink a distinctively hip personality and transformed a commodity product into a cultural icon. In an era where alcohol consumption dropped, Absolut sales went from 10,000 cases a year to 4.5 million cases in 2000. And it’s still the leading brand of Vodka in the country.

The moral of the story is this: When you choose to follow convention, you choose invisibility.

“To gain attention, disrupt convention.”

marketing strategy for alcoholic beverages That’s my own quote.

Instead of worrying about what everyone else has done, focus on what you could be doing. Take the self-imposed rule book and throw it away. Do something different. Anything!

Long before the days of dill pickle vodka, Absolute added a nice local touch to its ads in major markets such as LA, New York and Chicago. (ads at left)

They made the campaign timely and locally relevant by hitching onto well-known events, famous people and iconic places. It was a brilliant example of wise brand affiliations.

marketing strategies for alcoholic beverages

This disruption mindset doesn’t apply just to the marketing strategies of alcoholic beverages. It’s important for professional service companies or any other category where it’s tough to differentiate one company from the others.

Take real estate agents for example. Realtors are, in essence, me-too products. Flavorless vodka. In Bend, Oregon they’re a commodity. Even if a realtor has a specialty there are at least 500 other people who could do the same thing. For the same fee. That’s the bad news.

The good news is, even though there’s no difference in price and no discernable difference in service, you could still create a major difference in perception. If you’re willing to think different.

Like Absolut Vodka, a unique approach to your advertising is the one thing that can set you apart from every other competitor. Advertising is the most powerful weapon you have, simply because no one else is doing it. At least not very well.

But putting your picture in an ad won’t do it. That’s the conventional approach.

Remember rule number one and run advertising that says something. Find a message that demonstrates how well you understand your customers or the market. Run a campaign that conveys your individual identity without showing the clichéd, 20-year-old head shot.

Do what the owner of Absolute did. Find an approach that is uniquely yours, and stick with it no matter what everyone in your industry says. Over the long haul, the awareness you’ve generated will translate into sales. Next thing you know everyone else will be scrambling to copy what you’re doing.

Eventually your campaign just might become a new industry convention. Maybe not on par with bacon vodka or dill pickle vodka, but iconic nonetheless.

For more on marketing strategies for alcoholic beverages, try THIS post. 

content marketing for small business

Content Marketing – Finding and providing something genuinely worthwhile.

content marketing for small businessWhen The Cluetrain Manifesto was first published on the web back in 1999, Christopher Locke wrote, “the internet has made it possible for genuine human voices to be heard again.”

What do you mean, “again”?

Never has the average Joe been afforded  unrestricted access to an audience any bigger than the crowd in a neighborhood pub. This giant electronic soapbox delivers a world-wide audience. Anyone can pontificate at will, on any subject, and potentially reach billions of people across the globe.

How cool is that?

content marketing Brand Insight Blog by BNBrandingThe democratization of online publishing allows anyone, anywhere, the ability to post thoughts, opinions, photos and articles. It has inexorably changed politics,  journalism, medicine and business. It’s a game-changing tool for small-business marketing.

You could argue that it’s the greatest thing since the invention of the radio broadcast.

 

On the other hand, the Internet is also producing a cacophony of epic proportions.

Brand Insight Blog

 

 

 

Used to be, you had to have genuine expertise a in a given line of work in order to get “coverage.”  If you wanted to get published  you had to get past the editors in control, and they were brutally picky.

So the criteria was strict: You had to have something unique to say and a unique voice with which to say it. Therefore, publishing articles was not a particularly common element of most small-business marketing plans.

Content marketing is a different story.

There are no editors screening the content delivered on the internet. Any dimwit can start WordPress blog. Content farms are selling the same articles over and over and over again for $10 a pop. Regurgitation and plagiarism is now being touted as “content curation.” Corporations are hiring print and TV journalists to produce marketing content disguised as authentic news. Bloggers are now “digital influencers” peddling their soapboxes to corporate marketing managers.

Probably not what the ClueTrain authors had in mind.

I frequently get solicitations (ok junk mail) offering pre-written “content” for this blog. For me, it’s a business proposition that just doesn’t compute.

Most of the time the article offered is off-topic, as if my marketing-minded audience will suddenly be interested in  a piece about overnight skin rejuvenation. Often these unsolicited articles are obvious plugs for a product or a company. They’re never well written, thoroughly researched, or authored by anyone I follow/respect in the business.

Why on earth would I run an article like that?

How could that approach to content generation possibly be good for my brand? Or my audience?

Sure, I could probably generate a little bump in short-term traffic, but it’s not going to produce loyal readers. In fact, it’s more likely to drive readers away.

Great brands are built on consistency and quality, not just clicks.

I also get a lot of questions from aspiring bloggers, so here’s a piece of advice… Think about your brand first, and clicks second.

If you produce content of value — something you and your audience really care about— then the traffic will come eventually. There is no shortcut to success, and a genuine human voice will always play better than some anonymous article you picked up and reposted, along with a hundred others bloggers.

Also, always remember how much saturation there is. On most subjects it’s too much information from too many questionable sources. It’s in one ear, and out the other.

For instance, you could never wade through all the online chatter about social media marketing…

“Will it help my small business marketing effort? Can I build a brand around it? How do social media marketing? Can I generate leads on Twitter? Where’s it all going? What’s it all mean for small business marketing?”

I don’t know. It’s still evolving.

But I know this: Just because you have a blog and a few thousand friends on Facebook doesn’t make you a social media marketing guru.

There are a lot of young wannabes in that field who will gladly charge you for consulting, but few real gurus. It’s too new, too experimental. Guru status comes from wisdom, proven results and the perspective you can only get from years of experience.

So if you’re a brand manager, marketing director or business owner trying to figure out the social media thing, beware. Many of those purported experts or thought leaders are just good salespeople and tech-savvy online self-promoters riding the wave. When you’re scouring the internet for insight, pay close attention to the attributions and read the “about us” section to find out who’s really doing the talking.

Locke preached a sermon of hope for the digital pulpit. He predicted that the internet would forever shift the nature of business communications, and he envisioned a world where the consumer would have a voice and corporations would have to listen.

Pretty good crystal ball, he had.

Many big brands are embracing the online “conversation” and are getting better at communicating on a one-to-one level. They may not be the earliest adopters, but they’re catching on and beginning to respond to consumer wishes.

If nothing else, they’re now painfully aware when people start spreading negative word-of-mouth.

But corporations don’t control the bulk of the internet conversation.

It’s the small-business marketing experts. It’s the average Joe on his soapbox with a big ego and a pay-per-click budget. It’s the stay-at-home baker who wants to brag about her latest batch of cookies. It’s the teenage entrepreneur cashing in on Youtube.  Those little businesses are popping up faster than you can say, “what happened to Myspace?”

And that’s great.

Unfortunately there also are many modern snake oil salesman peddling their wares with content marketing. Despite the advances of social media, (or maybe because of the advances) there’s more phony crap out there than ever before.

The self-help industry. The diet programs. The plastic surgeons. The get-rich-quick guys. And my personal favorite, the golf swing gurus. Every Tin Cup wannabe has an instructional DVD or downloadable E-book available on the web. And they’re all “guaranteed to shave strokes off your game.”

Golf Digest wouldn’t publish any of them on a bet. The quality is no better than the corporate spiel that Locke railed against in Cluetrain Manifesto. “The voice is like a third-rate actor in a 4th rate play reciting lines that no one believes in a manner no one respects.”

Yep.

Sometimes I long for the good old days when websites weren’t free and there was some barrier to entry on the internet. But not really.

We’ll all put up with some noise in exchange for the freedom of speech that the internet provides. And small-business marketing is better for it.

Now I’m just hoping for a natural weeding out process.

For more on small-business marketing and content marketing, try THIS post.. 

For affordable small business marketing help, call me at BNBranding.

BNBranding's Brand Insight Blog

2 brands of love on BNBranding's brand insight blog

Brands of Love (How to build a loving relationship with your customers.)

I’ll never forget my first pair of skis… Hand-me-down Heads from a by-gone era. Jet black. Heavy as can be, but oh so lovable!

Since then, I’ve purchased eight more pairs of skis and four were the same brand: Head.

John Furgurson BNBranding blog post about brands we love

That’s me. Notice the head logo on the tips. No photoshopping involved.

The latest is a pair of Head Rev 105s, and I’m absolutely loving them. I test drove many different brands — and they were all good — but I chose Head.

Why?

Because it’s one of those brands of love that I grew up with.

Every time I ski on them, and every time I see another Olympic racer on the podium with Heads at their side, I get even more attached to that brand. It’s a life long love affair.

The Head Ski Company was founded in 1950 with the first metal composite ski — a revolutionary progression from the days of hickory.

In the 1960’s Head sold more than 50% of  all the skis in the U.S., even though they were priced two times higher than the competitors. It was a premium product with plenty of sex appeal. Jean Claude Killy raced on Heads. Today it’s Lindsey Vonn.

Howard Head

Howard Head

To me, buying skis is like buying a car. I can name every car and every ski I’ve ever owned, and I have fond memories associated with every one.

I  strayed from Head for awhile, cheating with Atomics, Blizzards and Rossignols, but I keep going back to my first love — to the brand that I first associated with the freedom, thrill and challenge of skiing.

That’s branding.

A lot of people gripe about commercialization and marketing as an evil activity or a “dark art.”  They say they’re being manipulated, somehow, into buying stuff they don’t want or need.

That’s nonsense. I believe we need MORE relationships like that. More love of any kind! Less indifference and more brands of love.

Just think… If we could all be passionately connected to more of the things we purchase on a day-to-day basis, wouldn’t the world be a better place?

Imagine how your day might go if you felt as passionate about your filling station and your pharmacy as I feel about my skis.

What if the routine chore of picking up dinner was transformed into a delightful experience that you could look forward to every time. What if you had a genuine love for your dental office?

Even root canals would be a more pleasant experience.

It’s human nature to love. We crave strong, loving connections to the things and people in our lives. Brands play that role quite well. We’re naturally drawn tbrands of love on BNBranding's brand insight blogo the companies and products that show love to their employees, their customers, their environment.

Whole Foods, Patagonia, Clif Bar are three good examples… they’re passionate companies that attract passionate customers.

In his book Lovemarks, Kevin Roberts talks about closeness, trust, intimacy, passion and commitment. Those are the traits of any loving relationship,  and if you can attain that in your relationship with customers you’ll have what Robert calls a Lovemark. The gold standard of brands.

What you have to remember is that Love is a matter of the heart, not the head.

You’ll never achieve Lovemark status by sticking to facts, data and a logical list of product features. Not unless you’re selling to robots.

And empty, corporate catch-phrases are even worse. Like a bar-closing come-on by a desperate frat boy… you might lure someone into a one night stand with that approach, but it’s not going to get you a second date, much less love.

In focus groups people talk about love all the time.

“Oh, I just love my Subaru.”  Or, I just love Tide. I won’t buy anything else.”

truth in advertising BNBrandingSubaru took the loving feedback from their customers and built it into its advertising. (It doesn’t move me, but I’m not a Subaru guy. There are a lot of WRX fans and Outback fans who’ll absolutely love that approach.)

So stop thinking about how to improve “customer satisfaction” and start thinking about how to make them LOVE you. Want you. Chose you.

How can you initiate a relationship like the one I have with Head Skis? It’s not easy because that one is connected to some of my fondest childhood memories. Think about that… If you really want to ramp up your branding efforts, start creating memories that your customers will love to recall, 50 years from now.

It takes a lot of extra effort, attention to detail, transparency and goodwill build brands of love. But it pays off… in better sales, in higher business valuation, and in articles like this one.

Write a comment… Tell me about your favorite brands of love.

If you want more on lovable brands, try THIS post.

Or the Lovemarks website. 

Guerrilla marketing in BNBranding's Brand Insight Blog

7 Branding firm BNBranding

Effective Personal Branding — The corporate head shot is not the ticket.

Recently we had a client who didn’t like the photos we had taken for her website. She didn’t appreciate the fact that we had done something different than the usual, corporate head shot. She said they didn’t look “professional enough”  — didn’t think it was good personal branding.

The problem is, her idea of “professional” translates to invisible. Because everyone has a boring “professional” portrait. And doing the same thing is the worst thing for your personal branding efforts.

Just because you’re in a professional job, such as real estate, insurance or law, doesn’t mean you have to look professional in a boring corporate sense. That’s classic, rear-view mirror thinking… “well, that’s how they’ve always done it in my business, so I better do it too.”

Nonsense.  If that’s how it’s always been done, do just the opposite. Differentiation is the name of the game. Relevance, Differentiation and Credibility. Those are the fundamentals of personal branding.

truth in advertising BNBranding

You’d never differentiate yourself on Match.com with a stiff, corporate photo, so why would you sell yourself that way in professional circles? What sells on Match.com is the same thing that sells in the corporate world: Real life. Personality. Emotions. And Honesty.

Deceptive images might get you one date, but they won’t work in the long run.

Realtors are acutely aware of their personal branding efforts. And yet, they’re notorious for using crummy, outdated photos.

I rejected a realtor once because of her photo. I interviewed her because she had done a lot of advertising. Her face was everywhere! But when I met her in person I was literally taken aback.  She didn’t even look like the same person. She was at least 25 years older than she appeared in her photo.

I didn’t discriminate because of her age, I rejected her because she wasn’t honest with me. She purposely — knowingly — misrepresented herself. And for me, that’s a deal breaker.  It’s not a big leap to think she would also mis-represent my house, or my position in a negotiation.

John Furgurson personal branding from BNBranding

That’s me.

So, no thanks.  Next candidate. There are plenty of other realtors waiting in the wings.

I suspect a lot of hiring managers think the same way. It’s human nature in a superficial world. We make snap judgments without even knowing we’ve made them. We are all biased, especially when it comes to looks.

So unless you’re super-model hot or as handsome as George Clooney, why would you want to show your face on every ad, every card, every page of the website? Besides ego.

A headshot does nothing to differentiate you from the rest of the realtors, lawyers, consultants or insurance agents with boring corporate headshots.

On the contrary.  It lumps you in with everyone else. All the bad moustaches and lousy suits on the guys make you look like you belong in a police line-up. And 90 percent of the women look like they’re trying way too hard. (Can you say “photoshop?”)

Successful personal branding hinges on authenticity, and there’s nothing authentic about most corporate head shots.

BNBranding use long copy to be authenticSome have argued that Realtors should include a portrait because “they don’t have a product to sell. They are the product. “

I suppose that’s true to some extent. The problem is, they’re all “me-too” products.

That is, they all do exactly the same thing, in the same basic manner. There’s no difference in service from one to the other, and most head shots shot confirm that suspicion.

Realtors, dentists, attorneys, and millions of other “professionals” perform a service. How a head shot looks has no bearing whatsoever on their ability to provide a good, valuable service.

A head shot may, or may not, help establish credibility. Someone might say, “well she looked trustworthy,” but unless you look remarkably different than everyone else in your market area, it will not help differentiate you from the thousands of competitors.

Rosey is a symbol of strength for our client, Morris Hayden. Works much better than the client’s photo ever could.

Instead of showing yourself, why not find something that’s more meaningful…  an image, graphic or a logo that means something to you, and possibly even conveys a benefit.

Use a symbolic, conceptual image that isn’t so darn obvious. A bit of mystery is a powerful marketing tool.

Or better yet, devise a service that actually IS different, and then show that. Find a simple image the conveys that difference at a glance.

If it’s not a relevant photo, it’s not good personal branding.

If you’re selling your services as a bouncer, your physical looks are absolutely relevant. You have to look like a bad ass, so your portrait should be shot in dramatic, intimidating fashion. Black and white. Forced perspective. Arms folded and straight faced.

Same thing if you’re a personal trainer. A photo of your physique is proof that you know what you’re doing.

But that doesn’t work for realtors, lawyers or accountants.  No one says, “Wow, she looks like a great realtor!”  No one makes a purchase decision based only on your photo, but they will judge you, for better or worse.

So if you absolutely must use a headshot, here’s some advice for getting a photo that doesn’t look like it came from the Sears portrait studio:

1. Remember, image matters. Execution matters. If you use sloppy, poorly-lit photos on your website or your LinkedIn page, that’s going to reflect poorly on you. You’ll get judged for that, like it or not.

2. Get a life, and show it.  You’re not a robot. Get photos that are an accurate reflection of the real you. Use props or interesting settings. Do something that conveys your personality.

3. Save yourself a lot of time and frustration by using a pro the first time.There’s a HUGE difference between accomplished amateur photographers and professional photographers who can actually make a living from the images they sell.

4. Realize that women are almost impossible to please when it comes to portraits.  If you have a staff of 10 women, nine will be unhappy, no matter what. Show them 90 proofs, and they’ll reject every single one, out of hand. So if you’re running the show, don’t give them too many choices.  Trust the photographer and just show the top three. And whatever you do, don’t let them take the photos home for a consultation with their sisters, girl friends or daughters.

5. A good photo reveals your frame of mind. If you’re feeling confident, sexy and intelligent, it’ll come through. (Assuming you’re using a good, professional photographer)  If you’re defeated, depressed, or angry, that’ll show too. So do whatever you have to do to get in the right frame of mind for a photo shoot. Have a glass of wine. Loosen up. Have fun with it.

6. The camera is just not kind to some people. The minute the lens cap comes off, they freeze up faster than a popsicle in Nome. If that’s you, look for a photographer who has a photo-journalism background and let them do some candid, newsy shots. Don’t pose! Do something natural and let him capture the action.

7. Remember, photography is an art.  So be open minded and let the photographer be creative.  If you go into a photo shoot with very specific, pre-conceived notions, you’ll miss out on a great opportunity to shine.

Bottom line: There is a place for portraits in the marketing world. People like to know that they’re dealing with a real person, so the “about us” page of your website is a natural place for those head shots.

Anything beyond that is probably ill advised. Why show your face at all?  It’s brand recognition you want, not facial recognition. They can always just Google you if they want to see what you look like.

For more on branding fundamentals, try this post. If you want some help with your personal branding, give us a call. 541-815-0075.

BNBranding's Brand Insight Blog

 

 

4 The heart of personal branding.

BNBranding logoPersonal branding is a hot topic these days. Seems a lot of people are rethinking their options, reevaluating their skill sets and reinventing themselves completely.

An advertising executive goes back to school and turns to teaching. A mid-level manager becomes a business owner and establishes a new personal brand.  An accomplished professional rebrands himself as a resort-course caddy. The transitions are dramatic.

Career paths don’t follow the comfortable, upward path of our fathers. They zig and zag all over the place, often rising radically for a period of time, only to plateau, fall, and rise again. It’s the natural order of things, these days. Much more natural than the old, corporate model of life-long employment.

In “Re-Imagine,” Tom Peters says the average career will encompass two or three “occupations” and a half dozen or more employers. A job for life is being replaced by a gig for now. Instead of working your way up the ladder you have to leap your way across changing terrain.

personal branding BNBrandingIt’s a free-agent nation and Tom Peters is a good role model.

When Peters wrote his first book he was toiling away in a small, west coast office of the world’s largest consulting firm. His peers didn’t think the project would amount to anything. In fact, they laughed when Peters suggested he keep the royalties on sales over 50,000 copies.

It sold more than six million copies and established Peters as a rock-star among management gurus. Since then, he’s published a dozen books and transformed himself into a multi-million dollar brand. His fee for a keynote speech: $80,000.

Peters has made millions with his speaking engagements, consulting jobs and publishing contracts. He could retire, or rest on his laurels. Instead, he’s reinventing himself yet again as a blogger.

In a recent interview with Seth Godin, Peters said, “No single thing in the last 15 years has been more important, professionally, than blogging. It has changed my perspective, it has changed my intellectual outlook, it’s changed my emotional outlook, it has changed my life.”

For Peters, blogging is much more than just another marketing tool. It’s a new skill that helps keep him sharp, and his personal brand relevant. I like Peters because he’s a bit of a rebel. He’s not afraid to call a spade a spade, he loves branding, he’s a great communicator, and he appreciates the power of good design. Our brands are strikingly similar.

I used to think if I just kept reinventing myself I’d get it right someday. Obviously, I was missing the point. It’s not the outcome that counts, it’s the process of reinvention that bears fruit. There is no right or wrong in the process of reinvention.  As long as you’re learning and growing, it’s all good.

The chapter on branding in  “ReImagine” is a must-read…

“Branding is not about marketing tricks,” Peters said, “it’s about answering a few simple (and impossible) questions…

Who are you?

Why are you here?

How are you unique?

How can you make a dramatic difference”

Bottom line: “Branding is ultimately about nothing more (and nothing less) than Heart.”

Whether it’s a giant corporation or your own personal brand, if it doesn’t have heart, it’s not going to be a successful brand.

Southwest Airlines has heart, and it’s demonstrated humorously on every flight.

Bono has heart, and it comes through in his music.

What is the heart of your personal brand, and how can you demonstrate that in your work?

That’s the crux of personal branding.  If you can define what you’re passionate about and then demonstrate that passion on a regular basis, you’ll have a successful personal brand.

And no matter how many times you reinvent yourself, the heart of your brand will still be true.

BNBranding's Brand Insight Blog

6

Marketing for financial advisors – beyond gift baskets

BNBranding logoIt was one hell of a gift basket, piled high with a delicious assortment of treats… Not unusual for the holiday season, except it came from my financial advisor.

First gift ever from a planner who I’ve worked with for more than 10 years. Apparently, the stock market’s rise inspired her to do a little outreach. That’s one of the problems with marketing for financial advisors… it’s a fair weather affair.  (She stays conspicuously quiet when the market is tanking.)

marketing for financial advisors BNBranding

Her marketing efforts are being driven by outside forces, beyond her control.

Unfortunately, her current clients see the effort for what it is. (Just buttering us up for the bad news to come.) And new prospects aren’t swayed because her personal brand isn’t strong enough to weather the whims of Wall Street.

Her brand has no differentiation and little visibility.

Here’s an example of the typical marketing for financial advisors…

• Monthly Chamber of Commerce breakfast meeting.

• Christmas card to all clients. (Gift baskets are typically reserved for only the top three or four clients.)

• One-page, off-the shelf website, never to be touched again once it’s up and running.

• Annual guest speaker luncheon. (Bring in a so-called “expert” spokesperson, book a room at a local hotel, cater lunch and then bore us to tears. If I wanted to know all that stuff, I’d do my own trading.)

It’s more of a tactical to-do list than an actual marketing plan. There’s no strategy at all. In the past it might have worked… She could get by on her good looks and good news from a bull market.

Not any more. There’s just too much competition on too many different fronts.

Compensation for independent financial advisors is typically based either on a flat fee, or on a percentage of the total assets under management (AUM). If it’s $100 million of other people’s money, they typically make 1% of that. A million bucks gross.

The problem is, when the market “corrects” itself, they might see a 30-40% drop in AUM, so they start scrambling to find new clients.

Choose one main thing BNBrandingMost just ratchet-up their networking efforts, hoping for more word-of-mouth. But it’s tough when they’ve been silent for years.

Some have discovered a new, more lucrative pipeline: Internet-based lead generation services.

Advisors sign up with an independent web directory and they pay only for highly qualified referrals. Very little effort for financial advisors. Very big ROI.

Independent, third-party directories also fill a vital role for consumers: They help simplify  the search and match prospects with a financial advisor who fits.

It’s a vexing decision, choosing someone to handle your life savings. And most financial advisor web sites  have the same, stock-photo look, and the same brochure-style copy. Very, very few have any sort of specialty or market niche.

On-line directories have been done successfully in the education market, travel, real estate,  and the auto industry. So why not financial advisors?

When prospects go on line to research “financial advisors” they begin with Google. But Google can’t sort or organize the category in a helpful way. That’s where directories come in…  they categorize advisors, provide details on specific services and nudge prospects along in the decision making process.

So assuming that you have some sort of specialty or differentiating featues, you can get a steady stream of very qualified leads and search engine optimization you could never achieve on your own.

In this day and age, marketing for financial advisors has to go beyond a static website and a Facebook page.

If you really are an expert financial planner, share your knowledge and your unique insight by writing a blog. Establish a presence for you and your personal brand in places where your direct competitors aren’t.

Do something, ANYTHING, that’s different from what you’ve always done.

Most professionals who run small service businesses believe  networking is enough. But that’s not the case right now for financial advisors. There’s no gift basket big enough for the job ahead. It’s time to start employing some new marketing tactics.

But before you dive in, consider your strategy. Because tactics without a strategy is like a ship with no rudder. For more on Strategy vs. Tactics, try this post.

If you want an idea that will dramatically differentiate you from all the other hungry financial advisors and help you retain clients without the use of lavish gifts, send me an e-mail: johnf@bnbranding.com.

For more info, try this post.

BNBranding's Brand Insight Blog

 

8 Scott Bedbury brand insight blog

Living The Brand, Scott Bedbury Style.

In branding circles, Scott Bedbury is kind of famous… He worked at Nike during the “Just Do It” years. Helped Howard Shultz build the Starbucks brand. And now he consults with a few lucky businesses and does speaking engagements all over the world. Even Kazakstan. Nice!

Scott Bedbury brand insight blogBedbury’s a very genuine guy, which is good, because that’s part of his branding mantra; the importance of being genuine.

These days, you can’t get away with being disingenuous. Some blogger, somewhere, will call you on it faster than you can say, “Where the hell’s our PR firm?” As Bedbury said, “the days of the corporate comb-over are gone.”

The brand assessment work we do is designed to reveal the truth behind a brand, not a well-polished corporate version of it. But some companies don’t like looking in the mirror. They aren’t forthcoming with the comb-overs and other cosmetic improvements because the genuine attributes of their brand just aren’t pretty.

I’ve seen plenty of cases where a company’s internal perception of the brand doesn’t jive with the consumer’s reality. If that’s the case, your branding efforts will have to reach much deeper than just the marketing department. You’ll actually have to change the product, tweak the operation or hire a different team. Because “everything matters.”

bend oregon advertising agency BNBrandingIt’s nice to hear that Bedbury’s donating his talent for good causes. As he says, great brands use their superhuman powers for good and place people and principles before profits. “Give a damn, and give back,” to be exact.

Patagonia is a company that gives a damn. There’s nothing fake about Yvonne Chouinard’s dedication to environmental causes, and it shows in everything the company does. The Patagonia brand, the operation and the products are aligned perfectly around a single, unifying idea… Save the environment so we can all enjoy the outdoors.

Unfortunately, few companies are as focused or philanthropic as Patagonia. Several business plans came across my desk in the past week, and it reminds me why Bedbury’s branding message is so important. All too often, the startup is only about cashing out. Nothing else.

Jim Collins, author of Built To Last, has something to say about that: ” The entrepreneurial mind-set has degenerated from one of risk, contribution, and reward to one of wealth entitlement. I developed our business model on the idea of creating an enduring, great company — just as I was taught to do at Stanford — and the VCs looked at me as if I were crazy. They’re not interested in enduring, great companies, just an idea that you can do quickly and take public or get acquired within 12 to 18 months. “

Anyway, even if you don’t have a great company that donates a portion of your profits like Patagonia does, you should still have a cause that drives your operation. You need a purpose the employees can rally around… something more meaningful than just boosting the stock price.

Scott Bedbury’s boss at Nike, Phil Knight, was adamantly against his employees watching the stock price. When Bedbury got to Starbucks it was posted by the hour, up on a bulletin board for everyone to see. Not sure if Bedbury was able to change that practice or not, but it never sat well with him. He’d rather think long term.

Another thing about Bedbury is that he can still laugh at himself. (Or at least he could the last time I saw him speak in Bend, Oregon.) Again, he’s following his own advice. An amusing anecdote and an easy chuckle are perfectly “on brand” for Scott Bedbury.

oregon advertising agency BNBranding shares Scott Bedbury quoteHe’s not the type of guy you’d find as a Chief Marketing Officer at a Fortune 500 company, that’s for sure. He’s more storyteller than suit.

Storytelling is a big part of branding. Once you’ve figured out the real crux of your brand, you have to communicate it in a form that people can understand. And nothing is more effective than a good, old-fashioned story. Doesn’t matter if it’s delivered via the latest, greatest mobile technology, it’s still just a story. Tell it well. Tell it often. And keep it real.

One last piece of advice, inspired by Scott Bedbury… Don’t be afraid to reinvent your brand from time to time. Every summer he “shuts it down,” and hangs out with his family in Central Oregon. He writes, plays a little golf and recharges the batteries. So his own, personal brand will be fresh and ready for the next, big brand adventure.

For more insight on brand stories and similar case studies, try THIS post.