The key question a brand must answer is, "Who are we?" The best answer to this is one that is short and clear.
The answer cannot be, "this, and this, and, oh yes, this." No matter how complex the reality is, a brand's keynote expression must be immediately graspable if it is to have real power. And it still needs to be true.
In a recent conversation with a very senior person at a financial institution, my colleague was told, "I think private wealth managers will have a hard time seeing the value of branding—they see marketing as a cost center, not a driver of sales."
Hold it. How did we go from branding to marketing in one sentence like that?
Yesterday we had Thanksgiving dinner at our neighbors house. The kids—who have all known each other since birth—piled up their plates with whatever they wanted most (including Brussels sprouts), and our host asked each of us to express in a single word what we were thankful for. Answers: "Food," "Friends," "Family," "Death"...
One of the biggest marketing and sales challenges wealth management firms face is differentiating their offering in a crowded field. Here's an explanation of how a strong brand can move your firm past competing on price.