Nick Jones assesses the benefits a good brand can have on your business and the tools available to ensure that brand's success
Brands. To some a word synonymous of the world we live in and to be embraced, to some a dirty word to steer well clear of and to some, just a logo… We are all different and that is what makes being a marketer so challenging.
When we think about the world's biggest and most respected brands, it is not that easy to reel off financial services providers or insurers. We are just not that visible, not that exciting and indeed, not that respected by consumers if we are honest.
Why? Well, there are many reasons, but it is fair to say the world's of insurers and brands do not fit together all that well. For one, in our market we deal with consumers buying products that they feel they should have, rather than want - and that is a big distinction. We also sell the intangible, a promise and a service and you cannot take these away from a store in a big shiny box.
Put it this way, what gives you more satisfaction - going to your favourite Swedish furniture store and buying a new bookshelf, or listening out for your latest policy document to drop through the letterbox? Ok, so if you have been to the said store on a Saturday afternoon, that may be a very bad example, but you can see what the question is getting at.
Brand relevance
So, you ask - "what relevance do brands have for me, I am an intermediary?" Well, this obviously begs the question; "do brokers need brands?".
There is so much more to a brand than simply a logo, yet this is as far as many think. For example, much of how consumers judge us as insurers comes down to how we deliver on a promise; that we pay claims accurately, promptly and without fuss - having said that, it is definitely worth taking the time to look at your visual identity.
First impressions count for a lot and how many times as consumers do we make snap decisions on whether we are or are not going to buy a product based on the look and feel of the brand? How often does the product or service even get a look in - you could argue this is only the case if our initial perception is positive.
So, there are a few simple questions to ask - does your trading name say what you do and what you are about? Do you have a memorable logo and visual identity and does it point you squarely at your target market? It is no coincidence, for example, that value brands use basic visuals and few frills; they want to leave their customers thinking that there is no waste on ‘frills'. So equally, if you target the high net worth market for example, your identity needs to reflect this - to immediately build the ‘Rolls Royce' perception, you start with the name and logo. But it goes further than this; think about your office environment (if clients visit you there) and make sure it is up to scratch, it should be comfortable and professional, somewhere where your client can relax and feel at ease.
"I don't sell a physical product so I don't need a brand." This is one of the major challenges for any business within a service industry. Insurers and intermediaries are alike in that they do not have the option of sending their customers on their way with a shiny new toy or product. We sell a service and a promise, so our brands are made up of the touch-points we have with consumers. This means every time we see or speak to our customers, it is vital to leave them feeling happy with the service they have received, that it works for them and there is real value in it.
Assess your own service
Although that goes without saying on one level, when was the last time you sat down and evaluated the service you provide?
For example, what do you provide your clients when the fact find and recommendations are done - do you provide just what you have to or do you go the extra mile, to make it personal and valuable? These are the little touches that can make all the difference to your reputation and how many of your clients do your brand building for you.
As an example from the provider side of the fence, it could be the difference between the insurer that simply pays an IP claim into the customer's bank account on a monthly basis, without any hassle or difficulty, and the one which does this, but also spends time with the customer, talking through their options, how to manage their condition and ultimately get back to work. There is just service and there is a service experience to remember and the two can be very different.
"I cannot afford to advertise"
To think that brands are built solely through paid for advertising simply is not true. Indeed, advertising, promotion and brand building in general only works if the messages the firm is trying to convey are backed up in delivery - so as a broker if you offer personal service, you need to deliver it.
So what other ways can you build your brand? The old adage is still the best, there is nothing better than a personal recommendation - from someone you know and trust. This has been true as long as business has been alive and still makes the world tick, but something has changed that has a major impact on how recommendations are spread.
The web has had a profound effect on how we access and share information; how we make recommendations and indeed share negative feedback. So it is important to your brand to monitor and influence this process as far as possible - but how?
Try setting up some alerts (a well known search engine is a good start…) which monitors what people are saying about your business on the web. Are they making recommendations in forums? Are they providing constructive feedback? The volumes may not be huge, but this may tell a story in itself.
If it is the case that not a lot, or indeed nothing is being said, do not be downbeat, why not use it as the incentive needed to build that noise? PR can be a productive and cost effective way to build this profile and get people talking about you and what you can do for them.
So, try and build a relationship with the local newspaper. If there is one thing that journalists like, it is an opinion on something topical from an expert. So, pitch yourself as that expert, who knows, before long you could be a regular contributor getting regular quotes and coverage and all for free; that sounds like effective, efficient marketing to me.
That covers the traditional press, but what about online, any different opportunities out there? Well, it goes without saying that again the web has had an enormous impact on how a firm can build a profile.
The impact of the web
In years gone by for an adviser and their firm to get views heard, there was no real option other than the above, to forge these strong relationships with journalists, but today there is a different way. The growth of online bloggers has been incredible; in fact many people now make their livings one way or another by voicing their opinions on the web.
So what does this tell us? It tells us that consumers want help and advice, and increasingly are happy going to the web to source it. The rise of people like Martin Lewis also tells us that blogging is not just for celebrity gossip, consumers are also demanding more and more information about their finances, how they can plan and how they can be in more control.
Now, it is true we can look on this two ways, as a negative that your potential clients are seeking out advice from a source other than you, but it is, in a more positive light, a great way to build your brand, make more noise and ultimately get more people talking about your business.
To end with one final thought, as a relatively small provider competing with some big household names, we often hear from advisers that they love what we do but their clients always gravitate towards the bigger brands - should we not all, insurer or intermediary, be doing all we can do to build our brands and bring more consumers to us?
Nick Jones is brand and marketing manager at Exeter Friendly Society
