Building Brand Image

Be it buying jewelry from Tanishq, or a Tata Car, or an everyday product like Tata Tea, people are sure of the quality of the product.

Do you know Why?

Because people buy Tata products on it's name. Tata, our home grown multinational company, carries an image of serving Quality products and services since decades. This is Tata's Brand Image.

Brand Image is the key to any successful business today.

However, somehow in the financial advisory practice, sadly and surprisingly, building a brand image is largely ignored.

The job of a financial advisor is a noble one, you bring prosperity into peoples lives. And when you are working towards the larger good, you shouldn't be overlooked, you need to do the right kind of branding to be recognized.

The need for financial advisors is undisputed and is gradually growing, but the number of advisors are also growing at a very fast pace. There are so many advisors around, how do you stand out of the crowd is the key challenge.

The solution lies in your brand image, which is shaped by the differentiation strategy you adopt. To build an image you don't have to be just good, try to be distinguishable.

So, What exactly is a Brand Image?

Is it the name of your firm?

Your Logo?

Your tagline?

Or the about us section of your website?

No! Your Brand is none of the above. Although all of them play a significant role in the branding process, yet none of them can be exclusively construed as your Brand.

Your brand conveys your approach, it reveals the tenets on which your business is based. In simple words, your Brand Image is how people perceive you or your firm. It's about how your clients or your prospective clients see you as an advisor. And hence building the desired perception is building brand image.

The Need?

Building a Brand Image is the need of the hour. In the modern day cut throat competition, you cannot survive for too long if you aren't unique, if people don't associate you with certain qualities. Why would someone be willing to work with you, entrust you with his finances, lies in how your image looks like in his eyes. Therefore, branding is absolutely necessary to do business, to acquire and retain clients.

So, how do you build your brand?

Identify the key attributes: The first step to brand building is identifying the key constituents of the brand, that is the attributes you want to be associated with, by the mass. It can be one or a combination of virtues, like you want to be perceived as an ethical business, or someone who never leaves the client's hand as a result of superior service and regular communication, or a technologically upfront business, or a combination of these traits.

USP: Your USP, Unique Selling Proposition, can be a primary constituent of your brand image. Some advisors may have a USP, like someone may have a family history of advising people, so he may be perceived as the one who has been advising people since generations. Or an advisor may have a relevant degree or a certification, or relevant experience, these attributes make these advisors stand out of the crowd. Many advisors have a USP, others may have to look for one. You never know, you may have a USP which just needs to be identified and showcased. For Example, you have been catering to a specific genre like, retired people, or millennials, or corporates, etc., so this segment becomes your USP, you understand this segment's unique needs and have experience in fulfilling them. USP is all about how a quality of yours makes you different from the others, like your education, any specialization, a niche, etc. If you are perceived as a specialist, people will be drawn towards you for that specialization.

Consistency: The factors which represent your brand image should be clear and consistent. If you want to portray yourself as Ethical, then Ethics is one thing you must practice religiously and not let go even in extreme circumstances. Your brand image must be conveyed in whatever you do.

Physical Representation: Your website, your tagline, your logo, your visiting card, your social media page, banners, etc., can take you a long way ahead in building your brand, if utilized right. They should all carry a reflection of your brand image. Your website and social media page is like a gateway to your brand, whatever you want to portray they serve as an opportunity, you can have testimonials, images, quotes, etc., you can make the best use of content marketing here.

Lastly, words must translate into actions, your services must be a mirror image of your brand. “We keep client's interest at the center” or “We are there for you always”, shouldn't be restricted to taglines. Your work should justify the words, consistently, it's only then, your brand image can be built in true sense.

So, the crux of this passage is, building a brand image is inevitable to survive and grow in this world. This brand image must be inseparable from you, it must reflect in your deeds, your words, your disposition, so that people don't have an option but to associate you with the brand you wish to create.

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