Defining Your Value? It starts with strong message and smart positioning.
By Jennifer Connelly
It’s a basic question that advisors often ask, but find tough to answer: What exactly is my brand?
Every business, no matter how large or small, has a brand. A brand isn’t a logo, tagline or color scheme. Essentially, it comes down to something you absolutely need in order to grow – a unique value proposition. Defining your unique value in the market tells prospects why they should choose you. It’s the sum total of benefits you offer in exchange for their trust.
The reason to build your brand is because it represents the essence of your value proposition. It forms the foundation for how you communicate with your target markets. There are two key steps to take in order to do this successfully and in a way that will have a lasting impact: strong messaging and smart positioning.
Strong Messaging
Advisors often hire professional communication firms because, as most business owners, they’re so busy managing money that they need help systematically delving deep into the core mission and values of the firm. The goal is to know your brand inside and out so that you present a cohesive and compelling image ofyour business to the public. This image is what informs all of your publicity and marketing efforts.
Successfully communicating your brand requires having one strong, clear and positive message. Messaging is the story you tell about your business. Your message must reinforce your key differentiators, what you offer that’s truly distinct amid a crowded marketplace. When prospects need a specialist in your field, you want them to immediately think of you.
One great exercise to help develop your message is to ask yourself and colleagues a few basic questions about the business: Who are we? What differentiates us? What do we do and for whom? Organize your answers in a list or chart – this is your messaging “shark cage.” If you and everyone in the firm who interacts with the public stays inside this messaging framework, you’re on your way to building brand identity.
Smart Positioning
Once your messaging is set, you internally as a firm have a strong sense of your value proposition and the image you want to present to the public. The next step is determining how to position your brand in the market so that it is most competitive.
In other words, if your message is your story, positioning is how you tell it. For instance, maybe you are a small firm competing against larger advisory businesses. One smart way to position yourself is as a boutique shop offering highly personalized services. The key is communicating your message in a way that will reach and resonate with your target audiences.
If you need help with this, conduct a “situational assessment” of your business. Ask yourself:
· What is my current positioning and how do I want to be positioned going forward?
· How well-known am I among prospects and industry leaders?
· How are my current marketing and outreach efforts performing?
· What opportunities for growth exist in my marketplace, and how can I best capitalize on these?
Value that Lasts
As your business and marketing efforts evolve, you’ll want to continue developing and positioning your brand so that you remain a recognized thought leader in your realm of expertise. This can only happen if you are consistently and actively promoting your expertise, knowledge and unique value proposition in targeted forums that keep you top of mind.
Ultimately, this means ensuring that your messaging is durable over time and relevant to the audiences you’re targeting as your business expands and evolves. Secondly, it means ensuring that your positioning is flexible and adaptable. The bottom line? When there is no doubt about your value, you build brand identity, help drive sales, increase revenue, and take your business to the next level.
Jennifer Connelly is President of JCPR in Parsippany, New Jersey, a full-service public relations and marketing communications specializing in the financial services industry.
Jennifer Connelly is the president and founder of JCPR, Inc. Jennifer has more than a decade of professional experience working with C-level executives to build distinctive brands and capitalize on business opportunities. She has developed strategic communications campaigns for clients including American Beacon Advisors, HighTower Advisors, Aston Asset Management, Direxion Funds, Clearbrook Financial, NorthStar Financial, MarketCounsel, and industry thought leader Tom Lydon, ETF Trends.
Jennifer is on the board of directors of Easter Seals New York, a nonprofit organization devoted to helping individuals with disabilities. She provides pro-bono public relations services to Easter Seals and Presents for Purpose. Jennifer is a member of the Tiburon Consulting Fellows program at Tiburon Strategic Advisors and is recognized as a marketing specialist on Pershing’s Advisor in Transition program.
Jennifer routinely contributes to publications including Financial Advisor, Investment Advisor and InvestmentNews and is a frequent speaker at industry conferences, roundtables and events on subjects including public relations, marketing and distribution.
You can contact her directly at jenn@jcpublicrelations.com, or via their website: www.jcpublicrelations.com