Protecting Your Reputation
Every advisor needs an image strategy
By Jennifer Connelly
As the financial industry continues to do damage control, advisors should be thinking about whether they’re doing enough to protect their reputations. Even the best of us need to be proactive in the face of today’s sector scandals. A minor misstep with a client or investment could do serious damage to your business.
Think of it as an Image Strategy. While hard to quantify, your image is arguably among your most valuable assets. It is what inspires all of your constituents to maintain relations with you. This includes your clients, employees and strategic partners – they must trust an organization they do business with. The better your reputation, the better quality employees and clients you can bring in, which has a clear impact on your bottom line.
The first step is to define yourself before anyone else can. Competitors, media and even clients shouldn’t dictate your story to the public. To define yourself, determine your top three key messages that you want to communicate to the public. These messages should be your core story line; the goal is to align your desired image with your public reputation, or the way that constituents currently see you. Once you’ve determined your key messages, outline some specific goals for using these messages to publicly define your brand. For example, if you want to be recognized as a high-end practice catering to urban professionals, one of your strategic goals might be to makeover your Web site and logo to more effectively communicate this image.
Another key to protecting your image is becoming friends with the media. This might include local journalists, as well as journalists at trade outlets and national media that your constituents read and watch. Often, advisors can be reluctant to work with media or are unsure of the value it brings. The reason to befriend journalists and editors is because the media provide an incredibly powerful third-party endorsement of you and your business.
Finally, be in it for the long haul. If you believe your reputation holds value, understand that creating a positive and prominent image won’t happen overnight and without diligent effort. Reach out to your employees and business partners, and ask them for their opinions about your brand image. Ask clients for their feedback to find out if you’re effectively shaping perceptions of your firm on an ongoing basis. Use their insights to fine tune your messaging and mission as a firm. It’s only in cultivating a strong business culture and unique vision that your reputation will prove not just durable, but hard for anyone else to duplicate.
Even if you don’t use a communications strategy as part of your long-term marketing and growth plan, in today’s post-crisis landscape advisors at least need to actively protect their reputation. Not having an image strategy in place can be devastating to your business and long-term growth. It can also mean that you miss out on opportunities to raise your profile, at a time when so many financial firms are on the down low.
Jennifer Connelly is President of JCPR in Parsippany, New Jersey, a full-service public relations and marketing communications specializing in the financial services industry.