Cover Story and will other target markets be served in the future? 7. What expected short-term and long-term changes might impact the name? 8. Is the name easy to say, spell and remember? 9. Are there other competitors using a similar name? 10. Are there other companies in unrelated industries that use the name that might create confusion? A few precautions: • Alphabet soup. As a general rule, avoid abbreviations and acronyms. It took a long time for IBM’s brand awareness to be created. • The conservative approach. Too many cooks in the kitchen can ruin a great soup, so do not feel that it is always necessary to pick a name by consensus.
• Doing it blindly. Avoid making a name decision without any input. It is good to have a sounding board on name ideas (especially if a person has had experience creating other successful firm names.) Also, survey your best clients (and prospects) on what names they like best and why. Here Are Steps To Take When Creating A New Brand (Or Enhancing An Old One)
• Pick a name. Research your top three choices to see if any of those ideas are already being used. Work with an attorney to finalize the best available name to make it your own. • Update core branding tools: a logo – the saying “a picture tells a thousand words” is true, so work with a talented designer to make sure the image conveys the brand message. a tagline – it is an additional opportunity for messaging to support your brand, with more flexibility for updates when needed. • Define it. Create a style guide that supports the www.transitions-mag.com
brand identity (e.g. design elements, tone of communications, etc.) so all are on the same page. • Put it in place. Ingrain your brand into the day-today workings of your organization. • Share it. Push the brand out to the public through all interactions (e.g. marketing communications, personal contacts, etc.) • Conduct ongoing research. Know the impact your brand is having. Track (new business, retention, etc.) and maximize the benefits of your branding efforts. • Protect it. Monitor your brand reputation and improve it if needed. • Keep it fresh. Reinvent your brand, as needed, to keep top of mind and adapt to internal and external change. Just remember, consistency is a good thing.
A Good Brand Is Your Best Friend A strong brand will be one of your most valuable intangible assets over time, as it will bring in new business, retain clients, allow for a premium to be charged and even retain good staff members. To learn more, watch this video about the importance of a strong brand. For those transitioning to a new business, make sure to get it right the first time. uuu
Mike Byrnes founded Byrnes Consulting in April 2008 to provide business planning and marketing strategy consulting services to help advisors become even more successful. Read more at www.byrnesconsulting.com. Look for future articles from Mike Byrnes to help your business become more successful.
Business Management for Independent FInancial Advisors