Over the last 16 years working with financial advisory firms, one question I find myself answering often is the difference between Branding and Marketing. It’s an important education process towards having the right marketing mindset, the right strategy and an appreciation for how important branding is to Marketing ROI.
Marketing and Branding are different concepts that each plays an integral role in your firm’s success.
BRANDING is your story. It’s what connects people to your unique and valuable services. Your difference has to be seen as better and relevant to your ideal audience – that is the only message that matters to your prospects – why you – why them. Not every advisor knows what their strengths are, how they might be different and then what that means to their ideal audience. Your brand needs to be discovered, developed and articulated in a way that make a real impact in your business.
Branding significantly enhances quality of leads and makes branding measurable.
MARKETING is the strategy and delivery of that story and a process to attract, engage and influence these ideal prospects.
Marketing delivery should answer four questions:
1) how will I get noticed,
2) what message will resonate with them,
3) how do I inspire action, and
4) how to I convert them into clients/advocates?
While Marketing ROI is measured by lead “Quantity” divided by the cost and effort it took to produce them, Branding ROI is measured by the lead “Quality” or profitability.
Well-branded advisors attract and convert better clients.
Watch Kirk in this brief video explaining how financial advisor marketing and branding complement each other: