24 Aug Branding For IFAs: Lessons From Simon Sinek’s “Start With Why” (2 mins)
How do financial advisers typically communicate their brand? The gist of it usually goes something like this:
“We have some of the most experienced financial advisers in town, with outstanding qualifications and expertise in pensions, protection, mortgages and more. They’re friendly, knowledgable, and able to provide sound advice that is easy to understand. Want to choose us?”
Their message, in other words, starts with “what” and “how.” In other words, they outline “what” they do, and “how” they do it (or “how” they are different or better than other IFAs).
Virtually every IFA on the planet knows what they do, and how it’s done. But do all of them know why?
Simon Sinek, a well-published author on corporate branding, uses the example of Apple computers to articulate the power of those brands who answer the “why” question.
What would the message of Apple be, for instance, if they simply copied what most IFAs do? Probably something along these lines:
“We make great computers. They are beautifully designed, simple-to-use, and user-friendly. Want to buy one?”
But what do Apple actually say? It goes something like this:
“In everything we do, we believe in challenging the status quo. We believe in thinking differently. The way we challenge the status quo is by making beautifully-designed products that are simple-to-use and user-friendly …We just happen to make great computers. Want to buy one?”
This approach – starting with “why” -, according to Sinek, gives people a cause they can relate to and rally behind. It gives them a sense of belonging; inspiring them to take action and advocate on your behalf. It will also make them more prepared to pay a premium.
In other words: “people don’t buy what you do, they buy why you do it.”
Let’s be honest, it’s hard for ordinary people to get excited about advice in pensions, protection and mortgages!
But if you can communicate a compelling explanation of why you do what you do, then you can lead by inspiration and create a powerful sense of purpose and attachment; increasing your client attraction, retention and advocacy in the process.
As the Marketing Coordinator at CreativeAdviser, Phil is responsible for devising marketing strategies for his clients, generating engaging and informative content, and ensuring brand consistency across all of CreativeAdviser’s communications. Phil has a passion for digital marketing and a borderline-unhealthy addiction to Google analytics.
In his spare time, Phil can be found powerlifting at his local gym, watching action movies, or playing acoustic guitar at open mic nights.