Do your customers have a clear idea about what your brokerage offers? Here are seven signs they don’t.
Whether it’s through diversification, mergers, acquisitions, or something else, many brokerages are in a constant state of modifying their brand.
But no matter what stage of the business life cycle they are in, brokerages need to have a clear brand architecture in place to present to customers their individual offerings under a unified brand strategy, says Dan Ratner, MD of Uberbrand.
“Poor brand architecture can create a fragmented and uncoordinated organisation. This can lead to brands within an organisation competing, rather than complimenting each other. Ultimately that will affect your bottom line.”
Uberbrand has developed the following seven signs that you need to revisit your brand architecture.
· Recent mergers/acquisitions: a new brand has recently been brought into the mix, disrupting the current architecture. There are several overlapping brands (due to growth, mergers or acquisitions).
· Too few brands in portfolio: the credibility and specialties of each brand are being stretched.
· Too many brands in the portfolio: an overcrowded portfolio is resulting in brands competing against each other, not complementing each other.
· Lack of clarity: the brand architecture lacks formality around which is the ‘master brand’ and which are the subordinate brands, resulting in a lack of understanding.
· Lack of development control: managers within the organisation are allowed to develop new brands, with little or no regard to the overarching strategy.
· Brand losing relevance with customers: there is a disconnect between the desired and actual perception of the brand. This results in sales dropping and formerly loyal customers not returning
· Internal facing brand: the brand architecture is based on internal factors such as departmental structure, rather than being constructed according to a consumer perspective.
Getting the balance right
One business which implemented a successful brand strategy is Cube Central, which began exclusively as a home loans company in 2005.
About two years later, they realised they needed to reconsider their brand and diversify into risk insurance and property.
“We changed our name from Cube Home Loans to Cube Central, but also kept the Cube Home Loans brand so that we could trade separately,” says Beattie.
“For example, let’s say there is a financial planner who wanted to deal with us. We can approach that financial planner without necessarily that brand competing with what they do.
“So if you like, Cube Central became the umbrella. With different business units underneath and down track, if and as we got bigger we could still work with our referral partners in a completely different business unit without them worrying about us competing with what they do.”
The transition was so successful that Beattie led Cube Central to win the AMA for Brokerage of the Year for Diversification in 2011.
Related:
How to tell your broking brand is not coping
What are your strategies for creating a healthy brokerage brand? Share your thoughts below.
But no matter what stage of the business life cycle they are in, brokerages need to have a clear brand architecture in place to present to customers their individual offerings under a unified brand strategy, says Dan Ratner, MD of Uberbrand.
“Poor brand architecture can create a fragmented and uncoordinated organisation. This can lead to brands within an organisation competing, rather than complimenting each other. Ultimately that will affect your bottom line.”
Uberbrand has developed the following seven signs that you need to revisit your brand architecture.
· Recent mergers/acquisitions: a new brand has recently been brought into the mix, disrupting the current architecture. There are several overlapping brands (due to growth, mergers or acquisitions).
· Too few brands in portfolio: the credibility and specialties of each brand are being stretched.
· Too many brands in the portfolio: an overcrowded portfolio is resulting in brands competing against each other, not complementing each other.
· Lack of clarity: the brand architecture lacks formality around which is the ‘master brand’ and which are the subordinate brands, resulting in a lack of understanding.
· Lack of development control: managers within the organisation are allowed to develop new brands, with little or no regard to the overarching strategy.
· Brand losing relevance with customers: there is a disconnect between the desired and actual perception of the brand. This results in sales dropping and formerly loyal customers not returning
· Internal facing brand: the brand architecture is based on internal factors such as departmental structure, rather than being constructed according to a consumer perspective.
Getting the balance right
One business which implemented a successful brand strategy is Cube Central, which began exclusively as a home loans company in 2005.
About two years later, they realised they needed to reconsider their brand and diversify into risk insurance and property.
“We changed our name from Cube Home Loans to Cube Central, but also kept the Cube Home Loans brand so that we could trade separately,” says Beattie.
“For example, let’s say there is a financial planner who wanted to deal with us. We can approach that financial planner without necessarily that brand competing with what they do.
“So if you like, Cube Central became the umbrella. With different business units underneath and down track, if and as we got bigger we could still work with our referral partners in a completely different business unit without them worrying about us competing with what they do.”
The transition was so successful that Beattie led Cube Central to win the AMA for Brokerage of the Year for Diversification in 2011.
Related:
How to tell your broking brand is not coping
What are your strategies for creating a healthy brokerage brand? Share your thoughts below.
