During the course of a recent project for one of our financial services clients, an interesting thought occurred to me.
Thesis is a very successful Asset Management firm for whom we have just conducted a brand revue that resulted in a subtle but exciting brand evolution. Whilst working with them through the project, it occurred to me that although on the face of it our two companies are very different – Asset Management and Marketing – in actual fact what we do is remarkably similar.
Thesis help their customers by looking after sizable sums of their hard earned cash and investing it in assets which they then manage, nurture and develop to help the initial fund grow, to be bigger and better.
We look after what is in my opinion our customers’ most valuable asset – their brand – and advise them on how to manage it, nurture it and develop it to help it grow and be bigger and better.
Both of these, if done properly, require planning and strategic direction, sound management and excellent implementation which is what led me to the conclusion that we are, to all intents and purposes, in the same business.
I believe wholeheartedly that after its people, organisations should consider their brand as the most valuable asset they have. And accordingly, brands should be nurtured and developed in a planned and structured manner in order to maximise their impact.
Of course this doesn’t just mean changing the logo from light blue to dark blue or giving the name a slightly more contemporary typeface. It goes much deeper than this – requiring a real understanding of exactly what the brand means, what it stands for, and what customers can expect when they interact with it.
A brand, however large or small, acts as a shortcut for customers to aid their buying decisions. If they know what a brand stands for and what they can expect from it, then they transfer that knowledge onto whatever product or service is associated with the brand. It becomes automatic – I’m in a hurry, I need some baked beans, I grab a tin of Heinz because I know they will be good. Or, I need broadband, BT is more expensive than Broadband Direct Inc, but I buy it anyway because I know BT will deliver.
Brands are also living entities. They evolve and develop in line with companies, markets, customer needs and competition. Whilst they should always be true to a core set of values, how these are translated and communicated as companies grow and develop can alter. Take the multiple grocer retailers for example and notice how they move from service to value in their propositions. Petrol forecourt retailing is another good example of where a strong service message is underpinned by value.
In the world of financial management an asset requires careful investment and managing, and the same is true of brands. A well managed brand allows you to capitalise on opportunities, ultimately enabling you to attract more business, charge more for your product or service and to grow the business.
Jono Oswin
jono@designdistillery.com