I’m sure you’ve seen them. Posts on LinkedIn where folks admonish the individual to move their comments to Facebook – or another more ‘appropriate’ social platform. “LinkedIn is a business to business (B2B) platform,” they write. “Personal content belongs somewhere else.”
Surprisingly, the B2B world should be more personal and create more emotion.
In the research effort brought together by Google and CEB’s Marketing Leadership Council, marketing research firm Motista surveyed over 3,000 B2B buyers looking for insight into whether they purchase in a logical manner; a manner driven by process and devoid of feeling. The research offered up very interesting results:
This actually makes perfect sense. B2B buyer’s jobs or organizations may be on the line with a purchase. They may be taking on enormous personal or professional risk. (B2C purchases are rarely career ending.)
Over the past six months, I have been speaking on the subject of branding. Specifically how the power of an emotionally connected brand brings real value to a financial advisor’s bottom line. “A well-executed brand and brand experience increases the perceived value of the services one provides,” I tell them. Well-executed brands garner love, trust and respect. They shift clients from static to ecstatic, who are now willing to talk well of you, and even pay more for your services.
The financial services industry is obviously a challenging place to build a brand. Put simply: we are in a PR meltdown. And the recent fiduciary rule underscores the underlying lack of trust. (In fact, the Edelman Trust Barometer reports that financial services continues to remain the most mistrusted industry in the world.)
People buy from people they know, like and trust.
We’ve known for years the value of a personal introduction or referral. Unfortunately this approach to sales and marketing is simply not scalable. Advisors wishing to move from an organic growth mode to an intentional growth effort must tackle the trust issue head on. This effort begins with a deeper look at their brand and brand experience.
In an upcoming book, Brand Admiration, the authors define brand admiration as “the psychological state of mind of customers who develop a meaningful connection with a brand.” They write that, “an admired brand maps to customers’ own needs, goals, and sense of self.”
Unfortunately, that’s difficult for most financial advisors to translate. It seems that they most often focus on the F word; forms, facts, figures, funds, fiduciary and fear! This approach does not translate into trust. In most cases, it creates a disconnection. No one comes to a conversation with an advisor begging to discuss fiduciary issues.
What to do now?
- Back up and start from the beginning. Spend time remembering why you’re an advisor in the first place. What piece of your heart sings when you work with clients?
- Consider your brand from an alternate perspective. Walk outside your office and walk back in as a prospective client. What might you feel and do?
- Build a foundation of messaging that embraces an individual’s emotions and stories about money—ultimately building trust. We are our stories and feelings, not forms, facts and figures.
- Get brave and courageous. Be willing to step outside of what you ‘think’ people want to hear from an advisor. Step into what you want people to ‘feel’ about you.
- Know that we are also visual beings. Stop using imagery that makes no sense to your target market. Considering reaching out to Millennials? Skip the compass and map. Give up on the bank columns. And, avoid Cialis commercial models at all costs.
- Believe and trust that a well-executed brand will bring value to the bottom line. This effort will take time. In the interim, read the research! An admired brand has deep resonance—that translates into real brand equity—with a direct impact on a company’s bottom line.
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