Why Branding Is So Important￼
Some business owners may think branding is only for behemoth companies and doesn’t necessarily apply to them. It doesn’t matter whether you are catering to a local or niche market, are an insurance MGA, or a large brokerage with a national footprint, great branding conveys what you’re all about, helps clarify and focus who you are, tells your story cohesively across many platforms, distinguishes you in the marketplace, and much more.
Don’t just think of your brand as only your name, logo, tagline, and the colors you use. It’s more than that. It’s your company identity and personality. You may want your identity to present you as conservative and traditional for strength, stability, and confidence – which is the most common approach in the insurance industry. On the other hand, you may want to stand out from the crowd, convey disruption and difference – typical of the many insurtechs out there. Consider Lemonade, Next, Kin, and others. Their names, look and feel, and story are saying, “we aren’t interested in approaching business as usual” while also attracting a younger demographic.
Think about how you want your business to be perceived when looking to do a brand refresh or start a new firm. Perhaps your brokerage or agency has been a family business and is now bringing in younger members. This may be the right time to announce a change with a new or refreshed brand that helps you widen your reach and audience.
Get People’s Attention with Your Brand, Align Your Marketing
Businesses today reach out to customers and prospects through various media and platforms. This includes advertising locally and in industry publications, attending industry trade shows, conducting email and/or direct mail campaigns, and holding webinars and/or seminars. Your brand is also prominently featured on your website and social media platforms, including LinkedIn, Facebook, Twitter, YouTube, and others depending on your target audience. You want to be able to capture and hold the attention of your clients and prospective clients and control how they perceive your organization no matter how they find or communicate with you.
A consistent, strong brand throughout all your communication will get people to know you for what you offer and provide. Without a cohesive, strong brand, you’ll get lost among all your competitors and won’t remain top of mind.
Build Trust, Loyalty
Branding also helps you establish credibility. A strong brand says, “We take what we do seriously, we know what we are doing, and we do it very well.” It also lets clients know you have their backs. A strong brand helps build loyalty and has customers coming back.
While branding builds value among your clients, it also helps provide clear messaging for your employees to be able to effectively communicate the company’s story. Your staff will also be proud to don apparel or carry merchandise with your company’s brand if they are clear on – and believe in – the company’s principles. If you’re planning to update or create a new brand, get your employees involved – to a certain extent. You may want to get input and ideas to get everyone excited in preliminary meetings, but keep in mind that too many cooks in the kitchen can end up with less-than-ideal results. Tee up the ideas to the marketing professionals and trust them to do their job.
In creating a brand, be sure you’re coming from a place of authenticity. Also, think about your company’s vision – where you want to be in the coming years – as well as your mission and values, so your branding and narrative accurately reflect all of this.