The Key to Attracting Clients Is Simpler Than You Might Think: Branding Whiz

For years, a U.S. money manager had a big ad campaign in which the headline read, "I hate annuities. And you should too." That was indirectly putting down people who choose to sell annuities.

To stand out, is it ever a good idea to knock the competition?

Perhaps it's good to say something mildly controversial when that means you have a distinctive point of view and aren't like everybody else.

Consumers may have [figured], "I thought annuities were a good thing. But here's someone saying he hates them, and I should too."

So they probably read that [ad] and contact[ed] the company.

That's what I mean about getting your foot in the door. I'm sure there's much more to this guy's argument than saying, "I hate annuities." But that gets you into the room.

He has already massively increased the odds of success by doing that. Once there's a face-to-face meeting or a Zoom call and an involved conversation, he could explain in detail that they have this rigorous process and so on.

It's quite challenging to get a foot in the door, isn't it?

Most companies fail by not getting into the room in the first place.

Out of all the firms, a consumer might [interview] two or three at most; the two that seem the best, that have a point of view.

[In the case of the annuities ads], they might decide, "I'll speak to the guy who says annuities are terrible, and I'll speak to one other guy and then make a decision."

To cope with a crisis, you suggest taking six steps: Clarify, Review, Involve, Serve, Invest and Strengthen. One can remember them as an acronym, CRISIS.

About "Invest," you write that companies that "cut nonessential costs but continue to invest in marketing support and innovation emerge stronger after a recession." Does that apply to the global economic crisis occurring right now?

Yes. A lot of companies cut advertising in a crisis. That's an oversight and a mistake. It's one of the most common mistakes in business.

There have been a fair number of studies on recessions that have proven beyond a doubt that the companies that continue to invest in their brands come out disproportionately better on the other side.

Other companies will save and bank money, but somebody else is going to spend some and get people's attention in a way that will make it harder for [the non-investing companies] when the recession [is over].

Please discuss the step you call "Strengthen."

Companies should aim to improve under pressure and in chaos. This means making supportive changes that have come about through disruption and accelerating improvement that [has resulted from] the chaos.

Companies should ask: What is this crisis forcing us to do that will make us better — not just what will make us survive, but how can we improve?

To what extent did the pandemic cause companies to improve?

A lot were forced to think about their digital channels and how to make them grow; how can we pivot and sell more things online?

So a crisis can force you to take action that you really should have taken years ago and then come out stronger on the other side.

Firms that try to keep "people's spirits up" in a crisis can be helpful and "appreciated," you write. Humor can be used "in the right way, at the right time." Is it appropriate for financial advisors to use humor in a stock market crash, like the one many expect to soon occur?

Yes. I think they can. But [the assets] are people's livelihood; so you have to be careful about not mocking them and their plight.

One of the ways human beings cope with bad circumstances is by using gallows humor even in the darkest times. If we're going to hell in a handcart, while we're scared, disappointed and angry, we can often find humor.

You can use some humor to draw attention to the craziness of the stock market, how emotional or illogical [investors] are, or how other advisors are operating [with bad judgment], and then say, "But we're different because of XYZ."

So you must follow up by saying, "… which is why you need a company like us that can see through this craziness."

That's an effective way to draw attention to yourself and to say something that's different from other people because most are going to be super-serious.

You can be serious once you've got people's attention. That is, once you're in the room, you can direct attention to why you're the best person for the job.

"Lucky people tend to have better peripheral vision, whereas unlucky people tend to focus on just the job at hand," you write. Please elaborate.

When you stumble over something you weren't looking for, it can force you to deliberately think about other perspectives in the world.

If you're a financial advisor, you might just stick to your own category and look to other advisors.

But by thinking, "What can I learn from medicine, the sports world or music, or any number of worlds that look unrelated to financial services," you can unlock a bigger change than just by trying to behave like everybody else in your own sector.