People are becoming less emotionally invested in big name brands, leaning instead toward creating their own. Technology is cheaper, and there are less barriers to entry for small and mid-size businesses. And, with social media offering disproportionate leverage in the way we market ourselves and our businesses, and information being so readily available, it’s evident technology is levelling the playing field.
A brand can now be established and built with the majority of investment being time. Content marketing, social media and networking events are all cost effective ways of building a brand and getting your business recognised.
And, with this investment of time becomes a greater emotional attachment to that brand. It’s yours to own, build and protect. It’s developed from how you conduct business, it represents your own views and values and it is what customers think of when they think of you. So, if someone has invested time in creating something so strong, is there ever a time they should leave it behind?
This question is something posed to Finance Brokers all the time. Their brand is the reason they get repeat business, it’s how they are recognised in an extremely competitive market place. It’s in their domain, email address, Twitter handle, Facebook business page, business cards. To step away from it and join forces with a pre-existing brand, is a big ask.
I often recruit for roles where the client is offering a genuine opportunity for a Finance Broker to come in and leverage an established brand, referral network and database of clients to build their own business within another, but operating under their name.
On offer may be things such as an office, a team of admin support staff at their disposal, a client database, a range of referral sources to manage and service all the while essentially running their own show and taking advantage of the opportunity to increase individual success. These businesses often offer two separate commission splits so the Broker gets paid higher on their own leads.
If a business has visions of growing and employing brokers, thoughtful consideration needs to be given to the reasons a Broker would leave behind their one man band.
As above, they need to think about the ways in which they can help a Broker build their own business and success whilst operating in this new capacity. Will they give them the leads and support to help them write more volume, so that they will make more money? Can they benefit from marketing support to help them increase their reach? Will access to admin support give them more time in front of customers, allowing them to focus on dollar activities?
From a Broker point of view, my opinion is that what holds most recognition isn't the business name, but their own name. People buy from people, and they remember a name, and it’s the experience they had in dealing with them that increases the chance of repeat business. If they’ve managed relationships with customers, looked after referral partners as promised, in my experience they will move with them. Emails can be redirected, Twitter handles can be changed, LinkedIn profiles can be updated and there’s no need to change a mobile number. Essentially, they’ll then be able to leverage their own brand in addition to the new one to increase success. This is a win, win situation and I have found it’s this Brokers can’t look past.