In building up their businesses, some financial advisors ignore or underemphasize the importance of branding. As a result, they can make mistakes that erode their positions in the marketplace and adversely affect their bottom lines.
Here are seven common branding blunders:
1) Failing to identify your core competencies. It’s hard to convince customers to patronize your business if they don’t know what you’re good at. Without any information about why you’re the best choice, you’re just another product on a shelf or business listing in the phone directory.
2) Trying to be all things to all people. It’s tempting to try to fulfill the needs of every potential customer, especially when you’re just starting out and need the revenue. But attempting to appease everybody in the market will only stretch your resources thin, drive you crazy and ultimately disappoint your customers. Instead, focus on your niche market where your expertise lies.
3) Changing (branding) horses in midstream. Many business owners succumb to the temptation to change their branding message to try to attract the customer base they want at any given time. While allowing your company to evolve is perfectly acceptable, frequent branding changes will create confusion among consumers and ultimately weaken your overall brand.
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