Top 6 Reasons Why a Solid Business Strategy is Crucial for Growth

Top 6 Reasons Why a Solid Business Strategy is Crucial for Growth

Top 6 Reasons Why a Solid Business Strategy is Crucial for Growth

A solid business strategy is the foundation for any successful company. Yet, many businesses overlook the importance of having a well-defined strategy, leading to missed opportunities and stalled growth. Here are the top six reasons why a strong business strategy is crucial for your company’s success.

 

1. Provides Direction and Focus

A clear business strategy gives your company direction, helping you set priorities and allocate resources effectively. It keeps your team aligned and focused on the same goals, ensuring everyone is working towards the same outcomes.

2. Helps Identify Opportunities and Threats

A good strategy involves regular market analysis, which helps you spot opportunities for growth and potential threats to your business. This proactive approach enables you to stay ahead of competitors and adapt to market changes.

3. Drives Decision-Making

When faced with tough decisions, your business strategy serves as a guide. It helps you make choices that are aligned with your long-term goals, reducing the risk of taking your business in the wrong direction.

4. Improves Resource Management

A well-defined strategy helps you manage resources more effectively, ensuring that your time, money, and efforts are spent on the right activities. This leads to increased efficiency and better results.

5. Boosts Employee Engagement

When employees understand the company’s strategy and how their work contributes to the bigger picture, they are more motivated and engaged. A strong strategy fosters a sense of purpose and direction among your team.

6. Enhances Brand Positioning

Your business strategy is directly tied to your brand positioning. It defines how you differentiate yourself from competitors and communicate your unique value proposition to customers. A strong strategy strengthens your brand and boosts market visibility.

7 Essential Tips for Building a Memorable Brand Identity

7 Essential Tips for Building a Memorable Brand Identity

7 Essential Tips for Building a Memorable Brand Identity

In today’s crowded market, having a memorable brand identity is more than just a nice-to-have—it’s a must. A strong brand identity not only sets you apart from competitors but also creates a lasting impression on your audience. Here are seven essential tips to help you build a brand identity that sticks.

 

1. Define Your Brand Purpose and Values

Your brand purpose and values are the heart of your identity. Take the time to articulate why your brand exists and what it stands for. This will guide all your branding decisions and ensure that everything you do is aligned with your core principles.

2. Know Your Audience Inside and Out

Understanding your audience is crucial for creating a brand that resonates. Conduct thorough market research to identify who your ideal customers are, what they care about, and how your brand can meet their needs.

3. Create a Distinctive Visual Identity

Your visual identity, including your logo, color palette, typography, and design elements, should be unique and instantly recognizable. Work with a designer who understands your brand vision and can bring it to life in a cohesive way.

4. Develop a Consistent Brand Voice

Your brand voice is how you communicate with your audience, and it should be consistent across all channels. Whether your tone is professional, friendly, authoritative, or playful, make sure it reflects your brand’s personality.

5. Tell a Compelling Brand Story

People connect with stories, not products. Craft a brand story that highlights your journey, mission, and the value you bring to customers. This narrative should evoke emotion and make your brand relatable.

6. Ensure Consistency Across All Touchpoints

From your website and social media to your packaging and customer service, every interaction a customer has with your brand should feel consistent. A cohesive brand experience builds trust and reinforces your identity.

7. Regularly Review and Adapt Your Brand Strategy

Your brand identity isn’t set in stone. As your business evolves, so should your branding. Regularly review your brand strategy to ensure it aligns with your current goals and market trends.

 

Building a memorable brand identity takes time, effort, and a clear vision. By following these tips, you can create a brand that not only stands out but also builds strong connections with your audience.

The Power of Branding in Wealth Management

The Power of Branding in Wealth Management

In the dynamic world of wealth management branding often takes a backseat. Yet, in this world, a well-defined brand can be a game-changer – influencing client attraction, retention, and market expansion. Today, every industry is dominated by technology, and your brand’s digital presence is its first impression. Whether it’s optimizing your website, engaging on social media, or implementing cutting-edge client interfaces, we teach you how to stay relevant, stay connected, and let your brand be the beacon in a tech-driven financial landscape.

Modernizing Brands Handed Down Through Generations

For those who’ve inherited a financial advisory business from the previous generation, the challenge is twofold. Not only do you navigate the intricate world of wealth management, but you’re also tasked with revitalizing a brand that may have stood unchanged for decades. In an era of evolving client expectations and digital landscapes, a static brand risks becoming a relic. We delve into strategies to seamlessly merge heritage with modernity, breathing new life into your brand.

Branding as a Catalyst for Market Expansion

Expanding your market reach involves more than just targeting new demographics; it requires a brand that resonates with diverse audiences. We explore the pivotal role of branding in crafting a narrative that transcends traditional boundaries. From the visual elements that spark recognition to the messaging that speaks to a broader clientele, we decipher how strategic branding becomes the linchpin in successful market expansion.

Building a Brand that Attracts the Best

Attracting top-tier talent is an ongoing struggle in wealth management. A compelling brand not only draws in high-caliber professionals but also fosters a workplace culture that retains them. From crafting an employer brand that communicates your values to integrating it into your recruitment strategy, discover how branding becomes the magnet for the industry’s best minds.

Positioning Your Brand for Future Growth

Your brand isn’t just a logo or a tagline; it’s the promise of a future where success and fulfillment coexist. Explore the strategies that position your brand not merely as a wealth management service but as a comprehensive solution for clients’ evolving needs. From educational content to personalized experiences, discover how your brand becomes the catalyst for long-term growth.

There’s no time like the present for a brand revolution in wealth management. Whether you’re steering a legacy ship or starting something new, strategic branding is everything. Brands aren’t just built; they become the driving force behind lasting success.

Build consumer trust with strategic brand development

Build consumer trust with strategic brand development

Build Consumer Trust with Strategic Brand Development

 

81% of consumers need to trust a brand before they buy from it. Let that sink in. That’s four out of five opportunities walking away if they simply don’t trust you – that means your differentiation, quality, pricing, service and so much not only need to hit the mark but also need to be communicated in a way that does so.

This is the world of brand, friends. It’s where your reputation trumps all. But good news: there is a path to success here and we like to call it strategic brand development. Two things to note, though. First, it is a forever commitment and second, it’s not easy.

Do you have trust issues with your brand?

We’ve established the trust criteria for consumers to purchase. But what about when they are already a customer? Reports cite that only 31% of consumers actually trust the brands they use. This matters greatly because it leaves a huge vulnerability for another brand to take your place and we stand by the fact that it is cheaper to keep customers than to attract new ones. So where are some areas you can look to see if you have trust issues?

Consistent messaging

It is easy to have messaging evolve over time and it is easy for it to get splintered and diluted over time. This can happen even if there are only a few people who are hands-on if careful attention is not paid. As messaging appears in highly visible places online, make sure what is being communicated with stakeholders in business conversations, customers in support calls, and your intended audience at tradeshows is also in line. Inconsistency can lose consumers before you even know their potential interest. Are you consistent more often than not? Give yourself a pat on the back! While this is an anecdotal measurement, it’s an important one as a leading indicator.

Online sentiment and net promoter scores (NPS)

To get more quantified in how things are going, evaluate your brands online sentiment and NPS. Both of these measurements do take a process to get going but they will give you a steady pulse in a measurable way on opinion, which is an indicator of trust. Additionally, while they both are measures of opinion and thus grouped here, they are different in many ways and one should not replace the other.

Conversion rates

Looking at conversion rates will hone in more on the lead generation and sales development aspect of trust. There was enough trust to potentially share an email address but is there enough trust for a phone call? A demo? What are the comments coming out of those conversations? This assessment can yield quantitative and qualitative insights that can be cross-referenced with the previous two types of activities suggested.

Customer attrition

Seeing customers go for preventable reasons makes us sad. It’s terrible for a brand and should not by any means be ignored or hidden from the team. These are opportunities to find out where the weak areas are in the brand and address them immediately. Not only with fixes but with proactive measures with other customers. No matter where in the customer journey attrition is happening, it indicates that there is a break in expectations and reality. It could be how the product works, how pricing compares to value, or even the amount of attention they wanted versus are receiving. It could be a communications and/or operational issue but both will break trust if not addressed.

A brand strategy that can make it through tough times

While trust isn’t built overnight, doing it right and maintaining it over the long term might help it from not being broken overnight. True story. We had a client that took their brand trust to heart for decades. The leadership knew what the company stood for and the employees were clear on how to operationalize it. Customers could feel it; exchanges were familial and NPS was incredibly high.

Then one day the inevitable came for a tech company and an incident disrupted service. The team immediately jumped on it but, in short, it was a multiple day disruption and a big deal to customers. Throughout the incident, leadership clearly and calmly communicated with customers, taking ownership of the situation in full.

Thanks not only to the professionalism and transparency in the moment but the years of investing in building the brand, customers literally reached out to say thank you and that trust wasn’t broken. Not a single customer left because of the incident. An absolutely priceless reward.

Two areas to research to support your brand development

It’s possible to appeal to the 81% of consumers that need to have trust before purchasing. It’s imperative to build the number of current customers that have trust above 31%. This can absolutely be done with a strategic brand strategy.

To get started today, take an inventory of the data points you have available to you. Are there processes you need to get in place to have better visibility on quantitative information? Secondly, survey your customer-facing teams to learn the themes they are hearing in conversations.

What do consumers and customers love about the brand?

What are they surprised by?

What aren’t they asking about?

And what bothers them?

A simple tally of recurring comments will give you a starting point for more research. Once these things are identified, you can revisit your marketing and branding fundamentals and see where updates are made. And, of course, work with your operations teams to ensure items are being addressed on their end(s) because they are a vital part of a healthy, trustworthy brand!

Your cool logo is just the tip of your brand development iceberg

Your cool logo is just the tip of your brand development iceberg

Your Cool Logo Is Just The Tip of Your Brand Development Iceberg

Are we going to dive into a comparison with icebergs? Yes, we are. While you see the analogy used to describe many situations of depth, the same applies to brand development. The brand’s logo, the identity, and the flashy video; are fun and immediately gratifying. But if they don’t have the depth – the big, less-seen part of a brand development iceberg – they don’t have the staying power.

Here is an example for consideration before going further. Imagine your brand identity projects you as modern and friendly. Yet when your customers ask for help, they are met with curt responses and directed to an archaic self-help section. That creates a huge gap in the customer’s expectations and experiences. Not only does it wear down trust, but it starts to reveal what the company really offers in terms of service and product quality. Your brand development is incomplete; it’s superficial.

Marketing doesn’t “own” customer service or product design and engineering. We get it. But marketing very much does have a vested interest in how these are going because marketing has to champion the health of the brand. Demand a full iceberg! And collaborate cross-departmentally to get there.

A brand logo is the tip of the iceberg

If you speak branding and marketing, you’ll know that a logo is not the only thing that comprises identity. Many visuals collectively do. So that we’re on the same page, let’s go over it briefly. Identify all the things that craft a visual in a customer’s mind. That could be logos, color palettes, styling, and key phrases. All these things can be used in combination on many different marketing channels such as a website, social media, and one-pagers.

Why does identity matter? Without it (and its repeated use) a customer can’t identify the company easily. Identity certainly has its place! And, without a doubt, it takes continued work. It has to be clear, credible, consistent, and competitive without fail…and without overpromising what the customer will get or trust will waver. No matter the buying decision trends of the day, trust is an important ingredient you don’t want to take for granted. Further, brand identity doesn’t comprise all that needs to be part of brand development.

 

Customers care less about a brand logo and more about quality

According to the 2022 CMO Survey, 36% of survey participants indicated that product quality and service were top-ranking concerns of their customers. This was a shift from the years that we were under pandemic stresses when people were deciding more on trust. As the world has reopened, customers do want the best product quality and service. How does your brand reflect that? Certainly not in a brand logo alone.

We have seen organizations with a modernized brand logo and consistent external messaging that got their stakeholders excited. From the outside, it seemed like the brand was ready to take off; the team couldn’t imagine anyone not wanting to work with them. What was not easily seen was the business being done behind doors that violated the brand promise. Spoiler alert, the brand is what people say when you aren’t in the room. People were not saying good things and ultimately a sense of distrust among stakeholders formed. This could have been prevented if the brand were operationalized; if the brand promise and values were part of every team member’s actions.

Fortunately, there are also examples of when operationalizing a brand was prioritized over identity. In this case, our client was in a position where they could change little about appearance but wanted to change everything about transparency and connecting with their audience. Through public relations campaigns, informative content consistently communicated, and not hiding when times were tough, the organization became known for their quality. They were also successful in reaching their goal, which was to increase community engagement and education in measurable ways.

According to the 2022 CMO Survey, 36% of survey participants indicated that product quality and service were top-ranking concerns of their customers. This was a shift from the years that we were under pandemic stresses when people were deciding more on trust. As the world has reopened, customers do want the best product quality and service. How does your brand reflect that? Certainly not in a brand logo alone.

We have seen organizations with a modernized brand logo and consistent external messaging that got their stakeholders excited. From the outside, it seemed like the brand was ready to take off; the team couldn’t imagine anyone not wanting to work with them. What was not easily seen was the business being done behind doors that violated the brand promise. Spoiler alert, the brand is what people say when you aren’t in the room. People were not saying good things and ultimately a sense of distrust among stakeholders formed. This could have been prevented if the brand were operationalized; if the brand promise and values were part of every team member’s actions.

Fortunately, there are also examples of when operationalizing a brand was prioritized over identity. In this case, our client was in a position where they could change little about appearance but wanted to change everything about transparency and connecting with their audience. Through public relations campaigns, informative content consistently communicated, and not hiding when times were tough, the organization became known for their quality. They were also successful in reaching their goal, which was to increase community engagement and education in measurable ways.

 

Operationalize your brand development and take charge of your iceberg

Not long ago we were able to help a client with making sure the tip of their iceberg matched everything they had below the surface. They had value, quality, and service in place and just needed the visuals to convey that to their customers.

The important clarification here is that the client had the most important elements in place. We believe any company moving forward with visual work and marketing without a strong base would risk financial implications not only in wasted marketing spend but also over the long term. The identity must be aligned with the strategy direction. And the positioning, reputation, and business performance must be telling a supporting story in real-time. That’s true and dynamic brand development.

Consider what goes into your iceberg today. Think about your strategic direction, positioning, reputation, performance, and more. If you turn your iceberg upside down and create a funnel, does it align with how you identify yourself externally? If yes, is there something you are ready to modernize? If not, what gaps need to be promptly addressed through thoughtful brand development?

When the highly visual materials get published, it gets people pumped up. Keeping the brand operationalized less so because it’s behind the scenes, and so it can end up getting less and less attention. We get it, and we can be your sounding board on what gaps in brand development you might be experiencing. We can even aid in additional analysis, facilitation, a partner in your strategy, and even implementation to make your brand iceberg the coolest possible. Contact us today by phone or email, and we’ll do our best to chill on the puns.

Are you ready to work with a marketing agency? Part 2

Are you ready to work with a marketing agency? Part 2

Are You Ready to Work with a Marketing Agency? (Part 2)

When you are ready to work with a marketing agency, it’s important to find a partner who is looking out for your best interests. By working with an agency that focuses on strategy and has experience working with companies on a long-term basis, you can start to see results from your marketing. What makes this a better option than hiring another employee?

1

Hiring and retaining are difficult in today’s market. Working with an agency gives you consistency in your marketing efforts when employees come and go.

2

Pay for what you need. Instead of hiring another employee, you can keep your current department intact while accessing a team of specialists that just work on what you need.

3

Creative geniuses bring depth. Agency teams need to deliver great work as efficiently as possible, and they do it every day for multiple organizations. Plus, they likely work in several industries and have a more diverse portfolio of work than a single employee.

4

Creative geniuses bring expertise. Marketing is changing regularly, so it’s extremely difficult to find a single employee that has the expertise and up-to-date best practices in all areas. Many marketing agencies ensure their employees are engaged in continued education so they can bring their clients the best service.

5

An outside perspective. Many times, companies get tunnel vision and only focus on what they like or what they think. Strategic marketing agencies can bring a fresh set of eyes to your challenges. An agency should be audience-focused, and by bringing that perspective to you can help you identify where you might be going wrong.

6

Capacity for creativity. Your employees are limited to 40 hours per week. When you add in meetings, planning, important conversations, and day-to-day urgencies, it can be difficult for them to deliver necessary creative deliverables when needed. Agencies can solve this capacity problem and often do it for less than adding a new employee.

7

Transition risk-reduction. It should be easy to hire – or fire- your marketing agency. If you choose well, your marketing agency should never hold your website or accounts captive, handcuff you to their services, or withhold knowledge of your technology.

Effective agencies help bridge the gap for you.

If it’s the right time to start looking for a marketing agency to partner with, here are some things to look for:

  • Will you have an account manager that is trained in brand and marketing strategy?
  • Can you meet the people you will work with before you sign a contract?
  • What kinds of inputs will the agency need from us to do their best work?
  • Do we have someone with the capacity to work closely with the agency and provide timely feedback?
  • Do they have experience working with clients monthly and what kind of things are they delivering?

Working with the right agency can be a game changer for your company.

Here are some ways our clients describe the impact of their relationship with an agency:

A creative partner
“I have been in Marketing and Graphic Design for over 25 years, and it is hard to find the right agency that “checks off all the boxes” of what you need. They have “checked off all the boxes” for us and if there is something that might not be their specialty, they help guide us in the right direction. With the uncertainty of today’s world, it is such a comfort to know that I have a very creative team that will always be there for us!”
–Pam Mills, Marketing Manager | Uckele Health & Nutrition

Lightening the load
“Hands down, having Hoyden handle our marketing has been the best business decision we’ve made on this project. To the ease of communication with their team, their writing skills, design work and creativity they take care of everything for us. Working with them has taken a huge burden off my shoulders and allows me to focus on the business more.”
–Laura Wanke, General Manager | Chaloner & Co.

A goal-centered approach
“They are always looking out for us and our goals–they take care of the things we need and adapt to what we want to accomplish. We’re looking forward to our continued partnership which has already proven to be extremely successful!”
–Joe Brookstein, Owner | The Hardscape Exchange

Keeping you focused
“They all are easy to work with and they’re very timely. They help us stay on schedule and have made it very easy for us to focus on what we need to. They run with execution and I can’t imagine what more anyone would want or expect from a marketing team.”
–Eric Blackhurst, VP of Sales and Marketing | Planewave Instruments

Thoughtful and purposeful strategies
“I needed a marketing team that understood my audience, primarily C-suite and investors, and how to best interact with them. Their down-to-earth, insightful approach gave me confidence and has helped me go from almost no marketing to a solid, thoughtful, and appropriately scaled plan. It has helped me efficiently and effectively add value to current and prospective clients.”
–Katrina Johnson |  KCJ Consulting

Ad mockups for pets and humans

interested in learning more?

It’s easy to schedule a discovery call with us to see if we might be the right solution to your branding or marketing challenges. We promise we’ll steer you in the right direction and do our best to help you find the perfect solution for your unique situation.