3 myths to recognize when building your brand

There is no confusion in branding. The strongest brands have clear messages; those making flimsier statements don’t experience the same success.

In his 2016 Annual Meeting presentation “Build a brand that sets you apart,” Doug Towill, MBA, suggested that, in striving to develop clear, powerful messaging for your brand, it is important to acknowledge the myths that can hinder the establishment of these impressions. In that effort, he listed these three myths to identify and also understand why they are myths and not facts:

Myth No. 1: “A brand is just a logo”

Why it’s a myth: Companies do a lot of work developing their brand and creating the feeling that results from seeing the logo after having interacted with the brand. The Nike swoosh, for example, is significant because it conjures memories of interactions you’ve had with what the company represents, Towill said, whether it’s a great run or sinking a putt.

Myth No. 2: “A brand is just about personality”

Why it’s a myth: Many advisors have strong personalities, so standing out from a branding perspective has to be more than just the personality itself. Towill looks at three people known only by their first names: Madonna, Elvis and Oprah. “Whether you like these individuals or not, their brands work in the marketplace, but they didn’t build their brand solely on the strength of their robust personalities,” he said. “The corporations and the handlers behind these people did a lot of other work to build their brands, and it’s the same for us.”

Myth No. 3: “A brand is just about the product”

Why it’s a myth: It doesn’t matter if it’s a commodity like a car or a financial product, Towill said; while the product may position you in the marketplace, the product is not the brand. “You as an individual advisor bring a lot more to the equation than any product that you bring forward,” he said. “So if you’re relying on a product, it doesn’t really differentiate you. It’s you that provides the differentiation and the focus for your brand.”

All this, combined with the fact that branding is an affirmation of public perception, is why, Towill said, your brand is not what you say it is — it’s what others say it is.

Read more in “Build a brand that sets you apart”

Written by Matt Pais, MDRT Content Specialist