By Peter van Aartrijk, president and CEO, Aartrijk
The second annual Aartrijk Brand Camp, held recently in Austin, explored the branding transformation under way right before our eyes: change in the economy; in the way we conduct business with customers and prospects; and in how brands are built, managed, communicated and leveraged.
Here are five highlights I noted that relate to independent agents and brokers:
1. Brand is something you earn, not something you get. Brand is the reputation you earn—with customers, prospects, employees, business partners, opinion leaders, lawmakers, media, your industry—based on every facet of your organization and operation: the products and services you offer; the way your office looks; your logo and tagline; media coverage of your firm; the look and functionality of your Web site; your business partners and affiliations; community involvement; your employees’ appearance, attitude and credentials; and how you treat those employees. If youaren’t branding consistently with a unique message, you will “earn” a different sort of reputation than you deserve—your silence will allow competitors to brand you. And a unique message no longer is “great service” or “value-added service.” Consumers expect that, so you must be more strategic and creative.
2. Brand is an investment, not an expense. Many agents see branding as academic exercise, a luxury focus or a marketing expense—not core to their business. But smart agents understand the investment in consistent, strategic branding increases agency value. Every firm some day will be bought or sold or perpetuated in some way, and that is when valuation matters. We heard from Hales & Company that a strong brand can increase an agency’s valuation multiple by 100 basis points or more. Why? Because a strong brand means that customers and prospects feel they have a relationship with the firm, the entity, the collection of staff—not simply with one name (which typically is a single producer or principal). So, when it is time to sell, in a strong agency brand the value does not depart with the former owner or collection of owners.
Read related article, "Marketing now more important than ever."
3. Social media isn’t a side project. Obviously, the campers shared a lot about their experiences with social media. Insurance entities of all sizes—agents, brokers, carriers, trade associations and other business partners—clearly need help with social media as well as Web site strategy. Traditional marketing tactics still make sense. Don’t necessarily choose one channel over another—consumers are different and will buy and interact in various different ways—but integrate them where you can. Don’t think of social media as an expense or a diversion; it should be integrated with the fabric of the organization, since it reflects the very core of evolving consumer shopping and buying habits. As this year winds down, now is a great time to vet and organize some big ideas and new directions for 2011 for your integrated online and offline strategy.
Read related: "The online cocktail party."
4. Philanthropy is flourishing. My favorite theme from Brand Camp was how smart corporate philanthropy impacts staff morale, the ability to recruit smart young employees, develop the community, and build a brand. “Doing well by doing good,” as one attendee noted, is not only a nice-to-have. This is a differentiator—nearly a requirement—for any organization. Today is an excellent opportunity for a gut check on if, how and where you’re investing dollars. Involve your employees in the conversation.
5. The meeting is the message. Brand Camp is a gathering for a relatively select few smart, forward-thinking business owners and marketing minds from around insurance. It’s a small, eclectic, diverse, fun group that can accomplish a lot—in fact, great ideas come from groups like this. This is a big conversation—certainly not a series of one-way speeches from a stage—involving the audience. We set the space as a coffee house—even more like a large living room. Like changes in how we share information as consumers, we believe attendees should be part of the conversation. It was cool to see the small groups of “campers” contributing to the content in a less-structured way. We want to build on that concept in the future. If marketing no longer is about shouting at customers and prospects, why should conventions?
For some fun tidbits on Brand Camp 2010:
http://blog.insurance-technologies.com/2010/10/aartrijk-brand-camp-2010-abc2010-well-done/
http://aartrijk.com/2010/11/the-future-of-meetings/
http://networkedblogs.com/9Wa4X
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Peter van Aartrijk is president and CEO of Aartrijk, an insurance marketing consultant. He has 30 years of branding and communications experience, including advertising, consumer research and education, marketing, public relations, publishing and Web development.