Stay Ahead with a Stronger Brand: Strategies for Mortgage Brokers
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July 23, 2024 |
Stay Ahead with a Stronger Brand: Strategies for Mortgage Brokers
Rebranding is more than just a new logo or tagline; it's about transforming your business to better serve your clients and achieve your goals.
You may have noticed that Neighbourhood recently unveiled a fresh look with our updated brand colours. This vibrant change marks a bold step forward in our journey to elevate and enhance our brand presence. As we continue to innovate and grow, it's the perfect time to share the insights and strategies to help you elevate your brand.
Why Consider Upgrading Your Brand?
Differentiate from Competitors: Standing out and staying relevant is key for mortgage brokers. A refreshed brand can help you clearly communicate what sets you apart from competitors, making it easier for potential clients to choose you.
Attract Top Talent: A strong, modern brand not only appeals to clients but also attracts top talent. Potential team members often look for companies with a compelling brand identity that aligns with their own values and aspirations.
Align with Business Changes: If you've updated your business plan or undergone significant changes, such as a shift in target audience, expansion of products or services, changes in your business model, or mergers and acquisitions, rebranding can help align your brand with these new directions. This alignment ensures that your brand reflects the current state and future aspirations of your business, providing a cohesive experience for your clients and stakeholders.
Reflect Your Core Values: As your business evolves, it's essential that your brand continues to reflect your core values and mission. This alignment ensures that your messaging remains consistent and authentic, resonating with both existing and potential clients. A strong, value-driven brand can convey professionalism and make your business more approachable and engaging, even in an industry where creativity is not always prioritized.
Why You Might Not Need to Update Your Brand
Established Recognition: If your brand already has strong recognition and loyalty among your target audience, rebranding might confuse existing clients and dilute your established brand equity.
Consistent Performance: If your business is consistently meeting or exceeding its goals and your brand messaging and visuals still resonate with your target audience, a rebrand might not be necessary.
Risk of Losing Identity: A drastic rebrand might alienate your existing customer base if not carefully managed. Maintaining some elements of your original brand can help preserve customer trust and loyalty.
Overall, as mortgage brokers, your clients rely on your expertise to guide them through significant financial decisions. By presenting a clear and compelling brand, you not only build trust but also empower your clients to make informed decisions. A well-defined brand helps communicate your strengths and the unique value you offer, making it easier for clients to choose you with confidence.
How to Upgrade Your Brand?
1. Gather and Brainstorm:
Audit Current Guidelines: Review your existing brand guidelines to identify areas for improvement or updates. This helps determine if a rebrand is necessary and where changes are needed.
Understand Business Plans and Goals: Ensure that your business plans and goals are clearly defined and reflect your brand. Your brand should align with your strategic objectives and long-term vision.
Include Customer Journey and Touchpoints: Map out the customer journey to identify key touchpoints where your brand interacts with clients. Understanding these moments can help you enhance the customer experience and ensure consistent brand messaging.
Competitor, Market, and Audience Research: Conduct comprehensive research on competitors, market trends, and your target audience. This research helps you identify opportunities for differentiation and better understand the needs and preferences of your clients.
Utilize AI Tools: After gathering information, use AI tools like ChatGPT to analyze the data and generate insights. These tools can help summarize findings and identify patterns, making it easier to develop a cohesive brand strategy.
Once you’ve wrapped up the brainstorming session, it’s time to dive into the following step-by-step process:
2. Define Your Brand Heart:
Purpose: Clearly articulate why your business exists beyond making a profit. For Neighbourhood, it's about bridging the gap in prime and private lending, empowering people to reach their financial goals.
Values: Identify the core values that guide your business decisions. At Neighbourhood, we embrace ambition, foster relationships, and energize with knowledge. These values should be consistently reflected in all aspects of your brand.
3. Know Your Audience:
Understand your target audience's needs, pain points, and goals. Tailor your brand messaging to resonate with them. For instance, our audience includes growth-oriented mortgage brokers who value reliability and personalized service. A deep understanding of your audience will ensure that your brand speaks directly to them, creating a stronger connection.
4. Craft Your Messaging:
Develop both primary and secondary messaging:
Primary Messaging: This should highlight your unique proposition and the benefits you offer. For Neighbourhood, this includes reliable experiences, personalized service, fair lending practices, and growth empowerment.
Secondary Messaging: This builds relationships and humanizes your brand, emphasizing the values and mission that drive your business.
5. Establish Your Brand Personality:
Brand Archetype: Choose a brand archetype that aligns with your mission and values. Neighbourhood has adopted "The Visionary Leader," characterized by confidence, influence, and empathy. This archetype helps shape the brand's voice and tone.
Voice and Tone: Maintain a consistent voice and tone that conveys your brand's essence. For Neighbourhood, this means a tone that varies from confident and influential to empathetic and knowledgeable, depending on the context.
6. Company-wide Involvement:
It's crucial to involve people from different teams in the workshop and strategy development process. This company-wide involvement ensures a broader perspective, increases ownership of the new brand direction, and facilitates smoother implementation. When team members from various departments contribute, the brand becomes more comprehensive and cohesive, leading to a stronger and more unified brand identity.
7. Update Visual Elements:
Assess Current Visuals: Begin by evaluating your existing visual elements to determine if they align with your newly defined brand archetype. Consider whether your current visuals—such as your logo, color palette, typography, and overall design—effectively convey the attributes of your brand personality. If your existing visuals already support your brand's essence and message, significant changes may not be necessary.
Refresh as Needed: If changes are needed, refresh your logo, color palette, typography, and overall design to better reflect your new brand identity. Ensure that the updated visuals evoke the desired qualities, such as trust, stability, and professionalism, in Neighbourhood's case.
Consistency Across Platforms: Ensure that all visual assets, including social media graphics, website design, and marketing materials, align with your brand guidelines. This consistency is crucial for presenting a cohesive and professional image across all touchpoints, reinforcing your brand's identity and values.
8. Communicate Internally:
Involve Your Team: Engage all team members in the rebranding process. This includes explaining the reasons for the rebrand, the new brand values, and how these changes will impact the company. Involving different departments ensures that everyone understands and embraces the new direction, fostering a sense of ownership and unity.
Provide Clear Guidelines: Offer detailed guidelines on how to use the new brand assets. This includes the logo, color palette, typography, and messaging tone. Clear guidelines help maintain consistency in all internal and external communications, ensuring that the brand is presented uniformly across all platforms and materials.
Support Decision-Making: The new brand values and guidelines should serve as a framework for decision-making within the company. By aligning with these guidelines, the team can make choices that are consistent with the brand's identity and objectives. This alignment helps in maintaining a cohesive brand image and ensures that all actions and communications reflect the company's core values and mission.
8. Launch:
Plan a strategic launch to introduce your new brand to the world. Use various channels like social media, email marketing, and advertising to spread the word. Keep reinforcing your brand message through consistent and targeted communication.
Our Journey
At Neighbourhood, we aim to disrupt and elevate the alternative lending industry by raising standards in technology, professionalism, and ethical lending practices.
We hope to inspire you to take bold steps toward rebranding your business by sharing our story and providing these insights. Embrace the change, stay true to your core values, and watch your business thrive in this dynamic market.
Rebranding is more than just a new logo or tagline; it's about transforming your business to serve your clients better and achieve your goals. We're here to support you every step of the way. If you have any questions or need further guidance, please feel free to reach out to us here.
Author Profile
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Marketing Manager at Neighbourhood Holdings |
Jessica Yang is the Marketing Manager at Neighbourhood Holdings, where she leads marketing campaigns and content strategy. As a UBC Media Studies graduate, Jessica also completed BrainStation’s Digital Marketing Program and became a BCFSA-licensed mortgage broker.
Beyond her professional pursuits, Jessica enjoys travelling and documenting her experiences through vlogging, finding inspiration in exploring new cultures and sharing her journey with others.