What you stand for is important. Relationships in the mortgage industry matter a lot. Often technology decisions, for example, are made based on who else is using that same technology.
For this reason a lot of mortgage technology vendors are reluctant to tinker with their brand, but I’m here to tell you that’s the wrong approach. In the article entitled “The Importance of Updating your Brand” by Chirag Thumar, he defines a brand as “what your consumers perceive of your company. The idea or feeling that they associate with your company is the brand of your business. If you ask your clients of what comes to their mind when your business is mentioned and they respond consistently with an emotion or perception, which is your brand.”
Your company’s brand plays a vital role in the workings of its business, as it helps create an impression, evokes curiosity about the company and its business, and gives out an essence of quality and professionalism.
Why should you update your brand?
Brand image is crucial in communicating properly with your target clients the goodwill of your business and to assure certain levels of expectation. Even if your business has an established brand, it needs to evolve as the business itself changes. Re-branding and refreshing your company’s appearance is crucial to keep it relevant to your old clients as well as to attract new ones. There are many reasons why to do so, such as:
>>To reflect internal changes
>>Business growth: As a business expands, the brand needs to extend itself to appeal to the increasing mass of consumers that the company is trying to interact with.
>>Globalization: When a company expands its products and services to the international market, the brand name has to evolve to be represented constantly in all the countries.
The biggest of the international brands like Google, eBay, Apple, Coca-Cola update their brands frequently to cater to their expanding business strategies.
When is it time to update your brand?
Re-branding your company is a decision that should be made after a systematic analysis of the response pattern of your consumers. There are certain signals that your brand needs an update, which you need to look out for, like-
>>If your brand is being associated with negative feelings
>>If your brand is out of sync with your business identity
>>If your brand is not making your business stand out
How do you get your brand updated?
A refresh comes in many forms and it is important to have an understanding of your clients’ attitudes to opt for the most suitable re-branding for your business. The options include:
>>Getting a logo: If your business doesn’t have a logo, consider getting one developed. Or if your company has had the same logo for a long time, consider getting it changed. A case in point is the company Starbucks, which has become a very easily recognizable brand with its much simplified logo.
>>Changing the company’s name: For a business to appeal to the popular mass, the company needs a name that is easily accepted and recognized by its large variety of consumers. For example, the digital giant Google was once known as “Back Rub”.
>>Releasing a new product that has gained relevance among the consumers.
>>Changing the way of advertising: It is essential to advertise your company the right way and by right way, what is meant is the way your target audience will find your product or service the most appealing. It is equally important for the advertising strategies to be relevant to both your business identify as well as time.
And most companies can’t do this alone, which is where partners like NexLevel Advisors come in. NexLevel Advisors marketing services helps its clients strategically market products and services whose complicated selling propositions or complex technical offerings require the communication of highly specialized information to elevate results. We offer world-class expertise and marketing insight to deliver dynamic marketing strategies and campaigns that will truly take your organization to the next level.
So, don’t be afraid to change your brand to meet today’s mortgage industry needs and don’t be afraid to ask for help in making sure that you do it right.
About The Author
Michael Hammond is chief strategy officer at PROGRESS in Lending Association and is the founder and president of NexLevel Advisors. They provide solutions in business development, strategic selling, marketing, public relations and social media. He has close to two decades of leadership, management, marketing, sales and technical product experience. Michael held prior executive positions such as CEO, CMO, VP of Business Strategy, Director of Sales and Marketing and Director of Marketing for a number of leading companies. He is also only one of about 60 individuals to earn the Certified Mortgage Technologist (CMT) designation. Michael can be contacted via e-mail at email@example.com.