People die and buildings crumble, but a brand will live on long after you're gone. Rachael Power passes on the advice of BrandCap CEO Rita Clifton CBE.
Clifton was speaking at Xerocon 2015 last week about the value of a strong brand. This article outlines the lessons for accountants.
What is successful branding?
Successful branding isn't just a logo - it's the substance, the values that are not only held but implemented in your firm from the top right down, and visible among your staff and in your office space, according to Clifton.
"Successful branding is being clear about who you are and what you stand for," she said.
This philiosophy is similar to the concept of a Why, which was covered last year at both the 2020 Group and AccountingWEB Practice Excellence conferences.
Once you have your underlying purpose in place, your objective should be to communicate these values in all that you do and employing people who represent what your brand stands for. If a practice is branded in a way that reflects its core values, and staff buy into that idea, the process of planning for who takes over when you retire becomes less of a problem.
Clifton noted that while buildings may crumble and people will die, a strong brand can live on. Look at Deloitte. One of the oldest of the Big Four, it was founded in 1845 in London. While its name, building and people have all changed, the brand itself has lived on for 170 years.
A brand is no use if you're no good
Only good businesses will survive. A brand should only be there to justify or complement an already existing "bloody good" firm, Clifton explained.
It's no use looking the part if you've got nothing at your core. Some people get obsessed by the logo, the pretty website and the nice-looking offices, but substance is what really counts.
The visual brand should just be a reflection of your already excellent business.
What value is a brand, anyway?
According to Clifton, if everything across the business is well managed and articulated, a strong brand drives revenue. It's also an efficiency tool that can save up 50% on recruitment. People will come to a well known brand for work, especially if they identify with what they stand for.
In addition, having a strong brand means less money spent on marketing and communications - and means more reliable earnings.
A strong brand will help you recover faster from a mishap or accident, she said. Arthur Andersen's demise as a result of the Enron shredding episode may be an exception to this rule, but more than a decade later even that brand has since been revived. Whether the new Andersen will recover its previous credibility remains to be seen.
What does a brand need to be?
Clifton outlined three things a brand needs to have to be successful:
- Clarity as to how you're better than the competition
- Coherence in that your brand lives through your business
- Good leadership - someone who is seen to be at the helm of the organisation and 'lives' the brand,
It needs to be consistent across every branch and office. For an example, Clifton showed how BMW's websites in every different country had the same look, as opposed to Ford, whose websites looked different depending on what country you clicked on.
Some of the larger accounting firms understand consistency. For example if you visit BDO offices in both London and Bristol they are more or less identical right down to the tea caddies in their meeting rooms.
A good brand also puts clients' interests ahead of the business's own. And good brands aren't afraid to have fun occasionally.
Clifton concluded by telling accountants that while their clients may nod their heads and claim they understand everything, in reality they probably only take in a small amount. So speak to a client in their own language and be clear about what you stand for.
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Clifton commented that British firms could lead the world in terms of service. Yet just four British brands are in the world's top 100 and our US site AccountingWEB.com writes about branding and logos. As a nation, it looks like the UK is a little behind on building brands and shouting about the good things we do. Is this the case for your firm - or can you cite good examples of accounting brands that demonstrate what the firms stand for?