Some of the most highly recognized brands in the world are food products such as Coca Cola®, Starbucks® and McDonalds®. Their brands are so solidified that they can just put up their logo without needing to describe what their company sells. This recognition has been the direct result of years of marketing and the development of a messaging framework that sets-off a subconscious recognition trigger of what that brand means to a person.
So what does food and finance have in common? Branding!
It’s all about the brand. Whether it’s golden arches or a red circle with a wavy white line, branding is everything in today’s market. But that’s where the similarity ends. Many products can get away with appealing to different segments of the market using different messages. For example, McDonald’s simultaneously run ads that appeal to the urban target market and a completely different ad promoting their “healthy foods.” However, when you’re selling services, such as a mutual funds or a 401K, your branding has to be solid and consistent in order for the customer to relate the name of the financial institution to certain messages like caring, market savvy and other brand positioning statements.
Specifically with services, if the messaging is off, or the financial institution is trying to appeal to too many different target markets, the messaging gets confused and customers have very different reactions to the brand. It is imperative that the company creates a consistent brand position and messaging that will allow them to achieve brand recognition without having to explain themselves further.
A newcomer to the world of financial planning is Ameriprise®. After being spun off from American Express® in September 2005, Ameriprise Financial set out to change the language and conversation of financial services from a rational one to a conversation that is both rational and emotional. Ameriprise Financial strives to be known as a company that understands and cares about their clients—a company that looks beyond the numbers to understand their dreams. This unique position has led from zero brand recognition to about 59 percent in less than three years.
They are most well known for the campaign “Dreams Don’t Retire” featuring Dennis Hopper, which has positioned Ameriprise Financial as the casual but caring financial planning company. In their commercials they push out the idea that people need to think about retirement now because they will not live forever in a very “this is reality, let’s get down to business” idea that provides a compelling image of Mr. Hopper speaking directly at the camera to get baby boomers to think: “he’s my age, so maybe I should start thinking about goals at retirement.” The campaign was built around the idea that baby boomers approach retirement differently than any other group that has come before them. They don’t want to sit on the porch—they want to pursue new experiences, open small businesses, go back to school or go back to work—not because they have to but because they want to. Ameriprise Financial approaches boomers’ retirement dreams with a personal financial strategy that is unique to them.
Those who visit the Ameriprise website see a feature section with Dennis Hopper staring at them, saying the casual but ensuring line of “Let’s get started…”. After some instruction, visitors can proceed to a section that offers a number of scenarios that their clients face. This shows that they have done their marketing research and have found common life stages that are important to their clients like, Planning for retirement, Saving for college, Changing careers, Starting a family, Managing an inheritance, Dealing with divorce, and Owning a home.” Once a selection is made, visitors are given several additional options of related to ones lifestyle and interests. They ask the question: “Which best describes a goal you’d like to work toward?” Choices include things like Start a business, Leave a legacy, Travel, or Pursue hobbies.” Then the next stage is “Financial Confidence” followed by “Level of Help”.
As you can see, the Ameriprise website serves as a survey or questionnaire—this is how they get the right questions answered. In turn, this contributes greatly to their ability to encourage customers to start thinking about their aspirations, as they present the services they offer. Anyone who has worked in sales knows that in order to fully express the benefits of the service offered one must first understand the needs of the client. This “questionnaire” helps to pre-qualify people so that when they do indeed have the motivation to start something they can contact the advisor and have a stronger idea of where they are in their situation and where they want to be, so that an Ameriprise Financial advisor is able to “Start the Conversation,” which is presented conveniently online at the end of the discovery process.
This development is not new to Ameriprise Financial. Interviewing with Stacy Housman, Manager, Media Relations for Ameriprise Financials Corporate Communications and Community Relations division, she informs this publication that the campaign Dream > Plan > Track >® is the company’s unique approach to financial planning. More than just an advertising or marketing message, it is also carried through in the way Ameriprise financial advisors work with clients.
Integral to both the Ameriprise Financial advertising campaign and the company’s Dream > Plan > Track > approach is the popular Dream Book® guide – the company’s “bestseller” with over 1.3 million copies in circulation. The physical book is a series of questions about what the customers’ dreams are and how they envision their future. They answer the questions and bring it in to the financial advisor so that the advisor knows what their goals are and how best to outline a financial plan for them based on the information provided. By writing down their goals and dreams, they can more clearly communicate what they envision to their advisor so that the advisor may more easily put a plan in place to realize their goals.
In a short time, Ameriprise Financial has established a powerful and respected brand that has transformed financial services advertising and the way people look at financial planning. So, how may other financial institutions achieve this level of brand recognition so quickly? Below are the first steps a company must take to solidify the brand’s position and messaging:
1. Identify your specific target market.
2. List the company’s unique attributes competitors are not advertising and that is desirable to the consumers.
3. Do your research.
4. Market that statement consistently in every ad campaign, on the web, and through customer service.
Market research is an extremely important part of the process. Ameriprise Financial didn’t make the choice to use Dennis Hopper lightly. They choose him because he’s “a legendary actor, director, and writer, Dennis Hopper embodies the message of ‘reinvention and living your dreams.’ He personifies the spirit of the baby boomer—and is seen as a 1960s icon.” When considering a spokesperson for their campaign, they did market test groups, and Dennis Hopper scored highest among their target market.
Finally, remember that consistency is the key to driving brand recognition. Companies spend billions of dollars to change their focus and tagline, so make sure to do your research so that you won’t have to repeat this exercise in another year or so. A well formed branding message can last a lifetime.
