Throughout my years of coaching and consulting 100’s of financial, legal and accounting firms around their branding and marketing, one thing has been clear: Such firms find it challenging and difficult to differentiate what they do from their competitors.
Take for example Wealth Management firms: Just five years ago, terms such as “Financial Planning”, “Fiduciary”, “Fee-Only”, “Independent” or “Financial Coach” [see our article on synonyms for financial advisors] were unique.
Today, with anyone being able to start a practice from their basement and become a Certified Financial Planner, it’s become challenging to stand apart.
Even accolades such as Top 100 Rankings, 100 Years in Business, and 20 offices around the nation aren’t moving the dial for advisors to grab the attention of prospects. How do we know? Try posting on your website home page “Ranked Top 100 RIA in the nation” and promote it on Linkedin, and see if it’ll set up qualified prospect meetings for you.
People are only slightly moved by your accolades, accomplishments, size of staff, AUM and insight. Those are only part of the building blocks of the equation.
Why is this?
People are tired of being sold to. They RUN away from ads, and they’re not interested in being pitched with stats on your size, AUM and accolades.
People are tired of being told to. They don’t want to hear what they “SHOULD” do before year-end.
People don’t want new products and strategies. They saw how it all went down with Sam Bankman-Fried, other ponzi schemes and the 2008 Great Financial Crisis.
Furthermore, platforms like Instagram and Linkedin are against “salesy” marketing strategies: Their algorithms label such “we are the best” campaigns as spam and hold them back from being viewed.
So what is needed these days to get the attention of your target audience?
In today’s day and age of the sea of sameness, people want a MOVEMENT.
They want a revolutionary who has a fresh perspective and isn’t afraid to show it.
They want something they can believe in and be energized about.
The problem is that most advisors are too afraid to go there…they blame regulations and compliance, but the reality is that many of the strategies we will discuss below have nothing to do with compliance.
They have everything to do with being able to stand apart and outside your comfort zone.
In this article I’ll speak about a company that turned one of the most BLAND and boring products in the world - WATER - on its face.
Hopefully you can take away some lessons on taking something commoditized (like wealth management) and turn that into something powerful that becomes a new household name with your target audience.
A case study on branding WATER!
When it comes to branding, there are few companies as unapologetically bold and provocative as Liquid Death. This beverage brand has managed to turn what is typically considered a mundane product – water – into a captivating and highly successful brand that captures the attention of consumers.
At first glance, Liquid Death's branding may appear dark and intimidating, with its heavy metal-inspired aesthetic featuring skull imagery, dark colors, and edgy designs. But behind the provocative exterior lies a brilliant strategy that resonates with a growing segment of consumers who appreciate authenticity and non-conformity.
Below are three key strategies that helped Liquid Death go from virtually non-existent in 2019 to surpassing a valuation of $700 MM last year. More importantly, some lessons you can take away to help your business get the attention it deserves.
Lesson One: Embrace unconventional names, design, aesthetics and visuals around your brand
Let’s first start with the company’s name: Liquid Death!
The name immediately sparks interest and intrigue: Is it a beer? Is it an energy drink?
No, it’s just plain water!
I’ve spoken a lot about your company name, employee titles and process productization.
These can all be highly valuable areas to stand apart from your competitors.
Another one of the key elements of Liquid Death's branding strategy is its commitment to challenge expectations and disrupt the norms of the bottled water industry.
By leveraging a heavy metal aesthetic, even down to its gothic font, the brand sets itself apart from the sterile and clean designs typically associated with bottled water. This unconventional approach instantly grabs attention and sparks curiosity among consumers who are tired of the same old branding tactics.
Liquid Death's packaging also plays a crucial role in its branding strategy. The tallboy-style aluminum cans, resembling beer cans, create a sense of rebellion and differentiate the brand from its competitors. This playful packaging choice challenges the notion that water has to be boring and encourages consumers to view it as a refreshing and exciting product.
The brand's success is further amplified through its limited edition releases and merchandise, cultivating a sense of exclusivity and excitement among consumers. By regularly introducing new designs and products, Liquid Death taps into the collector's mentality and creates a sense of urgency, driving increased sales and brand loyalty.
When you consider these factors, take a look at your company website: Does it look cookie-cutter like all your other competitors, with its header talking about how great you are being a fiduciary? Or is it truly unique? How about all your other marketing collateral?
Lesson Two: Promote a Mission that your prospects (and you) care about
Another way Liquid Death differentiates itself is through its commitment to environmental responsibility. The brand's tagline, "Death to Plastic," sends a clear message about its mission to reduce plastic waste and promote sustainability.
This messaging resonates with consumers who prioritize eco-friendly choices and allows Liquid Death to position itself as a responsible alternative to traditional plastic bottled water.
The company also takes advantage of every part of its product to promote its message, including on the back of its cans.
This method can easily be replicated by firms by including their mission, values and story on various platforms, including on their company log-in portals, office decorations and more.
Lesson Three: Push Boundaries and Stand Out on Social Media and Ads
Liquid Death doesn't stop at just packaging and aesthetics or its mission statement. The brand actively engages with its audience through social media and ads, where it continues to push boundaries with its provocative and humorous content.
By embracing satire and parody, Liquid Death connects with consumers on a deeper level, showcasing a level of self-awareness that is refreshing in today's marketing landscape.
You may have seen the company’s provocative ad that went to air on Super Bowl Sunday in 2022, supported in digital and social platforms (see the ad below). In the commercial, primary school-age kids party hard while binge drinking from cans.
As a viewer, you’re probably horrified. That is, without question, the brand’s intention.
However, that sense of outrage is because you didn’t pay attention to the detail, until a title told you to. Go back and look at the cans shown in the commercial. “Drinking water” is clearly visible in the later close-ups before the reveal.
In conclusion, Liquid Death's case study on branding water demonstrates the power of daring to be different and embracing a unique brand identity. By leveraging a heavy metal aesthetic, challenging industry norms, and engaging with their audience through humor and irreverence, Liquid Death has successfully captured the attention and loyalty of consumers.
This case serves as a reminder that effective branding goes beyond aesthetics – it requires a deep understanding of consumer values, disruptive strategies, and an unwavering commitment to authenticity.
As we enter 2024, consider branding strategy as the bedrock foundation that underpins your entire business.
When coupled with the overall business strategy, it not only provides direction for crucial commercial decisions within your firm, but also contributes significantly to the development of your corporate culture, marketing campaigns, and design execution.
It provides the necessary direction not only for cultivating revenue growth but also for establishing a powerful brand identity that resonates with your target market.
Moreover, it serves as a compass, guiding you in executing your business development strategy through purposeful marketing campaigns and effective design application.
By acknowledging the vital role of branding strategy and giving it the importance it deserves, you pave the way for your firm’s growth and success.
What are the components of financial advisor marketing so you can stand out from the crowd, get new clients, and become a household name? As a one-stop done-for-you outsourced CMO and marketing agency to financial advisors and wealth management firms, we have got the answers for you. Read our blog to learn more!