… and why most bankers, engineers, lawyers, and accountants don’t get it
One of the most perplexing statements I make to the students in my marketing classes is, “You can’t buy a Ford.” Their first thought is, “What’s he talking about, … sure you can.” To which I reply, “No, you can’t.” Go onto any car lot and ask to buy a Ford. The salesman’s bewildered looks will be proof enough that it’s impossible. And if you ask enough times, he might even throw you off the lot for being a little crazy.
You Can’t Buy a Ford!
You can’t buy a Ford, … but YOU CAN BUY a Ford Explorer, Mustang, or Fusion. Ford is the publicly traded company behind the Truck Division, which makes the Explorer, and the Car Division, which makes the Mustang and Fusion. Ford is the entity that backs up the warranty, employs the designers, engineers, and UAW line staff, and is the substance behind the “F” ticker symbol on the NYSE. You can’t buy a “Ford,” but you can buy one of the products it manufactures. And consumers do purchase these products by the millions.
A Big Mistake
The big mistake I see businesses make is trying to promote the company’s brand at the expense of promoting the brands of their products. This would be the equivalent of the New York Rangers promoting their hockey club WITHOUT mentioning their players. The fans don’t go to cheer on the New York Rangers hockey corporation; they go to cheer on the players. The players are what give life to the corporate brand.
Here’s what you must do: Brand at the product level first, AND THEN at the company level.
Now here’s where it gets interesting.
Now, here’s where it gets interesting. In a professional services company, your products are your people. You don’t engage a law firm; you employ one of their lawyers. The individual lawyer delivers almost the entirety of the brand experience, which the law firm then backs up. If a lawyer offers a poor experience, there’s not much the client can do EXCEPT switch out the product – to another lawyer. Because clients place their trust in a specific individual first, and then the firm, a smart professional services company will promote the individual brands of their people first and their company second. And because most don’t, this leaves considerable power on the table for those who understand this principle.
The single biggest reason professional service firms don’t promote the individual brands of their people?
Here’s the problem
The single biggest reason professional service firms don’t promote the individual brands of their people is fear—the fear that if their people leave, they will take their client base with them. To which I reply, that’s an HR issue, not a marketing one. Besides, the only reason anyone can take clients with them to a new firm is because they have a trustworthy personal brand. Why not put that brand to work for your company now?
