In today’s dynamic business environment, which is continuously being shaped by advancements in technology, shifts in customer expectations, and omnipresent media, standing out in a crowded market can be difficult for many small businesses.
Given such challenges, it is vital for business owners to focus on both the short-term and long-term gains and embrace a marketing strategy that breaks through the noise.
“Not every brand or marketing strategy is for every small business. I think business owners need to be discerning about which (strategies) are in alignment with why they exist and how they do business,” said Sarah Kaler, chief people and culture officer at Parcion Private Wealth in Bellevue. “Ultimately, brand and culture is an expression of how we get work done and our values.”
For Parcion, its people-centric, purpose-driven brand strategy has been a key. Through a concierge approach to service, the independent wealth management firm supports and leads midmarket business owners and their families through the sale of their business.
“Everything that we do is driven by that purposeful vision. What I mean by that is every piece of communication, every operational process, every relationship we build, every person we recruit, how we develop our talent — everything is driven by that North Star, that purpose,” Kaler said. “So, our brand and our culture is very, very focused, and it stems from that set of values.”
To help businesses execute more effective marketing strategies, Kaler outlined several keys to success.
Sarah Kaler, chief people and culture officer at Parcion Private Wealth in Bellevue.
Be purpose-driven. Having a purpose-driven brand is more than simply having a slogan or marketing campaign. It is understanding why the company exists and what it aims to achieve (i.e., making a societal contribution, solving a problem, etc.). “When it’s compelling and genuine, the ‘why’ can form the basis of a powerful brand promise and a highly differentiated brand,” Kaler said.
Be authentic. In today’s data-driven environment, consumers quickly will see through empty claims or empty promises. Do not underestimate the importance of transparency and accountability. “For example, suppose the basis of your purpose is ethics. In that case, you must demonstrate integrity and credibility in every aspect of the business — from hiring your employees, to creating standard operating procedures, to sourcing vendors,” said Kaler. “In an era where news becomes viral in a matter of minutes, companies can’t hide from dilution, toxicity, and inauthentic claims and need to minimize this risk by being genuine and consistent.”
Tell a story. Show, don’t tell, your customers how real people are being impacted by your company. This could be how you recruit and develop talent, how you build relationships with business partners, how your customers’ lives and their families have been transformed, etc. The reality is that customers and employees are drawn to and connect with businesses that stand for something and deliver on their promise. “The greatest brands have the greatest stories,” Kaler said.
Be a leader. Being a purpose-driven brand involves being bold and proactive, and building trust. In other words, be a leader, not a follower. “They take ownership over their wins, and failures, always committing to growth. They look to provide and deliver added value before people request it or even know what they need next,” Kaler said. “Leaders lead out front.”
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