When it comes to family offices (both Single Family and Multi-Family Offices), branding is often misunderstood or a low priority – perhaps derided, as one client has said to us in the past, as an exercise in ‘colouring in’ (shock, horror, boo etc.)
However, should family offices be so quick to dismiss or deprioritise their brand? As you might expect from a branding agency, our answer is a resounding no. In fact, branding should be seen as a central tool for any SFO or MFO to aid their primary business strategies.
So why is? Well, it’s all about values. Having a set of well-defined family values is an essential part of running a successful family office but defining them has often been regarded as a management tool to prevent arguments among the family members, rather than a way to drive growth.
Values are also an essential tool in building a brand – it’s one of the first steps we take to help clients understand what defines them, the way they do business and what they stand for. In a branding context, we use those values to help clients understand who they should be targeting, who they shouldn’t be doing business with, how their employees should behave as well as helping stakeholders easily understand the business at a glance.
Family offices too often don’t see the true value and opportunity that having a well-defined set of values could deliver. By building a brand around them they could:
· Bring in more investors for their funds or as co-investors in their projects who have a similar mindset.
· Source more investment projects that match their interests and values.
· Encourage not only the family, but also all their employees and partners to act according to their values.
It seems like a no-brainer to us.