According to the founder of Microsoft, William Gates, one of the lessons of life is that life is not fair. As a matter of fact, we all do not start with the same privileges. For instance, every infant starts the race of life at different points, some are £50 million ahead, while others are £50,000 behind (in debt) as a result of their parents’ choices. Talking about parental choices, let’s focus on family name for the purpose of this discussion. There are names that open big doors of opportunity to our children, there are names that shut doors, some don’t even appear on the radar! Where does your family name belong? Are you aware of the impact of your choices and behaviours on your family name? Would your children be strategically positioned because of the value you have placed on your family name?
Every time we shop, we make decisions based on a number of complex reasons and my research into consumer psychology revealed that majority of the reasons are emotional and psychological. In other words, most purchases done online and offline are intensely influenced by people’s emotions and perceptions before facts. Consider a young bachelor trying to buy his first car, he earns well, he is adventurous, so has decided to depart from the brands he saw his parents use; he has decided to make a choice between two luxury Japanese brands, such as Lexus and Accord. The brand he eventually goes for would be based on his perception of the brands more than the facts of the technical features. Back to our point, every family name is like a product with a brand promise, people’s reaction to it depends largely by their perception of it over a period of time.
Are you aware that every promise you make and keep strengthens your family name? Are you aware that your financial dealings with people, work ethics, appearance etc., impact on your family name?
THINK & ACT: What legacy are you leaving behind for your children? Have a discussion with your spouse today and map out a family ‘brand-name-positioning strategy’. If you need help with this, contact us.
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