Post-crunch pay-off for stronger brands

28 June 2010

Maintaining brand reputation during the credit crunch is starting to show rewards for many businesses.

Having spoken to a number of our introducers it is noticeable how those who took the brave decision to maintain their brand values rather than cut their prices during the crunch are seeing increasing profitability.

It was not an easy time for the industry and most property-related businesses had to take the tough choice of reducing overheads.

Despite suffering like everyone else we took the decision not to slash conveyancing prices as we believed the personal service we offer would be devalued by this.

We also believed that advisers who use their relationship with us to enhance their service would have their brands adversely affected.

Because we protected our brand our post-crunch increase in workload has been reflected in a rise in turnover, which allows us to maintain our standards.

A number of estate agents and solicitor firms that slashed prices in the crunch now find their brands have lost value and they are struggling to increase profitability.

Some of these firms are also reporting a fall in market share as their brands have been devalued. Good news stories about rising volumes of business often mask reduced profitability and thus lower standards, and from there it’s hard to regain brand credibility.

Working with the right partners is vital for your reputation and one way to see how prospective partners act under pressure is to look at what they did in the crunch.
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