Debunking Myths of The Family Business
There are over 4.7 million family firms in the UK, according to the Institute for Family Business. They account for more than two-thirds of the UK’s business community – but how much does this important part of UK plc understand how consumers feel about the term ‘family business’?
The ‘Family Business Brand – does it work and how?’ examines consumer attitudes to family businesses and helps such firms with their marketing strategy.
How Do Consumers Feel about Family Businesses?
The report sheds light on public preconceptions, and the implications these have on sales, marketing and recruitment. With an improved understanding of this, you’re better placed to build and market your family brand in line with your business objectives.
Family firms are as relevant today as they ever were and, as the report shows, many should develop communication strategies that amplify the ‘family’ tagline.
That is not to say that the process is a simple one, marketing needs to be strategically tailored to consider the business’ life-stage, ambitions and sector.
Should Family Business Credentials be Acknowledged and Celebrated?
Certain sectors – technology, healthcare and finance – benefit from distancing themselves from the ‘family’ line; particularly if the business concerned is not well established. On the other hand, more well-known and reliable companies should play on their family credentials, as Betfred and Warburtons have done, for example. Our research reveals how doing so attracts almost 15 people for every one person it alienates.
Aside from competing for customers, family businesses should also compete for talent. A company that promotes itself as a family business is more likely to attract talent across all age ranges. Although, in some cases this positive outlook can be neutralised by perceptions of nepotism, poorer pay and job security.
The way in which family businesses promote themselves should depend on the sector, the age of the business, size and strategic needs. To find out more about ‘The ‘Family Business’ Brand – does it work and how?’ download the free report from our website.