Claudia and Joe Astrachan: How can you Leverage Family Ownership to Market your Business? The Family Business Voice
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Leveraging family ownership is a unique opportunity presented to family businesses when formulating their branding strategy. Whether by adding the typical ‘and Sons’ to their names or including the message in product branding, there is a myriad of ways to emphasise a family legacy is operating behind the scenes of a business. Historically, business families have been known to underline their ownership to instil trust in their consumers. Turning family business branding into a competitive advantage, however, is far from an exact science. If executed improperly, it could even be a misstep with serious consequences.
Dr Claudia Binz Astrachan and Dr Joe Astrachan have been researching the subject of family business branding for the better part of the last decade. The pair first met at the International Family Enterprise Research Academy conference in 2011. Now married, they share their combined experience and expertise on the subject with the world through their roles as teaching faculty, researchers, independent board members and more. Through their research, they have gained insights into consumer perception of family-owned brands and formulated a set of questions family businesses must ask themselves before developing a branding strategy that emphasises family ownership.
Tharawat Magazine had a chance to speak with Dr Claudia Binz Astrachan and Dr Joe Astrachan about the efficacy of family business branding, the various approaches families can use when marketing their products and services, and why they must be prepared for what such a strategy entails.