Many fiduciary companies want to rejuvenate their company with a rebranding, improve their image and serve the clients of today and tomorrow even better. In this blog post, we summarise what fiduciary companies need to consider when rebranding.
The fiduciary industry is in a state of flux: Instead of carrying out routine activities, the focus is increasingly on building on strengths and competitive advantages and deepening the relationship with customers. In the future, only those fiduciary companies will survive that provide their clients with recognisable added value – and can also communicate this to the outside world. Routine tasks with high automation potential no longer represent a major benefit for many SMEs, as fully automated accounting solutions already handle most repetitive tasks faster and more cost effectively than fiduciaries. At the same time, more and more SMEs today want to obtain everything from a single source, from bank accounts to accounting and personnel services.
An SME ecosystem is where all the threads come together. Providers, orchestrators and consumers come together. Providers such as banks use the ecosystem to provide services and as a distribution channel. Orchestrator: (such as Accounto) provide a user-friendly platform for the Platform to enable providers, consumers and other relevant stakeholders to come together. SMEs are consumers. In order to consolidate their position in the SME ecosystem in the medium and long term, many fiduciary companies are currently looking to rejuvenate their business with a rebranding.
What changes through rebranding
What does rebranding mean and what does it involve? Rebranding is a marketing initiative in which the identity of a brand is changed. The aim is that the brand is perceived differently by both existing and potential customers. There are no clearly defined limits to how far a rebranding goes. From a fresher logo to a customised offer to a completely new direction, a rebranding can encompass everything. After the successful implementation of the rebranding process, companies can stand out more clearly from the competition due to a clearer positioning and better respond to the needs of their customers.
One of the most important goals of rebranding measures in the fiduciary industry: more focus
For the fiduciary sector, rebranding means, among other things, a stronger focus. Smaller fiduciary companies in particular are unlikely to be able to serve all client segments effectively and efficiently in the future due to the increasing complexity of the fiduciary business. Therefore, determine which client segments your fiduciary company can and wants to serve in the coming years. Which customer segments best fit your expertise? Where can you offer your customers real added value? What makes a mandate exciting for your fiduciary company? For your rebranding, define how your fiduciary company differs from other providers and build on these strengths and unique selling points.
How your fiduciary company makes itself indispensable to its clients
Closely related to the increased focus on selected customer segments is the stronger customer centricity. This is not only about the acquisition of new customers. In practice, it is often easier and cheaper to retain existing clients than to attract new ones. Therefore, develop the relationship with your clients and lay the foundation for up- and cross-selling. Up-selling means offering more sophisticated services than before and cross-selling is selling additional services. Find out what challenges your clients face in their daily work and how your fiduciary company can support you. With innovative and client-oriented services that solve your clients’ real problems, your fiduciary company can in turn stand out from the competition.
Extra Tip: With the right fiduciary software, you have a stable and secure platform to reduce the time spent on routine activities and instead create, promote and bill for more client-centric services.
Future-oriented companies have advantages in hiring and retaining skilled workers
Rebranding can also help you with recruiting. The Job Market Monitor according to the University of Zurich, the fiduciary sector in Switzerland is suffering greatly from the shortage of skilled workers and is even one of the five most affected sectors. Due to this shortage of skilled workers, a veritable battle for qualified fiduciary professionals emerged on the labour market. If you can show applicants that your fiduciary is forward-looking, this will give you a competitive advantage over other employers. Employees of generations Y and Z want to work with intuitive solutions and innovative concepts. Already during an introductory meeting, show how your fiduciary company is taking advantage of digitalisation. Demonstrate that clerks don’t have to type up receipts for you, but are allowed to work on challenging projects.
Reading Tip: In this blog post, you will learn how fiduciary companies can recruit and retain fiduciary professionals who are in high demand in the labour market.
What challenges does rebranding pose for fiduciary companies?
One of the most common barriers to transformation and innovation – which includes most rebranding – is that employees don’t initially buy in. The first reaction to change is often rejection. Managers must take the fears and concerns of employees seriously. Show your team what the rebranding means for individual employees and the whole company. Here you can find out more about how to prepare your employees for such a transformation. What tasks can you automate in the future? What will you focus on in the coming months and years? Where are you going with the company and your team? Discuss these issues openly and show your employees that they will continue to have an important role in your company after the rebranding process.Our transformation partner tomorrowanders supports fiduciary companies in digital transformation and rebranding. Here you can book a non-binding and free initial consultation with morgenanders.