Understanding customers drives brand repositioning at a wealth management firm

CHALLENGE

Amongst hundreds of investment firms large and small in the Nordic region, senior executives of a mid-size wealth management firm were concerned that their lack of a unique position in the market, would further exacerbate their already declining fund size. As the competition for assets had gotten increasingly intense in the past couple of years, competing firms got locked in fee wars that had pushed fund charges closer to zero. In a move to draw attention previous year, some large funds and new upstarts had introduced zero fees. This threat was a wake-up call: to redefine its value in the market to stand out to prospective investors.

DISCOVERY

The company began conducting persona research to identify unmet needs of millennial investors, who would form the majority of clients by the end of decade. The company also conducted surveys that provided insight into various product features and associated price points at which investors were willing to pay for them. The results were intriguing. For example, the ethnographers observed that with a more educated consumer base, investors were becoming more socially conscious. For them, investing had become a tricky business. The same people who wished to invest with their wallets may find that their options for investment funds were rife with companies that violated causes they believed in. Currently, there have been few options in the marketplace that give investors the opportunity to put their money in financial products that not only cut out environmental and social offenders, but actually contribute to the well-being of the environment and society. The work also examined the key characteristics that these investors look for in their search for wealth management services. With the new insights from the study, the firm began defining the firm's purpose and value proposition, which later influenced the concepts for the new brand. Executives also organised internal workshops to gather fresh thinking from employees to improve clarity about who they serve and what their company stands for.

"The workshop was insightful and well-managed. I did not expect participants from so many different functions. But, because of this, our discussions were fruitful. The workshop kick-started the discussion of how we could better serve our clients, not as silos but as a company and I think it had already spawned several initiatives that we are thinking of implementing in the course of the next 12 months."

Client
VP Sales

REVITALISING THE BRAND IDENTITY

Next, the executives brought together a group of designers, marketers, engineers and others to develop brand visuals, including an identity system used both internally and externally. The deliverables governed the design and development of the digital, marketing and advertising assets like the website, investor white papers et cetera.

"A branding exercise does not just involve visual design. Visual design accentuates the brand desirability factor. But more importantly, the exercise is an opportunity for the organisation to clarify purpose, and ground your value positioning in your target market. "

‍Leah Shea
Genova Digital Design Lead

‍IMPACT

The customer study created a renewed and clear commitment to customers among employees. Sales executives, for instance, believed that they provided a superior customer experience for their customers. Yet survey results revealed that customers had an opposite perception of the firm. What was more interesting in the survey results was the comparison of service processes with companies from other industries. Some of the proposed changes were quite straightforward and even, in retrospect, obvious. Yet the team acknowledged that the new ideas did not click until this study, when the evidence was out on the table for discussion.

"Customer expectations have changed over time. Companies are now not only competing against what its competitors in the same industry are doing, but what the customer does throughout their daily life. You’re competing against how they’re being treated in Starbucks, against how they purchase things in Amazon (...)"

Eugene Cheang
Genova Digital Consulting Lead

Key ROI results include:

• Employee Engagement Index increased by 11.7% since prior year, signalling increased confidence in the company’s new direction.
• Reduced expected client churn by 30.3% in the millennial investor class.
• 327% increase in monthly lead enquiries 6 months after brand launch, resulting in increased assets-under-management (AUM) for the year
• Brand awareness leapt to 95% among wealth managers in region.

"Genova Digital was an important partner in helping us leverage our brand at a pivotal moment. Their work on CX management was instrumental in propelling us forward."

Client
Managing Partner

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