In November 2016, we announced that Greater Boston Bookkeeping and Financial Services had been rebranded as Navitance, a change that expanded our services and repositioned our firm as working at the intersection of navigation and finance to provide steady guidance to our clients, regardless of the complexity of their needs.
To signal the transition, a new website was launched and a series of print and digital communications deployed to existing clients and targeted prospects. While the market response was largely positive, there were some for whom the change seemed mysterious. Had a corporate ownership transition occurred? The answer is “no.” Would there be an impact to clients’ business? “No,” again. Why expend so much energy on a new brand? Because…we’d been watching the market.
A Changing Industry
Automated data entry, online “DIY” platforms, and machine learning have disrupted the accounting and financial management landscape by mechanizing – and ultimately commoditizing – traditional bookkeeping skills. At Navitance, we welcome the evolution of technology, celebrate market entrants, and embrace best-in-class third party applications as an efficient feature of our offering. At the same time, we believe that the future of financial management isn’t just about automation, but a combination of experience and technology to optimize outcomes.
The Power of Brand
We also believe that brands have the power to stand for something – to make a promise that is both distinctive from our competitors and relevant to our clients. At Navitance, we are making a commitment beyond bookkeeping. Working across industries, we scale to our clients’ evolving business needs and smooth their (sometimes volatile) financial transitions, bringing experience, integrity, and intrepidness to every engagement. This is a promise in which we are more than willing to invest.
The Business Benefit of Brand Investment
In fact, as technology becomes more efficient, expected and integrated across all industries, the customer experience – and the brand behind it – will only increase in value. Those most adversely affected by this market change will be the firms that have ignored brand strategy in favor of tactical investments that can all too quickly be replaced by the market’s latest “shiny object.”
As Navitance did, we encourage you to consider your brand, and the promise it makes to customers, as a corporate asset that requires the same investment and maintenance as other bottom-line-delivering-dimensions of your business.
We welcome comments on your experience with branding-as-a-business-asset as well as any feedback to Navitance’s new positioning.