Self-managed superannuation funds (SMSF) need to find their voice and establish a brand if they are to better compete with the likes of retail and industry funds.
“Silence is acceptance. SMSFs are the hero or the golden child, but they are facing a struggle,” Blacksheep Group managing director Craig Hunter said.
Hunter said while retail and industry funds were currently at the stage of evolving from product to brand, SMSFs were still just a product.
He said it was a natural evolution in all product categories where they first competed on function and features until there was parity, and then they differentiated on the basis of brand.
However, in the SMSF market, developing a brand is a real challenge or opportunity because individuals can set up their own fund.
“If people are looking to build a brand, the starting elements are to understand the research and articulating the brand the right way,” Hunter said.
SMSFs need to use qualitative research to help them create an emotional bond with individuals, to move beyond focus groups where nibbles are served and actually go into consumers’ homes and discuss the purchase process.
The motivating factors, such as safety, trust and establishing a retirement future, are highly emotional factors the SMSF market must tap into to establish a strong brand.
