Change is coming
Brand strategy should be high on the agenda of professional services firms right now. Regulators and clients want to see more competition in the audit market. There’s talk of breaking up the ‘Big 4’ of Deloitte, EY, KPMG and PwC, or introducing a requirement for joint audits of public companies by Big 4 and non-Big 4 firms working together. Smaller firms will need to convince clients that they are up to the task first. This is where brand can help build confidence and trust.

A show of ambition
BDO looks to be a strong candidate to disrupt the dominance of the Big 4. Its merger with Moore Stephens shows its ambition. Deals like this will help build the scale and the credibility to compete for the biggest clients—more people in more places with more ideas and more insights. The BDO brand should communicate all of this.

Fast lane or middle of the road?
Professional services branding has come a long way in a short time but it’s still far behind other industries in terms of sophistication and investment. In common with other sectors where the partnership model is prevalent, there can be a reluctance to spend the money required to differentiate and elevate the brand. That means brands are often functional and no more. The consensus appears to be that the safest place is the middle of the middle of the road.

Signs of maturity
The most successful firms recognise the commercial value of a strong brand. PwC has created a visual system that makes every brand communication instantly recognisable. At EY, we saw how brand can help unify a complex global organisation. That’s all good but brand can do so much more. Both PwC and EY understand that brand goes much deeper than a logo. It’s an expression of identity, and personality too. Who you are. Why you’re here. What your clients and your people can expect from you. These firms have a clear statement of purpose. That’s a sign that professional services branding is maturing.

Brand must be fit for purpose
We’re interested to see what happens next with BDO. Any business with aspirations must be prepared to stand out. For those who want to disrupt the status quo, this is the time to be defining brand strategy and—this step is crucial—communicating that so you bring everyone with you on the journey. Because what could be more exciting than to be a growing business in a market about to open up for those brave enough to step forward? That’s why our advice to BDO is to make sure the brand fits where this business is going.