by Nick Stewart
Countdown is changing back to Woolworths. An interesting move, considering the change from Woolworths and Foodtown was only completed in 2011.
A rebrand tends to occur so a business can present a new offering or new focus. It shows evolution (or at the least, a shift away from something that has not worked as well).[i] In this case, Countdown/Woolworths is signalling more convenience, value, and a focus on bringing “the best” to Kiwi customers as the impetus for this $400m NZD change.[ii]
It seems unusual that to better satisfy Kiwi customers, Countdown is going back to their Australian alias. New Zealanders can be wary to trust global companies. Supporting Kiwi is a strong part of our collective identity. How many times have you had a conversation about the shortcomings of a bank or corporate service provider, only to hear the classic “well they’re Australian, what do you expect”.
Or on the flipside, it is jarring when the illusion is shattered and you realise that not only are Kiwi kids Weet-bix kids… but so are Aussie kids, according to the same jingle!
Some other businesses with names unique to the NZ market:
ASB (a subsidiary of Commonwealth Bank in Australia)
Z Energy (Ampol)
One NZ (Vodafone)
Do we trust them more with a different name? Possibly, but many of these changes happened in recent memory.
Being “local” is huge for trust purposes. There’s a reason Whittakers has consistently topped the Reader’s Digest list of trusted brands for 12 years. 2023’s top three are Whittaker’s, Hato Hone Aotearoa - St John and Mitre 10. Key to their success is perceived transparency and reliability. Good, honest brands, in other words. [iii] Another survey identifies Air NZ as 2023’s most trusted brand, followed by Mitre 10 and Pak’N’Save… showing Kiwis really love a reliable DIY enabler with Mitre 10 high on any list.[iv] Simply put local businesses can’t pull up stumps when the going gets tough and retrench over the horizon.
Nomenclature is important. Stewart Group was originally called D L Stewart & Associates when my father opened the doors in 1987. When I joined in 2000, a name change was appropriate to signal our growth into trusted fees-only advice, and a larger team of financial advisers and support staff… still from the heart of Hastings despite a nation-wide client base, and still intrinsically tied to our family values.
Another bit of important nomenclature is the difference between a financial adviser and a fiduciary. Fiduciaries are obligated to act in your best interest. Having the title ‘financial adviser’ alone means no such onus. That is not to say they won’t act in this manner; more that they aren’t obliged to.
When you’re looking for a financial adviser to help you on you reach your unique financial goals… check if they are also a fiduciary. If the answer appears vague, just ask for it in writing. It’s worth the peace of mind, to know you and your hard-earned money are going to be taken care of. If in doubt, look for a CEFEX certification – this shows the organisation voluntarily undertakes regular audits to ensure they conform to all practices and criteria that comprise the Global Standard of Fiduciary Excellence.[v]
Only time will tell if Countdown’s re-rebrand will do what they want it to. If you want to find out what’s in a name where financial advice is concerned, sitting down with a trusted fiduciary is a great first step.
· Nick Stewart (Ngāi Tahu, Ngāti Huirapa, Ngāti Māmoe, Ngāti Waitaha) is a Financial Adviser and CEO at Stewart Group, a Hawke's Bay-based CEFEX & BCorp certified financial planning and advisory firm. Stewart Group provides personal fiduciary services, Wealth Management, Risk Insurance & KiwiSaver scheme solutions. Article no. 315.
· The information provided, or any opinions expressed in this article, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from a Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visit our website, www.stewartgroup.co.nz
[i] https://www.bluefrogdm.com/blog/brand-strategy-the-top-5-benefits-of-rebranding
[ii] https://www.retail-insight-network.com/news/countdown-woolworths-rebrand-2024/
[iii] https://www.rnz.co.nz/news/business/488579/survey-reveals-new-zealanders-most-trusted-brands
[iv] https://idealog.co.nz/work-life/2023/06/the-new-zealand-companies-with-the-best-reputation
[v] https://www.stewartgroup.co.nz/our-associations
