The following is based on a true story. Pseudonyms are used for protecting our client’s identity.
2017: Rebranding an old brand
About two years ago in 2017 one of the principals of a family owned commercial insurance agency with more than 100 years of history came to me for the whole 9-yards of rebranding. We first started with market research about the types of insurance it focused on, their clientele profile and their agency’s own whys, hows, and history. We boiled it all down into a one-page foundational Brand DNA™ Script, created its new tagline and a secondary logo. We then turned the Brand DNA™ Script into a video and created a new website with the insurance agency’s brand messaging.
Afterwards, they retained us to write their monthly blogs and conduct regular social media marketing.
For decades, a large portion of their clientele are motels as well as mom and pop hotels. It never occurred to them that this would change.
2018: New changes in the marketplace
Early in 2018, one of the principals came to me with concerns about stagnating business volume. Among the questions asked were: from a marketing perspective, what else needs to be done to get more clients? Perhaps we should spend more marketing dollars on PPC (Pay Per Click) campaigns to increase online visibility? …
I gave him (“Ken”) some “homework” assignments. One of these assignments was to completely re-evaluate each of their market sectors such as office buildings, multi-family dwellings, hotels, restaurants, etc., and also to re-evaluate their insurance products such as general liability, E&O, worker’s comp…, etc..
After a few weeks, I was following up with Ken on his “homework”. He said to me, ”Joanne, I have been insuring commercial properties for 25 years. I know my types of clients. I don’t think I need to do market research about them.”
But I insisted. After several rounds of pushing, nudging, even “threatening”, he reluctantly followed my counsel to complete each of my research questions.
Then he said this to me, ”Joanne, THANK YOU! I am SO GLAD that you forced me to do the research. Out of 100 small hotels we used to insure, only 6 are still in business, thanks to Airbnb.”
Survival of the fittest: rebrand again!
We brainstormed over half a dozen sessions to analyze the emerging new markets, the disappearing markets, their current products and new products available. We were able to create a new strategy for the business over the next 18 months in sync with their long term mission for achieving their goals. We developed new brand strategies, market positioning and value stories.
We added a new insurance product that was not in existence 5 years ago – cyber liability. We expanded his commercial property insurance to cover senior living facilities due to baby-boomers retirement “tidal wave”. We deleted the entire sector of small hotels, to better focus on newly juxtaposed priorities while continue their strengths in the traditional repertoire.
My teams and I then were creating the new verbal and visual messaging all over again, under the same brand name but with new content including a new brand-video, a new website, new blogs about their new markets and products, and new print materials for the newly redefined target audience.
A Brand is a Living and Breathing Thing
In today’s fast-changing economy where innovative technology creates winners and losers overnight, the Darwinian theory of evolution based on natural selection for the survival of the fittest is more relevant than ever.
A brand lives and breathes. A brand’s survival depends on how it adapts to its natural environment. When the market environment changes, the brand, even though it has been around for more than 100 years, must rapidly adapt, or die.
To thrive, rather than just survive, we need to regularly evaluate a brand and the marketing approach for the brand – in relationship to the competitive environment in which it exists and then come up with potent and fresh marketing tactics and brand narratives to promote each brand’s unique value propositions and persona.
We make you the hero of your own journey
Branding, brand marketing and communication consulting, digitally or in print, is what we do at 10 Plus Brand. We first craft a brand at its DNA™level, create verbal and visual brand-messages, and tell your stories, so that your brand will inspire and empower your employees and your followers. We make you the hero of your own journey so those you serve will be the heroes of their journey. We rise by lifting others.
If you need to get your messages across to your target audience with power and focus, call for an initial consultation: 1-888-232-2288, or email: info@10PlusBrand.com, or visit our website: https://10plusbrand.com/. Thank you!
Written and copyright by Joanne Tan, © 2019. All rights reserved.
Edited by Glenn Perkins & Delaney Toudic.