New Year, New Me: Revisit and Refresh Your Brand Identity For 2020
Each year, I reflect on the past and set a course for my company, outlining what I hope to accomplish. Like many business owners, that means setting sales targets and hiring goals. This year, l also focused my attention to our brand and asked myself, are we communicating a consistent and deliberate message at scale? Can we say what mean better? Do we need to rebrand?
Through our own self-reflection and the rebranding process, we not only gained a deeper understanding of ourselves and our customers, we gained an understanding about why change is so hard in the insurance industry.
Should I rebrand?
As we see it, there are really only two reasons to rebrand: the customer’s needs have changed, or we have become closer to our customers and understand their needs more deeply. Rebranding then, is the translation of a better awareness of the customer’s problem and, in response, generating a better path of communication to their solution.
Why is rebranding necessary?
Now is a transformational time in insurance. Changing consumer preferences coinciding with rapid technological advancements means business owners today must do far more frequent check-ins with the customer and to more regularly revisit their branding.
So, why is it so hard?
Changing a brand is hard. And it can be even harder when you are refreshing the brand identity of your own company, which may be closely tied to your personal identity in name and culture. The feeling is akin to starting a new relationship after a divorce, or selling the house you raised your kids in. There is an emotional element and ego involved that results in resistance and avoidance of rebranding, even when it’s probably necessary.
And, that’s all before you consider the finances required. It’s expensive to divert resources and focus on repositioning a brand. For leadership, it’s hard to add rebranding to an already full plate.
The gumption to commit to these hard business decisions and the one made to rebrand was a decision I considered extensively, weighing the pros and cons. Rebranding takes time and is resource consuming, but I think it’s necessary to reach our next customers.
ODN is a risk technology company, on a mission to create safer roads everywhere by measuring where it is unsafe to drive. Fleets and insurers work with ODN to find drivers at the greatest risk and help them more safely navigate dangerous roads. This article was written with the support of Lanaya Nelson, Head of Customer Engagement and Marketing, who is leading ODN’s rebranding, coming soon in May 2020.
Carey Anne Nadeau is the Founder and CEO of Ometry, a risk technology company working with fleets and insurers to find drivers on dangerous roads and help them more safely navigate. Nadeau sits on the Advisory Board for Women in Insurance Leadership and hosts the podcast, the Golfcour.se, a modern forum for business conversations in insurance. She is a graduate of MIT, where she remains a Research Affiliate, and has previously worked for the Urban Institute and Brookings Institution.
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