Energy brands are facing greater challenge and complexity than ever before.
In a sector where volatility is the new norm, navigating the role of CMO is a unique and formidable challenge. From shifting preferences and technological upheaval to increasing public scrutiny and diverse stakeholder demands, brand leaders are caught in the middle of a complex transformation — leaving no move or activity unaffected.
It comes as no surprise, therefore, that 98% of energy leaders are now preparing to adapt their brand strategy to meet such evolving needs and expectations. Clearly the energy brands of today just won’t be fit for the world of tomorrow.
For CMOs across the sector, this pressing need for action presents a dilemma. How can you communicate with clarity and consistency while walking on a tightrope? How can you ensure that your brand thrives through the transition, and brings your audiences with you? How might you use your influence to power positive progress?
To respond effectively and future-proof your brand, here are five key actions for every CMO to follow:
1. Know your audiences
Through any period of crisis and instability, the best brands start by listening to their audiences. In today’s climate, 81% of energy leaders identify the need for more targeted and relevant stakeholder communications.
For most energy brands, your stakeholders will be varied and complex. Often, it will encompass a diverse range of individuals and organisations – from consumers and investors, to policymakers and potential talent. Each group has its own diverse expectations. Now more than ever, it’s important to listen.
To do it, brand leaders need to start a dialogue. Engage your audience groups and gain an understanding of their needs and desires. Uncover their current perceptions are of your business, what they truly value about you today, and, crucially, what they hope to see from you tomorrow. In their eyes, how can you create more value?
Loaded with insight, you’ll know the next best move. You can speak the language of your audiences and develop relevant communications that say something they want to hear.
2. Start at the finish line
Every successful brand needs a unique position in the eyes of its audience. For the energy sector, this need is no different.
However, in an industry transforming at such rapid pace, it’s imperative for CMOs to take a future-back approach to brand strategy. By looking ahead and positioning your brand at the ‘finish line’, you’ll ensure you are building momentum towards the long-term ambition of the business.
Today, only 1 in 2 energy leaders believe their brand is driving their business objectives. To drive growth and power the business transformation, it’s time for CMOs to connect the dots.
Start by interpreting what the business strategy means for your brand. What level of change is required? How will your value proposition and communications need to adapt in response? How central will new innovations or product developments be to deliver on that promise?
Addressing these questions – and working backwards from the long-term goal –will ensure your brand keeps up with the pace of the business. Through any messaging and engagement, you’ll then inspire confidence and resonance in the future direction.
Never forget the power of brand storytelling to influence, build understanding, and drive momentum towards your goals.
3. Be transparent
Setting a bold ambition is one thing. Achieving it is another.
Honesty and accountability in communications is key – especially when on a journey towards becoming a more sustainable business. A recent study with Genomatica found that 88% of consumers don’t immediately trust brands that say they are sustainable.
So, how can CMOs avoid the pitfalls of “purpose-washing”?
The proof must be in the pudding. Support your communications and initiatives with evidence of action — demonstrating your business’ true commitment to progress, and the tangible steps it is taking to deliver on its sustainable goals.
Remember: no one expects you to be perfect, or to deliver on all your objectives at once. As the voice for the brand, approach this tricky area with balance. Share your wins and successes along the way, but also your challenges and struggles. Reflecting openly and honestly about the journey will make you all the more credible.
By adopting this approach, you can not only shine a light on the steps you’re taking, but build credibility, trust, and loyalty along the way too.
4. Champion collaboration, not competition
The energy transition can’t be achieved by any one business alone.
For almost any organisation, the tremendous challenges facing the sector will require a diverse set of skills and technologies that stretch far beyond their current capabilities. Our progress made collectively will be far greater than that made alone.
In response, CMOs need to shift from a mindset of fierce competition to one of radical collaboration.
To do it, use your position and influence to cultivate partnerships that broaden your brand’s reach, perception, and impact. Seek brand alliances and ventures – both within and outside of the sector – that deliver what your customers need, accelerate your own transformation, and unlock new commercial opportunities.
Practicing active collaboration will unlock a world of collective intelligence and resources internally, too. By working cross-functionally with other leaders or teams in your business — particularly those in R&D or sustainability — you’ll uncover new insight, new learnings, and new solutions to brand challenges. It’s connected thinking in pursuit of a mutually-desired outcome.
After all, a problem shared is a problem halved.
5. Stay ruthlessly focused
As the sector’s change unfolds, there will be unforeseen obstacles ahead. Through it all, be sure to follow the golden rule: consistency.
Transformation of your brand won’t take place overnight. CMOs and brand leaders must be ready to play the long game.
A recent study by HBR showed that companies who stayed true to their business’ purpose and communicated it clearly through their brand over time experience higher profitability, faster growth, and higher-quality stakeholder engagement.
In a world of flux, it pays to be a steady constant.
For CMOs, it’s key to be intentional and focused. Through any future crisis or need for adaptation, use your business objectives as a lens through which to anchor your response and ensure strategic alignment. Be laser-focused and connect every move to the overarching purpose of the business.
By embracing the concept of ruthless consistency, you’ll steer a course in a world of reactive marketing — navigating through the turbulence, continuing to move forward, and appearing reassuringly stable as you go.
For CMOs at every corner of the energy sector, there has never been a more important time to act. By adopting these strategies that connect your brand to your business objectives, you will deliver clarity through the complexity — establishing trust, inspiring audiences, and powering performance on the journey ahead.
Find out more in the Brandpie energy report.
Reposted from: https://www.linkedin.com/pulse...
