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← Business Advantage - Talking about brand name

Improve your Business English with Business Advantage. In this clip from the Upper-intermediate level of the course Aviva Global Brand Manager talks about managing business brand and the challenges of rebranding. Learn more about Business Advantage at peo.cambridge.org

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Showing Revision 2 created 10/22/2019 by Alexandre Clemente.

  1. Aviva as a business has actually been
  2. around for about 300 years in different
  3. forms and different company names and
  4. about 10 years ago we were about 50
  5. different brand names all across the
  6. world world across our different markets
  7. and we realized that that was a pretty
  8. inefficient way of operating as a
  9. business and that by combining together
  10. to act more as one business throughout
  11. the world and having it one brand name
  12. to sort of signify that unity around the
  13. world it was pretty critical to start to
  14. adopt I'm one single name
  15. the name of Eva didn't come from a
  16. business it wasn't that we decided to
  17. take the name from one market and apply
  18. it everywhere we actually found new name
  19. so we went to research a new name that
  20. could work in every market that meant
  21. positive things but also didn't really
  22. mean anything
  23. would any of this have happened to me
  24. but is still being Richard Starkey way
  25. Negroes people know Walter Willis have
  26. got to play the leading man sometimes a
  27. change in name is more than a change of
  28. me sometimes it's a chance to show the
  29. world you've always wanted to be the
  30. Aviva name first appeared I think in
  31. 2002 and that's when Aviva PLC was
  32. formed and that's when we started being
  33. listed as a Viva on the London Stock
  34. Exchange and our smaller market started
  35. to adopt name Aviva from that point on
  36. however we left our three largest
  37. businesses therefore our three largest
  38. brands they kept their original names so
  39. they they were norwich union in the UK
  40. hibernian in ireland and commercial
  41. union in poland so we left those three
  42. brands all with their original names and
  43. it was only in 2009 2010 were those
  44. brands finally migrated to the Aviva
  45. name the reason hibernian norwich union
  46. and commercial union in ireland UK and
  47. poland kept their names was because they
  48. were the largest brands the largest
  49. businesses and therefore they carried
  50. the most risk to move from their names
  51. to the new Aviva name however in 2007 we
  52. had a new CEO Andrew moths and he one of
  53. his new things really was introducing
  54. this new vision for the business which
  55. was about Warren Aviva which is about
  56. truly harnessing the power of having one
  57. brand name all over the world
  58. the logo I think may originally have
  59. referenced an old norwich union logo and
  60. but to be honestly it was something that
  61. was created for Aviva very much thinking
  62. about the future of the business overall
  63. the biggest risk when changing your name
  64. is that you're going to lose people
  65. along the way that they're not going to
  66. know that you've changed your name or
  67. they're going to be confused so what you
  68. need to do is be very clear with
  69. communication all the way along the way
  70. to mitigate that risk by telling people
  71. that you're going to change your name
  72. and just trying to be as clear as
  73. possible
  74. we announced it to the city first of all
  75. then we introduce some advertising to
  76. tell people were going to change our
  77. name then we wrote to all of our
  78. different customers so they all had a
  79. specific communication telling them
  80. about the name change and then more
  81. advertising talking about the name
  82. change and then additional advertising
  83. talking about what kind of brand Aviva
  84. was going to be and therefore what they
  85. should expect from a brand experience of
  86. viva
  87. the benefits of having one name all over
  88. the world are manifold Spellacy I think
  89. a big one is about having one brand name
  90. although all over the world makes us
  91. appear as warm brown one business one
  92. force to be reckoned with all over the
  93. world I think you know with the world's
  94. fifth largest insurance company people
  95. tend to perceive that we're very UK
  96. heavy and we are forty percent of our
  97. businesses here but a lot of our
  98. business is elsewhere and I think it was
  99. an opportunity to make ourselves make
  100. Aviva see much more of a global player
  101. similarly I think it was an opportunity
  102. to revitalize the brand I think our
  103. previous legacy brands were very strong
  104. I'm talking specifically hear about
  105. norwich union hibernian commercial union
  106. because the other businesses has already
  107. changed the Aviva name but they were
  108. very strong but they were very and seen
  109. generally as quite old and old fashioned
  110. and quite stayed almost and you know
  111. we're an insurance company that's a
  112. that's a natural preconception so I
  113. think actually it's an opportunity to
  114. revitalize the brand and to give more
  115. energy and yeah vitality a 222 Aviva as
  116. the perceptions of Aviva as a business
  117. and obviously there are also big cost
  118. efficiencies for having one name all
  119. over the world in lots of different ways
  120. just means that we are able to really
  121. make the most of our buying power make
  122. the most of our selling power make the
  123. most of systems and operations and
  124. websites and all these different reasons
  125. why it makes so much more sense to have
  126. one name one way of doing things all
  127. throughout the world
  128. I think one of the biggest challenges in
  129. managing a brand for financial service
  130. company versus a project that you pick
  131. up in a supermarket is that particularly
  132. with insurance actually is that your
  133. interactions with that brand of very few
  134. so if you're a tin of beans you know
  135. people go into the supermarket and they
  136. pick up that tin of beans no once a week
  137. they eat that tin of beans once or twice
  138. a week they have much more interactions
  139. with it financial services particularly
  140. insurance what you make one renewal a
  141. year or you know it's just the statement
  142. that you receive in the post the rest of
  143. the time we're not interacting with the
  144. brand or when people do interact with us
  145. it's when they're calling to make a
  146. claim or make a complaint or a square
  147. there why their rates have gone down so
  148. it it's that's the biggest challenge is
  149. that how can we build a brand with very
  150. few level numbers of numbers of
  151. interactions and how can we help it to
  152. be a very positive experience when
  153. actually dealing an insurance company is
  154. quite transactional boring thing
  155. you
  156. I think the risk of rebranding a
  157. well-known companies it's well known so
  158. you're going away from something that's
  159. a staple something that you know
  160. everyone knows about and then going to
  161. something completely new I think the
  162. reason they were rebranding this case
  163. was because they had different
  164. businesses and different places around
  165. the world which is something I didn't
  166. realize when I knew norwich union had
  167. changed that am I never really
  168. understood why and I'm one of their
  169. clients I want their customers so I
  170. think in that case it was trying to bind
  171. together a company with lots of
  172. different names and different identities
  173. in different places which that makes a
  174. certain amount of sense it's like we're
  175. decorating a house just just because it
  176. looks nice doesn't mean it can't use a
  177. better coat of paint if I go abroad I
  178. like to know that my company my bank my
  179. my sort of my restaurant anything that I
  180. like so much I can go get the exact same
  181. thing in a different country