22nd November 2019
Three of the major P&I Clubs have rebranded in the last six months, what does this mean for the rest of the market?
Illustration by Pangaea
It's been another eventful year in the world of P&I, and the soon to be published P.L. Ferrari Market review will – as always – provide a full round up of each of the 13 Clubs' commercial performance.
Equally interesting in this highly specialised sector is the focus on brand, the last 6 months has seen North of England, UK P&I and West of England all rebranded. Is this movement a case of 'leading the field' or playing catch up?
Pangaea's partnership with P.L. Ferrari over the last 5 years in producing the sector benchmark P&I Market Review has allowed us to observe how the commercial dynamics at work have impacted each Club and driven the need in this niche sector to develop strong brands, supported by coherent design.
Why having a strong brand matters
There are as many definitions of ‘brand’ and what makes a strong one. However it is widely agreed that it is an important contributor to a successful business offering.
The look and feel of the product, its logo marque, marketing, advertising, all have a strong effect on the value of the brand and the contribution the brand makes towards the shareholder value of its owner. But why does this matter? There are reasons aplenty, however here we have highlighted three:
1. Increased perceived value for clients / customers, increasing loyalty and confidence among the P&I Club’s target and beyond;
2. The ability to attract and retain talent/employees – this is particularly important in niche markets such as P&I;
3. The ability to justify higher pricing relative to its competitors; in a market that competes on price a strong brand helps to support this.
The P.L. Ferrari 2019/20 P&I Market Review, designed by Pangaea.
In Summary
Brands today have value and part of every Club’s job as the guardian of its members’ is to create and grow a brand that its members also see value in and are proud to be associated with.
Should all remaining P&I clubs follow suit and rebrand? All should certainly employ a process of continual review to ensure that their brand represents and communicates their values and strategy correctly. If it doesn’t align correctly then yes, a rebrand could be considered. However, it is important to note that a rebrand should not be performed as a knee-jerk reaction; without the correct planning it can cause confusion.
What is clear is that there has been a shift in the market to acknowledge brand as a source of value. As is the case with rebranding exercises in any market, there is always the danger of excessive style over substance resulting in confused messaging. We know many brand managers and marketing officers whose reluctance to embrace change comes from past bad experiences of jumping into design work without the foundations of a solid strategy.
At Pangaea, we work with key stakeholders to ensure the whole leadership team is aligned to a consistent vision before any design takes place. We believe good design should act as a vehicle to communicate a Club’s wider ambition, values and strategy.
Have any questions? Drop us a line at hello@pangaeacreative.co.uk
Pangaea is an independent design consultancy that grew out of Formula1. We thrived in this cutting edge, fast-moving environment and now bring our experience of designing in F1 to clients and brands seeking to gain an edge over their competitors in any market.
