A 7-Step Guide to Brand Transformation Fast Company
Now VP of Strategic Marketing Consulting at Experian , Sunnie Giles tells the story of her efforts to help transform Samsung Life Insurance from a sleepy giant to a national juggernaut with both pride and awe. Listening to the story, I couldn’t help but think of her as an intrepid tugboat artfully turning around a recalcitrant yet enterprising aircraft carrier. Though her journey with Samsung Life began in late 2003 and ended in late 2006, her 7-step approach is timelessly instructive to any marketer as it helped part the waters for the biggest IPO in Korean history just last week.
1. Know thy Enemy
When Sunnie first started at Samsung Life, the company was essentially in dry dock, resting on its #1 market position and requiring much more than a fresh coat of paint. Foreign competitors like MetLife and Prudential were stealing share by offering new services like estate planning, and according to Sunnie, “cherry picking our best, most affluent customers.” To overcome these new forces in the market place, Sunnie realized that marketing was going to have to find a new tack, one based in the findings of objective research. “We knew we were losing share,” noted Ms. Giles, “but we didn’t know which direction to take.”
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