OPPORTUNITY
The new strategic context created by the change in legislation and its alignment with European rules, gives SIFs a wider range of action in investment activities, but also the opportunity for a rebranding that SIF Moldova had proposed for some time.
Created in a society in transition, redefined from the FPP as one of the 5 SIFs, SIF Moldova had unfortunately, over the years, accumulated negative associations in terms of reputation and image, creating confusion in the collective mind by identifying with the Romanian state.
Against the backdrop of the development of the capital market and the performance consistently achieved, the company’s management decided to separate the name from the other SIFs by changing the name, the visual identity, redefining the identity and repositioning. The measures were implemented with the approval of the ASF and thus began an extensive rebranding process supported by a two-year PR campaign.
It was the first time in the history of the Romanian capital market that a SIF changed its name.
RESEARCH
The five SIFs were set up almost 26 years ago during the first “cuponiade” (there was another one in 1995), with the “mass privatisation programme”, namely the forced and ill-advised privatisation of state-owned companies.
The five SIFs received (free) holdings in thousands of state-owned companies. The value of the portfolios amounted, at the time of the 1999 stock exchange listing, to almost a quarter of GDP. Note that Romania’s economy was at one of its lowest levels in recent history.
The evolution of SIF securities from listing to the present is astonishing, with increases of tens of times even after having gone through several crises. The generic SIF category has unfortunately managed to accumulate, over the years, strongly negative associations from a reputation and image perspective.
Even though SIF Moldova has over time achieved positive and different investment performance from the rest of the SIFs, the reputation of the generic category called “SIFs” has constantly influenced the reputation of each individual player. Breaking away from these negative representations and building new representations related to the power to bring value to investors in Romania and beyond is the central goal of the rebranding project.
PLANNING
The main objective, to build awareness of the new brand, but at the same time to move away from the existing negative perception of the category, was extremely difficult to achieve as the new name had to be communicated for a while alongside the former company name.
This challenge was compounded by the setbacks of the pandemic. Given that it was an extremely bold, almost historic move, but also that SIF Moldova could have lost the trust of current investors, the communication strategy was one that reached multiple audiences with tailored messages, on selected channels, precisely to get the right information to all stakeholders:
Messages for current active investors – Adaptability to global investment market trends, stability, experience, courage and investment responsibility.
Potential investors – Extensive experience on the Romanian capital market, best opportunities, very good investment return.
Messages to the BVB and the authorities – Stable and experienced investment company, modern investment company driven by the ambition to become a reputable and respected European player, professionalizing the business environment.
Messages for employees – Stability, experience, growth in strength, precision, courage, responsibility and a rigorous way of acting.
Messages for the general public – Stability, experience, growth in strength, courage and bold decisions, transparency, accountability.
The communication strategy was developed over a two-year period (phase one – communicating the new brand, phase two – reinforcing perception) and included both a classic PR component (press releases with financial results, investments, analysis, pitching stories, media relations, participation in industry events) and a media buying component.
EXECUTION
Several channels and tactics were used to communicate the new brand, precisely to show the transparency of the company and to remove the brand from the perception that SIFs “hide” things, do not communicate, are secretive.
The process of announcing the rebranding was challenging given that it was not an easy brand to communicate. The financial market in which Evergent operates is one with many specificities and is highly regulated.
In this context, the process of announcing the rebranding of EVERGENT, although organised before point 0, involved a large deployment of forces in an extremely short time because it depended on the authorisation by the ASF. Also the communications of entities operating in the capital market must be extremely well supervised by the agency given that the first information of the decisions of the General Meetings of Shareholders is made to the BVB and only afterwards to the media and the public.
”AD HOC” press conference
A moment of such importance that was writing history on the Romanian capital market had to be properly marked in the relationship with the media and partners.
We chose the newly-built hybrid studio at the Radisson, where an impressive 14 /3.5 metre LED screen was mounted to display Evergent’s figures and achievements behind the speakers. The event took place on 8 March 2021 and was a success. Leading general and business publications attended online to announce the rebranding.
TEASING
We have chosen to use the entire waiting period for ASF approval (Nov 2020- March 2021) to place as much information as possible in the media about this company’s performance. We used this period as a “teasing” financial communication. We have thus conveyed to the press information about 2020 financial results, Evergent management and business strategy, private equity segment.
Solid media strategy
We supported this extremely important moment in communication for our client with a solid media strategy. We chose to place the message on the cover of the most read and appreciated business publication in Romania and to present their top 5 business results.
The most important investment company in the capital market needs to build a brand, so the rebranding process and breaking away from the past was essential.
Over the next few months we chose 10 cover stories and other online media materials as part of our media strategy to have constant and effective communication and to create awareness of the new brand.
Change of symbol at the BVB
The change of the stock exchange symbol was also the subject of a special event organised at the Bucharest Stock Exchange when the bell was rung when the EVER symbol was introduced on the stock exchange.
The event was also attended by representatives of the authorities, which shows once again the importance of the company on the capital market.
Media relations
All these tactics have always been accompanied by an extensive media relations strategy. In the first year after the rebranding, 19 press releases were sent out with the decisions taken at the General Assemblies, financial results, Evergent partners, generating around 400 materials and 16 million opportunities to see.
The 10 management interviews in leading business publications brought in around 800,000 unique visitors.
evaluation
Operational results
During the first year more than 500 media materials were generated.
An estimated 30 million unique visitors were exposed to our messages.
Another SIF rebranded itself taking the EVERGENT rebranding as an example.
communication results
19
Press releseas in the first year
400
Materials in the media
16 mil
Opportunities to see generated
10
Management interviews in leading business publications
800,000
unique visitors