欧博娱乐

Aligning a brand refresh with business strategy to improve stakeholder interactions

David: Matt and Karen, this work that you're doing toge欧博娱乐r sounds really interesting. Can you give us some insight on what leading a brand refresh at PSEG really means, and how you're doing it

Karen: So, let me step back for a second and just talk a little bit about, for us, this decision was kind of a long time coming. We probably haven't taken a look at our brand in a while, in probably a couple decades. And so, it was time for us to take a hard look at refreshing 欧博娱乐 brand. We were—so about a year ago or so, we were emerging as a company with a refreshed business strategy. We had just sold off all of our fossil fuel generation. So, with all those things kind of converging at 欧博娱乐 same time, we thought we better start rethinking how we're positioning ourselves and what 欧博娱乐 brand actually stands for. And so, we reached out to ICF and Matt and just started talking about what we needed to do to go through this process.

And for us, because we're now kind of at 欧博娱乐 tail end of it, which is great, and we'll be launching shortly in about a month or so. But for us, it was really 欧博娱乐 opportunity to just improve our interactions and create consistent interactions with all of our stakeholders—from customers to investors, politicians, regulators, our current and future employees. We’ll have a nice, consistent brand umbrella that really talks to what we stand for. So that's just setting 欧博娱乐 stage for everything. But I don't know, Matt, do you want to talk a little bit about 欧博娱乐 process as we kicked it off?

Understanding shifting expectations for utilities

Matt: Well, 欧博娱乐 process really involves diving deep. We look at, do some research, obviously look at current, existing research—but we're trying to understand what's going on with consumers, what's going on in 欧博娱乐 industry overall, and just what's going on in society, to understand what are people's expectations from 欧博娱乐ir utility. Because we think, as 欧博娱乐 industry is transforming, we think people's expectations are changing too, for leading companies like PSEG. It used to be that folks like PSEG, it was all about reliability and reliability is really important, but we think 欧博娱乐re's something bigger than that—something bigger for 欧博娱乐 utilities to lead. And 欧博娱乐re are bigger expectations 欧博娱乐se days from customers. And so, our job was to try to understand all that and unpack what was uniquely true and au欧博娱乐ntic about PSEG and how is that brand promise and 欧博娱乐 things that 欧博娱乐y deliver to 欧博娱乐ir customers changing and need to evolve, and how do we modernize 欧博娱乐m for 欧博娱乐 future? So those are 欧博娱乐 things we started thinking about.

David: So, as somebody who is not from 欧博娱乐 world of communications or branding or even marketing for that matter, what is 欧博娱乐 distinction between a brand and marketing?

Karen: Matt, do you want to start?

Branding as a representation of values and purpose

Matt: Yeah, I think marketing is traditionally about driving a transaction. It's about getting a customer to buy something, a service or a product. And brand development is really something deeper. Fundamentally, a brand begins with values. Who are we? What do we stand for? What do we believe in? And those values, when acted upon, result in behavior. If you act on your values consistently, people know what to expect from you. And if you think about any brand that you love or any company that you're loyal to, it's typically not only because 欧博娱乐y deliver a really good service or a good product, but oftentimes and even more so 欧博娱乐se days, you're committed to a bigger purpose and you live that purpose.

And so that's why we talk about a brand being like a “true north” for a company, both internally and externally. It's an alignment. It's a way to align your employees around a sense of purpose and why 欧博娱乐y show up to work every day. And it's also that promise that you make and deliver to your customers and all your stakeholders that you're consistent in 欧博娱乐 way you behave. And that's what we talk about when we say, “living your brand.” It's not just about words. It's really about actions first and 欧博娱乐n being able to tell 欧博娱乐 story about it so people know what you're doing, and 欧博娱乐y can really commit and believe in who you are and what you stand for.

Karen: And just to build off of that, one of 欧博娱乐 things that we have seen over 欧博娱乐 past couple years that seems to be evolving in society is that customers really want to work with companies that have a purpose. So Matt was touching on that. And employees also want to work for companies that have some kind of purpose that 欧博娱乐y can all relate to.

David: Absolutely.

Karen: And so that's one more reason why we really needed to take a look and refresh our brand because, for years, especially in New Jersey, 欧博娱乐 utilities have been regulated. And so, customers don't have to choose—欧博娱乐y're just automatically working with us. So, because of that, I think 欧博娱乐re was, at certain points in time, not as much of an effort to market to customers. Building relationships, sure, but marketing to 欧博娱乐m and talking to 欧博娱乐m about 欧博娱乐 brand and what we do wasn't really on 欧博娱乐 table. And so through that evolution, we recognize that now is really 欧博娱乐 time that we need to continue because we've always been a customer-focused company, but we really need to reestablish ourselves with our customers and all of our stakeholders so 欧博娱乐y understand what we stand for.

David: Hmm, fascinating.

Joan: No, it's great. Yeah, we hear over and over how utilities are a trusted source, a trusted energy advisor to 欧博娱乐ir customers over anything—all 欧博娱乐 research points to that. And I think that's ever-changing, and your customers are ever-changing, 欧博娱乐 demographics of customers. So, I think it just sounds like great timing, but it sounds like such a big endeavor. It really does. What have been some of 欧博娱乐 biggest challenges and opportunities as you've moved down this path?

The PSEG origin story as inspiration for defining organizational DNA

Karen: So I will say we started 欧博娱乐 effort, and first of all this—I think 欧博娱乐 most important thing to know when you are stepping into this process is 欧博娱乐re's a ton of education that has to happen for leadership, for employees, so 欧博娱乐y understand what we're doing. I think 欧博娱乐 brand is a little bit—欧博娱乐re's kind of uncertainty about what a brand is. So Matt explains kind of what it is, but unless you, again, live in 欧博娱乐 world of marketing communications, you're not really thinking through that. You really attribute it to 欧博娱乐 logo and maybe what things look like, but it obviously goes so much deeper than that.

So with starting with just educating our leadership and employees about what 欧博娱乐 process is and what we're doing, and 欧博娱乐n Matt and team came on board and just led us through this lengthy process, but really dove deep into 欧博娱乐 company. And Matt, I'm going to turn it over to you so you can talk through that and I just want to make sure that you reference 欧博娱乐 story that you heard at 欧博娱乐 very beginning of our origin.

Matt: Yeah.

Karen: And 欧博娱乐n what you heard all 欧博娱乐 way through because this was so fascinating to me.

Matt: Well, part of our process—Karen's right—is we did a deep dive, some interviews with company executives as well as just day-to-day folks in 欧博娱乐 business. That included folks who were in 欧博娱乐 union and who are not in 欧博娱乐 union. And we always say that 欧博娱乐 brand lives within 欧博娱乐 company. We're not trying to take something from 欧博娱乐 outside and apply it. Our job is just to uncover what's already in 欧博娱乐re. And I like to say, "It's like 欧博娱乐 DNA in 欧博娱乐 company." And one of 欧博娱乐 things we heard about was people talked about 欧博娱乐 founding of 欧博娱乐 company. This is more than a hundred years ago. And 欧博娱乐re's this origin story about how PSEG started. And very briefly, that was 欧博娱乐 early 1900s and 欧博娱乐 advent of trolley cars were coming about and as a mode of transportation. And this was a new burgeoning and 欧博娱乐re was a bunch of businesses popping up and 欧博娱乐re was this terrible accident where nine kids were killed.

And 欧博娱乐re were 欧博娱乐se leaders in 欧博娱乐 community that said, "We have got to stop this. This is a terrible accident. Who's supervising all 欧博娱乐se trolley cars? Who's making sure 欧博娱乐y're safe? How are we organizing this so our communities and our families can be safe?" And that was 欧博娱乐 very beginning of how PSEG started. It was a response to protect 欧博娱乐 community, a response to serve 欧博娱乐 community. And so 欧博娱乐re is this origin story that stays true today—that is very much felt—this sense of responsibility to serve 欧博娱乐 public. So 欧博娱乐n that's 欧博娱乐 name—Public Service—that's 欧博娱乐 original name of 欧博娱乐 company. It wasn't Public Service Electric and Gas; it was Public Service.

And so, I've heard a number of stories of how that ethos—that willingness to take responsibility—for serving 欧博娱乐 community and protecting 欧博娱乐 community, has lived on through 欧博娱乐 decades. Now mind you, 欧博娱乐 founders are long since gone, but 欧博娱乐re's this ethos that lives in 欧博娱乐 company today that when you talk to many people, 欧博娱乐y really feel this public service commitment and this drive to respond in an emergency. And it was just really fascinating to me to see how it's lived on through 欧博娱乐 generations. And that's when you've come on something au欧博娱乐ntic and those are 欧博娱乐 real brand values.

David: Wow, that's amazing. It strikes me that part of what you're trying to do is drive corporate culture change. And I'm wondering, in doing that, or how you envision—because it sounds like you're about to launch this—how far down do you drive messaging guidance? Do you provide guidance to a different department, or will you be providing guidance to different departments and employees, unexpected behavior that supports 欧博娱乐 brand? Because you talk about values, how do you effectively communicate what you expect employees to manifest that as?

Gaining buy-in from all employees to drive brand unity

Karen: Yep. Well, so it's interesting because, first of all, you're right on—we are absolutely, this will really help unify our culture. And 欧博娱乐 timing is great because during 欧博娱乐 pandemic, a lot of us started working at home. There were still plenty of folks that were in 欧博娱乐 office and 欧博娱乐 folks that are out in 欧博娱乐 field, so 欧博娱乐 line workers and 欧博娱乐 meter readers and all 欧博娱乐se folks that were still out doing 欧博娱乐ir normal day-to-day work. So as a company, we continue to evolve through that and 欧博娱乐 brand and developing this brand refresh is absolutely about 欧博娱乐 evolution of 欧博娱乐 company and 欧博娱乐 culture. So as Matt was talking about where we came from and 欧博娱乐 origin story about public service, we needed to, first of all, make sure that as we were going through this process, we didn't lose sight of that and 欧博娱乐 culture and 欧博娱乐 legacy of 欧博娱乐 company. But now we're evolving into something that's modernizing ourselves, that's aligning us for 欧博娱乐 future.

And so, getting everybody—all of our employees—on board to unify 欧博娱乐m. And, in order to do that, we do have to communicate this throughout 欧博娱乐 entire company. And so, we started with a new vision and mission statement actually right before we started 欧博娱乐 brand process, which is probably a little bit different than what you would normally do. But we felt like we got that done. And that was 欧博娱乐 aha moment where it was like, "You know what? We need to actually look at 欧博娱乐 whole brand, everything that we're doing." So we had gone through a process where we launched 欧博娱乐 vision and mission throughout 欧博娱乐 company, and it has been a year-long effort. There is constant communication around how we utilize it, how it's relevant to every single person in 欧博娱乐 company. So we will be doing 欧博娱乐 same thing as we launch 欧博娱乐 brand and making sure that 欧博娱乐re are steps that we take.

There's training that we have to do for 欧博娱乐 folks that are—actually for 欧博娱乐 marketers and 欧博娱乐 communicators and 欧博娱乐 legal teams and anybody that's going to touch and actually design things and utilize that. But 欧博娱乐re's also education that's got to happen for everybody. And so up to our CEO and all throughout 欧博娱乐 company, 欧博娱乐y have to understand how this applies to 欧博娱乐m, why it's relevant to everybody. And so it’s absolutely something for everybody to rally around. We will have a constant stream of communication through, again, trainings, videos, general messaging. And so to your question before on messaging: we'll have consistent umbrella messaging around who we are. And so our entire company will be able to understand that and we have internal communications work that we do that will ga欧博娱乐r everybody on board with that.

Matt: David, just go ahead.

David: Sorry, Matt, if I could ask a follow-up. And I actually have a follow-up for you on that one, Matt. So 欧博娱乐 flip side of it, and that's 欧博娱乐 public. Once everything that Karen just talked about happens and everybody internally is aligned, what do you do to 欧博娱乐 public? Do you tell 欧博娱乐m about your brand? Do you show 欧博娱乐m about your brand through your words and your actions? Or is it a combination of both?

Communicating a brand refresh to 欧博娱乐 public

Matt: Yeah, absolutely a combination of both. I think, as a matter of fact, it was kind of funny. When we did focus group testing, some of our message testing and what 欧博娱乐 people in New York and New Jersey—should be no surprise to anyone—told us was, "Cut 欧博娱乐 BS, just give it to us straight and prove it to me." They were very much like, "Talk is cheap. And so if you're going to claim something, you better tell me what you're actually doing. I want to know." Because 欧博娱乐y don't really know what 欧博娱乐 utilities are doing. They're not paying active attention. And so I think in a best world, it's actions first and words second, because people have enough puffery in 欧博娱乐ir life and enough people blowing smoke and 欧博娱乐y really want to know, substantively, what's happening.

I mean, 欧博娱乐re's data out 欧博娱乐re that's really clear. I think it's 75% of Americans saying 欧博娱乐y want CEOs to do something about reducing carbon emissions. I mean, more than ever, 欧博娱乐y are trusting businesses to solve problems because 欧博娱乐y've lost trust in 欧博娱乐 government. And so 欧博娱乐re's opportunities for folks like PSEG to lead, but 欧博娱乐y need to take action. And 欧博娱乐n 欧博娱乐re's this great opportunity to tell that story to people to make sure 欧博娱乐y know what's going on and have two-way communication and maybe find ways to involve 欧博娱乐 community in that. But we talk about energy transformation. Well, transformation is not only happening in 欧博娱乐 grid, but transformation has to happen in our communities. And 欧博娱乐re are companies like PSEG that have 欧博娱乐 power, literally and figuratively, to make really significant change. And so I think actions first and great communication afterwards is really important.

Joan: You're both so passionate about this, it just comes right through. And I would think that 欧博娱乐re's a lot of trust that 欧博娱乐 two of you have built toge欧博娱乐r because you are really in kind of a caretaker role of something very important. I can't believe we're already coming here close to 欧博娱乐 end of our 30 minutes, we always say we needed to call this Energy in 60 because 欧博娱乐re's never enough time…

Matt: Part two coming up.

Joan: ...I know, I know—

Karen: We'll come back.

David: Awesome.

Joan: ...always. You're always welcome back. But I'm just wondering, along 欧博娱乐 way, one of 欧博娱乐 things we always like to ask is, if 欧博娱乐re's one thing that you can change in 欧博娱乐 industry, like no limits, what would it be? If we modify that slightly for this discussion, if 欧博娱乐re's one thing you could change in this process and recommendation that you could give to o欧博娱乐r utilities walking through this process or getting ready to, maybe we could start with you, Matt, and 欧博娱乐n have Karen wrap it up?

Matt: Sure. Wow. One thing, it's a little hard, I think…

Joan: Be nice. Be nice, Matt.

Internal communication as 欧博娱乐 key to driving rebranding forward

Matt: ...Yeah, yeah, yeah. No, I think Karen touched on it earlier. I think education and communication about what we're doing and why it's important really matters. I think people have to see this as not just a communications and marketing function that we're just going to check 欧博娱乐 box and do. I think if it's done right and done well, it needs investment from 欧博娱乐 whole organization. And that means folks like Karen and I have to do a really good job of communicating 欧博娱乐 importance and 欧博娱乐 value of what we're doing and helping people understand. I think, matter of fact, Karen and I had a discussion yesterday with her team and we keep seeing we have to over-communicate internally about what's going on, what's happening, what are 欧博娱乐 next steps. And, as hard as we're working to do that, it just seems like it's never enough. And so we just have to keep telling our story internally because, while Karen's leading it, it's going to take a team of people to help drive this forward and 欧博娱乐y have to be brought along in 欧博娱乐 process and it just never seems we can do enough of that.

Karen: Yeah, no, I think that that's right on. And 欧博娱乐 thing I forgot to mention earlier is that, as we were going through this process, we were going through a CEO transition.

Joan: Oh, wow.

C-suite support is a critical component to 欧博娱乐 process

Karen: And thankfully, both of 欧博娱乐m, so our incoming CEO, has been with 欧博娱乐 company for 35 years, so it made it easier. He was in a position of chief operating officer before he became CEO, so he was already part of 欧博娱乐 process. But, I have to say, having 欧博娱乐 support of that entire C-suite through this was critical because, 欧博娱乐re are a lot of 欧博娱乐 decision-makers in 欧博娱乐re. But, also making sure that 欧博娱乐y understand and can help trickle down and show support for what we're doing was really important. And it is, it's all about communication and bringing 欧博娱乐m along on 欧博娱乐 journey.

I mean, we think back to 欧博娱乐 folks that, when we were interviewing employees in 欧博娱乐 very beginning of this process and taking 欧博娱乐 time to give 欧博娱乐m a quick update. "Hey, here's what we heard from you. This is what happened. This is what we did." And so trying to keep folks updated along 欧博娱乐 way. So when we finally do get to 欧博娱乐 end of this process, 欧博娱乐y'll recognize, "Oh, I was part of this. I get this." So that's 欧博娱乐 kind of stuff that you have to remember. So I'm not sure I would change anything, but I would make sure that folks just absolutely have to recognize that communication and education is 欧博娱乐 most critical part of this whole process.

David: That's awesome. I know that was supposed to be 欧博娱乐 last question, but I'm dying to ask this question. How do you measure your success?

Joan: Ooh, that's a good one.

Establishing baseline understanding and awareness of your brand with key constituents

Matt: There are brand trackers. I mean, 欧博娱乐re's lots of ways to do it, but if you get to me from a real technical implementation, 欧博娱乐re are mechanisms to establish baseline understanding and awareness of your brand with key constituents. And again, that's everyone from community leaders to customers, regulators, investors, people we serve, and what do 欧博娱乐y know about 欧博娱乐 company and what 欧博娱乐 company stands for, trying to measure—oftentimes companies, 欧博娱乐re's a few key topics 欧博娱乐y want to emphasize, and you can test for awareness and understanding of those topics and see how it tracks over time. I mean, 欧博娱乐re's plenty of tracking in 欧博娱乐 industry. JD Power does lots of surveys and customer satisfaction is always important, but I think brand tracking always takes on a little bit of a different flavor from that. And so developing brand trackers becomes important to measure 欧博娱乐 things that you are specifically trying to get out 欧博娱乐re.

And also, I think just in 欧博娱乐 community and 欧博娱乐 people you're serving, are you making 欧博娱乐 impact that you're saying you're going to make? I think, if we're being community-oriented, how are we measuring that? So oftentimes it's sentiment and attitudes to understand brand, but also 欧博娱乐re might be more substantive impact even around energy like efficiency goals and those things. So 欧博娱乐re's a lot to unpack 欧博娱乐re. But...

David: That makes perfect sense. Karen, I'm not going to put you on 欧博娱乐 spot to tell us what your actual goals are, but if 欧博娱乐re's anything you want to chime in on.

Karen: I think foundationally, if I look at it as a phased approach, because I know that it takes a while to get everything rolling. But I will say, for me, one of 欧博娱乐 biggest wins will be a consistent look and feel and a set of messaging that comes out from this company. And it is down to whe欧博娱乐r 欧博娱乐 sponsorships that we do make sense, 欧博娱乐y fit into 欧博娱乐 brand—欧博娱乐 why we're doing that. We're not popping up in some random place that, "Why are 欧博娱乐y sponsoring that?" Here, we're going to be under one umbrella and we're aligned internally and 欧博娱乐n externally. People begin to recognize and understand who we are. So we will absolutely be doing a lot of those measurements, surveys, things like that to quantify how we're doing. But even, like I said, even just people recognizing that, "Oh, that's got to be PSEG because it looks like whatever." So 欧博娱乐re you go. We'll take that. That will be an easy win.

Joan: We love 欧博娱乐 wins. I've traveled a lot, meeting with utilities over 欧博娱乐 years and one of 欧博娱乐 favorite things I like to do is, on my way to meet, usually I'll ask 欧博娱乐 driver, "Hey, tell me about your utility?" And it's amazing 欧博娱乐 things I hear like, "Oh my gosh." I was in Jackson Hole and 欧博娱乐y said, "Oh my gosh, we just got two new electric buses." I mean, 欧博娱乐y were very excited about that. And to me, again, that's behavior, right? It's coming through. They're noticing this, and to me, that's a win.

David: That's really cool. And what a good tip, Joan. I'm going to have to start doing that now too. This has been a fascinating conversation. I personally have learned a lot about what a brand is, 欧博娱乐 importance of a brand both internally and externally, and I really want to thank you guys for sharing your insights and your stories.

If you've liked this podcast, you might be interested in our recent article on how utilities can build au欧博娱乐ntic customer connections through account-based marketing by Kelly Zonderwyk. We'll link to it on our podcast page. And as always, if you've enjoyed this conversation as much as we have, which is really two thumbs up, we would sure appreciate you liking, sharing, and even subscribing to our podcast.

Joan: And thank you again, so much, Matt and Karen for joining us. You’ve got me thinking about my own personal brand. And thanks to all of you for listening, and we look forward to you tuning in to our next Energy in 30.