Rebranding, Team Building, and Marketing Strategies at a Fortune 50 Company
Oct 25, 2023
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CMO Bill Beck discusses the challenges of rebranding and consolidating a Fortune 50 company, getting buy-in from leadership, managing consumer expectations, and driving growth. The podcast also explores the culture of the Executive Leadership Team, balancing local and global needs, and strategies for future brand architecture. Beck reflects on marketing strategies and the importance of building a great team.
Elavant's Health underwent a successful rebranding process to align its mission and drive growth.
The marketing team at Elavant's Health plays a crucial role in integrating marketing objectives with business outcomes to attract top talent and deliver measurable results.
Elavant's Health prioritizes compliance with privacy laws and embraces innovation to overcome regulatory challenges and deliver personalized solutions.
Deep dives
Elavant's Health undergoes brand transformation
Elavant's Health, formerly known as Anthem, has undergone a brand transformation to focus on whole health and improve the lives of its members. The company aims to provide access to care and manage overall health, including physical, behavioral, and social factors. The rebranding process involved aligning the organization's objectives with its new name, Elavant's Health, to better reflect its mission and drive growth. The company's marketing team plays a crucial role in communicating the rebrand and ensuring alignment with the overall strategy. By leveraging data and insights, Elavant's Health seeks to personalize its marketing efforts and provide valuable services to its diverse customer base.
Driving growth through marketing partnerships
Elavant's Health recognizes the importance of marketing as a growth partner for the organization. The company focuses on aligning marketing objectives with business outcomes to drive growth. The marketing team works closely with the executive leadership team to ensure that marketing efforts are integrated with the larger vision and strategic priorities of the company. By prioritizing growth and delivering measurable results, Elavant's Health aims to attract top talent and build high-performing teams. The company also emphasizes its purpose of improving the health of humanity, combining marketing excellence with a larger mission to make a positive impact on people's lives.
Navigating regulatory challenges and fostering innovation
As a healthcare organization, Elavant's Health operates in a heavily regulated industry. The company prioritizes compliance with privacy laws, such as HIPAA, to protect customer data and ensure adherence to regulations. Elavant's Health embraces innovation to overcome regulatory challenges and deliver effective marketing initiatives. An example of this is the development of a digital decision support tool, My Health Benefit Finder, which helps individuals navigate eligibility for healthcare plans. The company's marketing team works in collaboration with the innovation team to drive these initiatives and deliver personalized solutions that meet the needs of diverse customer segments.
Strategies for balancing global and local marketing efforts
Elavant's Health recognizes the importance of localizing marketing strategies in a healthcare landscape that has varying needs and preferences across different regions. While healthcare is a local experience, the company also embraces global strategies to ensure consistency and alignment across its operations. It prioritizes personalization and tailors marketing campaigns to meet the specific needs of individuals and communities. By engaging with customers at the local level and integrating data-driven insights, Elavant's Health aims to create meaningful connections and provide accessible healthcare solutions. The company's marketing leadership team collaborates to set global strategies while empowering local teams to implement region-specific initiatives.
Future goals: Unlocking potential through brand architecture
Elavant's Health is focused on unlocking its potential and driving growth through its brand architecture. The company has introduced new brand names and structures to align with its strategic objectives. With the brand transformation taking place, Elavant's Health aims to maximize its brand architecture and position itself as a lifetime trusted health partner. The company looks ahead to future opportunities in the healthcare industry, including addressing changes in demographics, evolving commercial dynamics, and navigating regulatory environments. Elavant's Health remains committed to improving lives and delivering on its purpose while staying at the forefront of marketing excellence.
Elevance Health is ranked No. 22 on the Fortune 500 list. The organization is massive, and it brings in more than $150 billion in annual revenue. Marketing for this company is a big job, one that CMO Bill Beck made more difficult when he led the charge on a massive rebrand in 2023. On this episode, Bill guides us through how he went about rebranding and consolidating a well-known and successful company in a way that earned executive buy-in and helped drive further growth.
Tune in to learn:
The Elevance Health rebrand (4:50)
Getting buy-in from leadership (8:00)
When you know your rebrand was a success (13:35)
Managing a shift in consumer expectations (16:30)
The challenges CMOs face (24:00)
Strategies to continue driving growth (30:30)
The culture of the ELT (32:10)
Balancing local and global needs (39:40)
Mission.org is a media studio producing content for world-class clients. Learn more at http://www.mission.org.
Mission.org is a media studio producing content alongside world-class clients. Learn more at mission.org.
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