Although a brand cannot be seen nor touched, it is a crucial element for every business. This is especially true in the energy industry, where the product itself is invisible and intangible.
Recognising the importance of its brand, Enel adopted an innovative approach that is now reaping dividends. The UK’s Brand Finance, the leading branded business valuation and strategy consultancy, has placed our company at the top of the world rankings for companies in the sector, thanks to the strength of the Enel brand.
This recognition comes exactly two years after the launch of the rebranding initiative, which began in early 2016. This renewal has been carried out in synergy with the other changes that are transforming our Group.
At the heart of this strategy is the concept of Open Power, in which the guiding principle is openness: opening access to energy to more people, opening the energy world to new technologies, opening energy to new uses as well as an openness to building new partnerships.
We have developed our brand in such a way that our stakeholders see us as a Group that is in perfect harmony with the new scenario in the energy industry that is increasingly innovative, sustainable and participatory. Digital communications have played a crucial role: this is now the terrain in which company brands are cultivated and consolidated.
In parallel with this initiative we carried out a makeover of the key features of our image. We began with the logo, as the brand is not seen, but blends with the evocative power of the image. The communication channels underwent a similar revolution, in particular the websites, which have been restructured with a special emphasis on the use of mobile devices. The basic idea behind all this is customer centricity: instead of producing old-style information, we want to focus on storytelling and people, giving examples rather than lectures.
All these elements were acknowledged by Brand Finance, which explained how the strategic repositioning enabled us to enhance the Group’s image. As a result, Enel is now perceived as being more environmentally aware and customer-focused. When giving the reasons for their evaluation, Brand Finance mentioned some of our innovation and sustainability initiatives, including the opening of Enel Innovation Hubs in San Francisco, Tel Aviv, Moscow and Madrid, electric mobility projects in Italy, the cutting edge nanotechnology-based waste water treatment plant in South America and the acquisition of EnerNOC and Demand Energy, American companies specialising in smart energy solutions.
The rating awarded by Brand Finance was obtained by combining three indicators: investment in the brand, how the brand is perceived by various stakeholder groups (with special emphasis on our customers), and the brand’s business performance. With an overall score of 82.8 we achieved first place, above the Saudi Electricity Company, South Korea’s Kepco and the French company EDF. Our Spanish company Endesa was rated separately, achieving sixth place with a score of 77.1 points.
As for the brand’s financial value, the UK-based agency developed a separate ranking, in which Enel was in third place behind China’s State Grid and EDF, retaining its coveted AAA - brand rating and showing an increase of 8% on last year’s performance. This all confirms that our brand is not only the strongest amongst the world’s utility companies, but it is also capable of generating financial value. And that really is a visible and tangible result.