Over 100,000 merchant vessels carry 90% of the world's trade, yet the shipping sector rarely gets good press. In fact, it rarely gets any press, unless something goes terribly wrong. The industry bemoans this negative coverage, but rarely does anything about it-collectively or as individual companies. Since the global financial crisis struck, there has been little positive shipping news to talk about. Bad debts, overcapacity, high fuel costs and casualties have dominated the trade and mainstream media headlines. However, if companies want to change the way that they are perceived by the public, their peers and the media, they need to treat their brands as assets.
Most businesses see innate value in their brands. Indeed, a successful brand can be worth more than the sum of its commercial parts. Companies are bought out just for the value of their name. The strength of a brand is reflected in stronger share prices, the ability to attract the best people, easier access to finance and greater success in bidding for work. Brands do have value, to the extent that they can now be insured.
A handful of companies in the shipping sector have embraced this concept and see the value in a strong brand. Maersk and DNV are two that stand out. In particular, it is worth looking at how Maersk projects its company image through advertising campaigns and its commentary to the media. While Maersk may face the same operational issues as any other shipping company, it is treated differently. That is the power of a successful brand.
First and foremost, a brand is not just a logo. A brand is the story of a company, its promises to its stakeholders and clients, and a statement about the direction in which it wants to move. Maersk and DNV brand themselves as complete corporate entities and give the impression that they have a brand strategy. They have a vision of how they want the world to see their companies – as the best in the business.
Shipping company marketing strategies often focus on crisis management training. Understandably, most focus their attention on preparing for the worst-case scenario. This is because when things go wrong, they go very wrong. Few non-shipping companies are exposed to such risks.
As a result, marketing and brand development focus on trying not to be noticed. This makes it difficult to promote a brand: the best operators are seen as being no different from the worst and the financially sound companies are assumed to have the same issues as the struggling. When a crisis does occur, the media assumes the worst-and who can blame them when there are no positives in the background story?
If the shipping industry wants good press, a wider range of companies need to start building reputational capital. In practical terms, this will mean developing marketing, branding and communications strategies; implementing them effectively; and becoming proactive in dealing with the trade and mainstream media. The crisis management aspects of marketing need to be respected, but also built on.
Many lessons can be taken from other industries to promote the shipping sector as a vital cog in international trade. For those companies that stay the course and strive to be seen as leaders in the sector, success will come faster now than at almost any other time.