VSV (Vinnslustöðin hf.) is – with a yearly revenue of €80 million and over 300 employees – one of Iceland’s largest fishing companies. The company catches and processes 63.000 tonnes of quality fish and seafood each year that is distributed to over 40 different countries around the world.
In a price-sensitive and unstable industry, even high-quality fish and seafood can be difficult to sell at a premium. Kunde & Co therefore conducted market research to identify VSV’s most favorable position and defined the strategy and brand expression to match.
Due to low consumer knowledge regarding fish and seafood, suppliers have been forced into a race to the bottom, where only a few players have been able to build value into their brand. Even though VSV is a pioneer in the Icelandic fishing industry, they were unsure how to communicate their value across markets. With increased consumer awareness on issues such as animal welfare, sustainability and natural products, the question was how VSV could utilize changing consumer mindsets and clearly communicate its offerings and benefits to the markets.
It was important for VSV to take an outside-in approach based on knowledge above anything else. So together with Kunde & Co, a Corporate Religion project was initiated. After conducting research and interviews, Kunde & Co developed a survey which was completed by 39% of all VSV’s customers.
The test revealed the importance of VSV communicating the origin of its fish as an important driver of quality. Furthermore, it was clear that VSV had untapped potential in articulating how they created value throughout the value chain, compared to only focusing on the fish produce itself. This became the foundation for the new market position.
It was equally important for management to ensure internal buy-in for the new positioning.
Historically, the company had been formed by acquisitions and the legacy brands still lived on creating confusion and diluted brand value. Now was the time to align everyone behind the same brand, and internal workshops as well as the external test help shed light on the most optimal brand structure.
As a result of the project with Kunde & Co, VSV was able to identify the value drivers for the brand to guide future communication and sales activities. VSV is now internally aligned around the new brand that will move the company up the market by promoting the wild origin of its fish and the Icelandic quality that permeates the company – from people to product. To support this, Kunde & Co developed a new look and feel, website, corporate brochure and sales material that tell one coherent story: the story of The Pure Taste of Iceland.
To find out more about what Kunde & Co can do for you and your company, please contact us
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