No matter how you look at it, 2024 is proving to be a tough year for businesses the world over. While Malta’s economy has weathered the storm slightly better than its European counterparts, it remains impacted by ongoing uncertainties. Despite solid economic activity on the island, rising wage bills, spiralling costs and lower disposable income among the public have translated into companies registering higher revenues, but lower profits.

This dynamic has intensified competition in the local market, with many businesses resorting to price cuts to attract customers. However, Peter Jan Grech, CEO and Founder of BRND WGN, believes this trend underscores the importance of brand differentiation in an increasingly crowded market.

“When companies compete solely on price differentiation, it’s effectively a race to the bottom, as this strategy only favours businesses that can afford to outlive the competition. But this approach often neglects giving customers value,” he explains, adding: “There is a better way for brands to stand out and it hinges on building purposeful organisations that attract the hearts of customers with exceptional service and value, fostering loyalty even in challenging times. This can be achieved by understanding customer needs and providing meaningful connections and solutions.”

BRND WGN holds a privileged position in the local market, with a diverse portfolio of clients spanning everything from insurance and banking to retail, tech, and telecoms. This has granted the agency invaluable insights across sectors, shaping their strategies to help clients cut through the noise and convey compelling marketing messages that centre on creating an emotional impact with clients.

Today’s business realities have also meant that BRND WGN itself has had to shift its approach to its marketing services, transitioning more towards advisory roles. In this capacity, the BRND WGN team is dedicating substantial efforts to guiding clients in vision setting exercises for their future, enabling brands to communicate these values and messages effectively both internally among their people and externally towards consumers.

Acknowledging the rise of generative AI and the trend of companies forming in-house marketing teams, Peter asserts he doesn't view this as a threat. Instead, he sees it as an opportunity. At BRND WGN, they're in fact empowering businesses to strengthen their internal marketing capabilities. This strategic move is enabling BRND WGN to focus more on providing invaluable support in creative direction and advisory, where AI falls short in grasping the intricacies of human dynamics.

“Our advisory team has become an extremely important arm of our business, accounting for some 23 per cent of our business compared to the more traditional aspects of design and tech. In recent years, we have been spending a lot more time working with entrepreneurs, CEOs, and business leaders to help them understand how to build strong, resilient brands which they can communicate internally, and attack the market in the right way,” Peter states.

As the CEO points out, this approach has also been vital in addressing another ongoing challenge that local businesses have been facing—that of attracting and retaining talent. Nowadays, job seekers are increasingly drawn to companies that resonate with their values. Therefore, it has become crucial for businesses to foster workplaces that represent something meaningful and can inspire their people to pursue a common goal effectively.

Elaborating on the subject, Peter adds: “At the end of the day, a business is a team. And when you look towards any successful team, be it in sport or in business, they know how to build momentum and unity by taking action and setting the right kind of rituals at all levels of their organisation. Employers need to trust and empower their people to get on with their job, but employees can only do so if they know what they are doing and where they are heading. This is where we come in. Once we have set the right vision at C-level, we then take those values down the ranks to instil the right values and keep everyone aligned with the mission.”

In practical terms, this sees BRND WGN collaborate with HR teams to find effective ways to execute on the vision, bringing in the brand’s purpose to remind people what they are doing. This can range from ensuring job descriptions match the brand’s vision, purpose, and principles, to conducting workshops with various teams, equipping employees with the tools they need to progress and ensure mutual accountability. “Employees often have such a good pulse; they know how to solve certain problems before leaders can. Through these strategies, we strive to motivate and inspire them to act and execute on that vision,” Peter adds.

Reflecting on his credo that “better people make better brands and better brands make a better world”, Peter emphasises the rising importance of ESG in branding is another opportunity to be embraced. “A company’s ESG strategy should never be about ticking boxes just to say it’s contributing. We aim to guide businesses in positively impacting communities and the planet, empowering them to realise their potential for influence. This mindset should permeate every aspect of a company's operations, from product packaging to organising more mindful team events. Each decision sends a message to both employees and customers, which can foster greater trust and loyalty.”

To illustrate how brands can truly establish meaningful connections with consumers when they put authenticity and value first, Peter shares a client anecdote from John Winfield, founder of health food chain Dr Juice. While helping out at one of their stores, John noticed a teenager holding onto his Dr Juice smoothie cup long after finishing the drink. When John asked why he hadn’t thrown it away, the teen revealed that he kept the cup as he liked how it looked.

“I love this story, because it shows that even a simple cup can become a status symbol for someone. In this case, it was a part of that boy’s identity, the way he conveys his values and personality among his peers. These are the sorts of connections we strive to help clients forge in the real world,” Peter explains, before circling back to where this conversation began: “Ultimately, if businesses dilute their own value, they will lose everything. With more consumers being careful where they are going to spend their money, it’s this authentic brand differentiation that is going to keep customers engaged and choosing to return again and again,” he concludes.

Photos taken at The Brewhouse.