What our client faced
Connext, previously MTC Equipment Finance, is in the business of equipment financing. Their business was limited to financing machine tool equipment. But they realized that – in order to grow and to shield themselves from the economic ups and downs that could come from relying on a single industry – they needed to diversify into different financing markets and not rely solely on the machine tool equipment industry. MTC stood for Machine Tool Capital – so the actual company name limited their business – and the perceptions of anyone in other industries about what they could finance. Also, in machine tool financing, the two largest competitors were named MFR and MFS, creating brand confusion.
How Element Three helpedConnext engaged Element Three’s proprietary Brand Chemistry process to define its unique selling points (USPs). Element Three also conducted primary audience research through client interviews and financing rep ‘ride-alongs’ to get a realistic view of ‘front line’ encounters. Connext then received a comprehensive brand document (a brand brief that will serve as foundational guidelines for the brand’s behavior for years to come). Research revealed that a customer's search for financing usually reflected some type of growth, either through new customer acquisition, new orders or an effort to improve productivity. That informed the naming recommendation. Connext CONNECTS people or organizations to what is NEXT in their business. Since the word ‘financing’ was no longer part of the name, an accompanying tagline, Financing forward, was created. Element Three then worked with Connext to write a 3-year, comprehensive strategic marketing plan to support their growth efforts in new and existing markets.
What happenedThe Connext brand was launched in spring, 2010. Nine months later, Connext made their first acquisition outside the machine tool industry, beginning the journey to diversification. Connext’s president attributes its brand development, name change and marketing strategies as reasons why the acquired organization felt confident they would be properly supported by Connext. Connext remains a client of Element Three.
“I went to Element Three looking for a new website. What I really needed was to figure out who we were, how our brand and marketing efforts needed to support my vision – and a strong partner to guide me through the process. I found that, and so much more in Element Three. I’m as optimistic as ever about the position of the Connext brand, our future and the strength of our message in the marketplace. Our updated brand has helped provide opportunities we would not otherwise have had.”– Ken Wuethrich, President, Connext