Redefining an oil monopoly that faced increased competition in the market.
Ecopetrol had been for many years a state oil monopoly in Colombia. In 2003, the government transferred the functions of administrator of oil resources to another entity. This situation opened the market to foreign competition and forced Ecopetrol to change internally in order to compete. The deregulation of the energy market and the search for alternative energies worldwide, pushed Ecopetrol to redefine a positioning at the level of international giants.
Marqas developed a brand strategy to change the negative perceptions around the brand and to reposition it around the concept of “energy”, rather than “petroleum”. We recommended the creation of a commercial brand with a name that would allow a broad definition of products and services. “ECO” was proposed because it is a synthesis that refers to the environment, as well as to Colombian Energy, and it can be used as a prefix to master-brand certain business units (for example: ECO Exploration). We also recommended a new brand identity to signal the change that Ecopetrol was going through. Redefined as the “Colombian Energy” company, Ecopetrol emphasized its value as a contributor to the country’s economic and social development. In addition, it was able to project an image of a transparent and expert company, to attract investors, strengthen links with its publics and prepare its brand to enter other markets.