Potential Reasons For Corporate Rebranding
Corporations often rebrand in order to respond to external and/or internal issues. Firms commonly have rebranding cycles in order to stay current with the times or set themselves ahead of the competition. Companies also utilize rebranding as an effective marketing tool to hide malpractices of the past, thereby shedding negative connotations that could potentially affect profitability.
Corporations such as Citigroup, AOL, American Express, and Goldman Sachs all utilize third-party vendors such as Lippincott and Addison Whitney (consultants) that specialize in brand strategy and the development of corporate identity. Companies invest valuable resources into rebranding and third-party vendors because it is a way to protect them from being blackballed by customers in a very competitive market. Dr. Roger Sinclair, a leading expert on brand valuation and brand equity practice worldwide stated, “A brand is a resource acquired by an enterprise that generates future economic benefits.” Once a brand has negative connotations associated with it, it can only lead to decreased profitability and possibly complete corporate failure.
Read more about this topic: Rebranding
Famous quotes containing the words potential, reasons and/or corporate:
“It can be fairly argued that the highest priority for mankind is to save itself from extinction. However, it can also be argued that a society that neglects its children and robs them of their human potential can extinguish itself without an external enemy.”
—Selma Fraiberg (20th century)
“Here we also see: what this divinity lacks is not only a sense of shame—and there are also other reasons for conjecturing that in several respects all of the gods could learn from us humans. We humans are—more humane.”
—Friedrich Nietzsche (1844–1900)
“If when a businessman speaks of minority employment, or air pollution, or poverty, he speaks in the language of a certified public accountant analyzing a corporate balance sheet, who is to know that he understands the human problems behind the statistical ones? If the businessman would stop talking like a computer printout or a page from the corporate annual report, other people would stop thinking he had a cash register for a heart. It is as simple as that—but that isn’t simple.”
—Louis B. Lundborg (1906–1981)