Brand
represents the intellectual and emotional associations that people make with a
company, product or person. Brands are key to a company's long-term
survival and market leadership. Accountants and auditors the world over
calculate the value of brands when determining book values on the company
balance sheets. In the case of strong brands, the brand can be 70% - 90% of the
stock market value (intangible assets).
Brands
do have life cycle which may consist of a number of phases from inception to
launch, growth, maturing, decline, revitalization, and retirement. Brand
Rejuvenation is a process wherein a brand which is on the verge of retirement,
is brought back to life to regain markets. Revitalizing a once-popular dormant
brand can be a highly profitable strategy under the right circumstances.
Rebranding is a complex process and should not be engaged
lightly. Handled badly it can be damaging to business. Equally in the words of
a Chinese proverb "if you do not plan for the future, you will get the one
that shows up" and successful rebranding, relaunching and revitalisation adds
significantly to a companys long term success. Brands
are constantly evolving to ensure they keep abreast of changing needs in the
market place. It's the level of change required that
is the critical issue. A brand audit and market research will help assess the
rate of change required amongst other things. Revitalisation maintains and
celebrates the history and heritage of the brand but shows its target audience
(current and future) that you are adaptive to change. Change
is necessary to stay relevant to the times in which a brand exists and to
ensure its future success.
The Old logo and new logo of British Airways |
When a brand gets as
battered, bruised and knocked out of shape as British Airways, the consequence
is that it gradually and progressively loses its identity and its meaning particularly
when the slings and arrows attack the brand from so many directions. The things
it stood for become shadows of their former selves. But because the demise
takes place over time and because the paint on the planes remains the same, it
is easy not to grasp fully the extent of the damage. But the data told an
alarming story. In 2010 the brand’s measure of marketing success, brand
bonding, was at a third of the levels of 2002. Even more worryingly for a
service brand, staff pride was at its lowest ever level.The story of how British Airways, amidst unprecedented market
turbulence, re-aimed for market leadership through the recommitment to its
core ethos To Fly. To Serve. Of how this ethos re-connected with staff,
customers and culture, reigniting brand confidence and laying the foundations
for the airline to fly forward through successive campaigns and once again
reclaim a leadership position in the market.
Good Work !!
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Good luck ! Best wishes
nicely done!
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