At some point, every physical Brand identity will need to evolve or be brought into step with current corporate (or product) perception. This is inevitable and a certainly required to stay in tune with your current and changing target audience.
As time progresses, so should your Brand – it should change on a regular basis, matching, outpacing or anticipating your target audience needs. This thinking and planning will require forward thinking but demonstrate your commitment to your Brand and how it’s valued by your target audience. This practice will produce less target audience risk or alienation – plus minimal lost revenue.
Brand Equity is worth the investment – always!
Poor planning and foresight will eventually result in a Brand disaster. If your Brand identity fails to keep pace with your corporate message, product or target audience expectations, the goodwill or equity within the Brand will diminish. In addition, a political disaster can quickly put your Brand in the spotlight for the wrong reasons – perception being reality, this could mean your Brand is all of a sudden associated with some very negative baggage.
- British Petroleum’s Oil Spill
British Petroleum once known as ‘Beyond Petroleum’ is tarnished for its spill in the Mexican Gulf. The BP’s brand was valued at $20 billion January 1st 2010 declined by 100% to $0 in June 30th 2010.
- Johnson & Johnson Children’s Product Recall
On April 2010, McNeil Consumer Healthcare, a subsidiary of Johnson & Johnson voluntarily recalled of 43 over-the-counter children’s medicines. . The brand valued at $45 billion on January 1st 2010 plunged into a 27% decline to $33 billion on June 30th 2010.
- Toyota Prius Recall Worldwide
Toyota’s Prius recall worldwide damaged the brand significantly. The recalls, negative PR allegations and liability suits resulted in a loss of 20% of the brand’s value – from a $30 billion on January 1st 2010 to $24 billion on June 20th 2010
The restructuring and rebuilding of your Brand will prove costly and very time consuming. The re-education of the marketplace and your audience will be awkward and difficult at best. Unfortunately, some political disasters will prove unrecoverable – although these may be few and far between – the process of redeveloping and establishing the Brand will be costly and at the same time revenues will be lost.
Nurture your Brand and have a disaster plan at the ready – just in case!