Renovators delight – Maintaining Brand Loyalty, Equity and relevance?

buffett-reputation

Renovators delight – That’s what they might have called it or is it a demolish and subdivide opportunity.

Brand loyalty seems to be a big thing but what is it really? And how long do you stick with your brand equity?

Think “oh what a feeling”, “it’s the real thing”, “the flying kangaroo” or Telstra’s (hasn’t clicked yet)?

They all to some degree remind you of the product or the organisation. However the first two are probably well past there life, think for Toyota – Uber, Tesla and Google – the changing nature of transport, is this a demolish and subdivide opportunity for Toyota?

However, the “flying kangaroo” (Qantas), in a time of international turbulence and uncertain gives you a sense of home and thus safety – the aim is to never lose this.

However, for many organisations and their loyalty to their own product brands, when do you know if it is time to renovate or demolish and rebuild or subdivide? This is probably even more complex in the Government system.

Usually it is when the crisis becomes so clear and the product reach, market share or returns plummet – but how many wait until the point of no return? Usually most do wait until it is too late and the response is not well thought through, planned and thus poorly executed.

Those close to the coal face have built a loyalty and sense of ownership which is to be commended but they don’t see the change – how many organisations are the “frog in the boiling water” – not noticing the change until it is too late?

Think Victorian health system and the recent avoidable deaths – change does come too late for many who we serve.

So how can an organisation see the present, the past and the future? How can it know when to renovate, rebuild or subdivide?

It seems to be rare in the private sector and even in government for an organisation to reinvent themselves before the crisis forces a change they never wanted, never understood and were never prepared for. However, the change that happens clearly should have happened earlier. A big question and for an organisation that under pins society how can they tell, know or even perceive what is really happening – to know when to renovate, rebuild or subdivide?

Think Central Park – Think New York – a story that is relevant – recapturing a “brand”.

Despite the increasing numbers of visitors to the park, …..1960 marked the beginning of a 20-year period of decline in its management. The city was experiencing economic and social changes, with some residents leaving the city and moving to the suburbs in the wake of increased crime. The Parks Department, suffering from budget cuts, responded by opening the park to any and all activities that would bring people into it, without adequate oversight and maintenance follow-up.

By the mid-1970s, however, managerial neglect was taking a toll on the park’s condition. “Years of poor management and inadequate maintenance had turned a masterpiece of landscape architecture into a virtual dustbowl by day and a danger zone by night”, …… Vandalism, territorial use (e.g. a pick-up game of softball or soccer, which commandeered open space and excluded others), and illicit activities were taking place in the park.

Source: Wikipedia

In remaking Central Park – they effectively remade New York and it happened due to social leadership through groups such as The Central Park Conservancy. Central Park was a rebuild moment that took 20 years, why did it have to fall so low and why did it require a different approach. Today Central Park hosts millions of visitors from roller blading, fine dining, watching free performances of Shakespeare in the Park, and relaxing and sunbathing.

So when do you renovate, rebuild or subdivide? When do you know that you’re Brand Loyalty, Equity and relevance has faltered? When do you realise that twenty years of building a reputation is at that moment – to think differently, as Henry Kissinger once said:

“In crisis the most daring course is often safest”

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