Ben Baigrie, Brand Finance Associate, writes about branding news in South Africa:
South Africa's oldest banking brand, FNB, unveiled its new logo as part of its new strategy to transition towards, and be perceived as, a brand that extends beyond "just banking". Brand Finance reflects on the recent FNB rebrand.Behind the FNB rebrand
When considering rebranding efforts, the most important metrics are around building brand equity and creating value for the business. These changes have the potential to create value - and a successful rebrand creates more value than the up-front costs of rebranding. A comprehensive consideration must consider not just the cash expenses of redesigning marketing collateral, but must also consider the brand strengths associated with both the old and new brand attributes.
These considerations must, of course, include the relationship between the brand and customers - but merely considering customers is insufficient. A good rebrand must consider other stakeholders, especially staff, suppliers and investors. Some aspects of a rebrand or strategic shift that are often overlooked include an internal focus to bring about positive change through areas such as improved morale, a refined sense of purpose, and greater loyalty among staff.