Listening to the radio today, there was an interview with a Wall St employee who made a telling comment on the failing major financial institutions: “… we believe in them for all the wrong reasons.”
In other words the brand values of solidity, reliability, competence and probity, we assume are implicit in these brands purely because of their scale and longevity. Sadly we see the same is often true of those who have stewardship of those brands. They have a belief in their invulnerability even when they are flaunting the core brand values. There is an unwillingness to accept discontinuous change… an arrogance of the right of the brand to exist and prosper.
I believe this catharsis is valuable in that it will lead to a questioning of ‘unquestionable’ brands. And there will be much head shaking by those managing lesser brands in how those given stewardship of such amazing brands could have so mismanaged them.