Mergers and Acquisitions: A Challenge to Brand Loyalty
But take this as a marketing lesson... When one company gobbles up another, customers feel a sense of loss, and the new management doesn't always successfully replicate the brand essence.
This was overwhelmingly apparent when I was part of the acquisition team at 1st Nationwide Bank (FNB), back in the 1980's. We purchased many failing thrifts and changed their names to FNB literally overnight.
At the time, I didn't appreciate the stressfulness that action would have on its' customers. Now that I've experienced the pain for myself, I'm hopeful it will make me a more sensitive marketer. Brands do build personas and customers feel a connection to them. Personally, I'm still pining for my old ShareBuilder and ING relationships, but it looks like that ship has long sailed.
A blog that challenges B-to-B marketers to learn, share, question, and focus on getting it right—the first time. Carolyn Goodman is President/Creative Director of Goodman Marketing Partners. An award-winning creative director, writer and in-demand speaker, Carolyn has spent her 30-year career helping both B-to-B and B-to-C clients cut through business challenges in order to deliver strategically sound, creatively brilliant marketing solutions that deliver on program objectives. To keep her mind sharp, Carolyn can be found most evenings in the boxing ring, practicing various combinations. You can find her at the Goodman Marketing website, on LinkedIn, or on Twitter @CarolynGoodman.