The main article provided critiques the trend of corporate rebrands, particularly focusing on the negative example of Abrdn (formerly Aberdeen Group and Standard Life Aberdeen). It argues that companies often attempt to create a "modern, agile, digitally enabled" image, but this can lead to "cognitive dissonance" if it's not authentic to their established identity. Michael Ruby, president of Park & Battery, stated that Abrdn's effort to appear like an innovative fintech failed because it was perceived as playing on a fad, lacking authenticity. Philip Davies, Emea president at Siegel+Gale, likened such attempts to an "embarrassing uncle dancing inappropriately at a wedding," emphasizing that a brand should "be yourself" rather than trying to be something it's not. This aligns with the idea that long-established companies shouldn't try to become a "teenager" but should instead confidently integrate their future with their heritage.
The article further reinforces this point by discussing the reversal of Abrdn's rebrand by chief executive Jason Windsor due to widespread derision and "distractions." The removal of vowels from the name, initially intended for a "highly differentiated brand," was largely ridiculed. Nick Sherrard, managing director of Label Sessions, highlighted the enduring power of names like "Standard Life," which carries a heritage of trust and sturdiness dating back to 1825. He argued that in wealth management, people value this institutional touch and that an authentic brand is defined by not merely following fashion. Other examples of failed rebrands, such as Royal Mail's brief transformation into Consignia, are cited to underscore the high stakes involved in such decisions.
Experts also emphasize the critical importance of customer opinion, stating that rebranding should not be solely based on an executive leadership team's vision. Ruby stressed that the brand is about how it's interpreted and creates value for customers and investors, cautioning against exercises conducted in "echo chambers." The article underscores that rebranding should be driven by a clear "why," such as a change in company focus, innovation beyond its core offering, or growth through mergers and acquisitions. It also points out that while some rebrands, like Norwich Union becoming Aviva, eventually succeed despite initial mixed reactions, the process is not to be undertaken lightly and can incur significant long-term costs if executed poorly.
