Citi Group Has BIG Branding Challenges
This morning I wake up to see Jonathan Salem Baskin outscooped me again on the Citi branding issues. Damn him! So I’ll just throw my thoughts down but I suggest you bop over to his blog and give it a read (click here).
So laying off 52,000 people ain’t no small task. How will Citi Group handle this from a brand identity?perspective?? What is Citi’s brand identity? I know them as a big and powerful lending institution (I have a mortgage from them).
Here are some thoughts:
1. Don’t do any wasteful advertising. And by that I mean lip service. If Citi is going to advertise it better mean something real and tangible to it’s customers. Otherwise they could have kept a few more warm bodies.
2. Citi needs to connect in a personal way with it’s customers. Social media might be a great way to start a conversation.
3. Maybe Citi could start a social network for the 52,000 that were laid off? Citi could play a role in trying to connect past employee’s to new jobs but more importantly they could play a role in their lives still. This could help the negative word of mouth?
4. A serious internal brand identity plan needs to be established and executed at all levels?for remaining employee’s. I would recommend that select employee’s play a role in its creation. What Citi does internally today will shape the new company moving forward.
This is a unique opportunity for Citi to really take advantage of a bad situation.?If they consider their internal branding they should do fine. But that’s a big if.
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November 18th, 2008 at 12:17 pm
Citi’s actions in cutting such a large number of jobs without a clear brand message about their activities misses the point. Clearly, they were advised “do it now because everyone is so preoccupied with the crisis they will have forgotten about it in a few days” [except of course the unfortunate 52,000 people who are impacted] and blow the potential negative impact on the brand.
As far as I know Citi never set itself up as a philanthropic organization. What would probably do their brand identify and image a lot of good is if it was made clear how many of the impacted employees are the derivatives and futures traders who got us into this mess and whether or not they will still be getting their bonus in 2008.
The fact that the top 6 in the pyramid at Goldmann yesterday announced they will not be taking any bonus for 2008 will have had a massive lift in their brand equity – albeit that the cynics like me will be asking whether the other senior positions will still nonetheless take home a bonus that any normal person cannot earn in a lifetime.
So whither Citi? Short term pain for long term gain – but we’ve said it all before: Bankers now sit somewhere below real estate agents and lawyers in the minds of the consumers and customers who use their services, so what if their reputation and brand is further sullied. Once the money starts rolling in again, they will be forgiven until the next time we enter this roundabout again.