Save your brand equity for a rainy day
Bloomberg.com reports (links added):
The biggest U.S. bank plans to sell its red umbrella trademark to St. Paul Travelers Cos. and operate under the “Citi” name after failing to get most consumers to think of anything except insurance when they saw the 137-year-old symbol. The deal, announced in separate statements, reunites the Travelers name with a logo that consumers still associate with the insurer and the slogan, “You’re better off under the umbrella.”
The umbrella was a favorite of Weill, the one-time head of Travelers who engineered a 1998 merger with Citicorp and then put the image on a wide array of financial products to build consumer awareness. It didn’t work, according to customer research cited by both companies.
Well, the first person I’d trust to engineer a rebranding campaign would be an insurance-executive-cum banker.