The value of the brand
In today's mail, I received a notice from MorganStanley, my main broker, announcing they have joined forces with SmithBarney. The new firm is "MorganStanley SmithBarney". Originally I was a client of "Dean Witter", which became "MorganStanley DeanWitter" for a while until Dean and Witter departed and they became just "MorganStanley". And if memory serves, years ago I was a client of E.F. Hutton and they joined forces with SmithBarney, presumably so they could become "E.F. Hutton SmithBarney". So I guess I am now a client of "MorganStanley DeanWitter E.F. Hutton SmithBarney".
In the banking arena, I have switched banks 5 times over the last 15 years or so without ever actually switching banks. I went from Meridian to Core States to First Union to Wachovia and now Wells Fargo. I'd like to be the sign company at the arena where the Philadelphia Flyers and 76ers play. One building changes from the Core States Center to the First Union Center to the Wachovia Center in just a few years. Will they dare order one more sign change to the Wells Fargo Center now?
Whatever happened to the value of the name brand and brand loyalty? Has it become irrelevant? How much money, time and effort goes into building the brand name? What if I really place a high degree of trust and value in MorganStanley but think little of SmithBarney? What if I don't want to be a Wells Fargo customer?
I realize that mergers and acquisitions have been part of what makes our capitalistic culture tick. However, between companies failing in this economy and others too weak to survive on their own, it almost seems like very few companies will eventually own everything and competition will be diminished substantially.. These days it just seems that the brand only has meaning for a while only to fade away. At least I'm not a loyal Pontiac buyer.
In the banking arena, I have switched banks 5 times over the last 15 years or so without ever actually switching banks. I went from Meridian to Core States to First Union to Wachovia and now Wells Fargo. I'd like to be the sign company at the arena where the Philadelphia Flyers and 76ers play. One building changes from the Core States Center to the First Union Center to the Wachovia Center in just a few years. Will they dare order one more sign change to the Wells Fargo Center now?
Whatever happened to the value of the name brand and brand loyalty? Has it become irrelevant? How much money, time and effort goes into building the brand name? What if I really place a high degree of trust and value in MorganStanley but think little of SmithBarney? What if I don't want to be a Wells Fargo customer?
I realize that mergers and acquisitions have been part of what makes our capitalistic culture tick. However, between companies failing in this economy and others too weak to survive on their own, it almost seems like very few companies will eventually own everything and competition will be diminished substantially.. These days it just seems that the brand only has meaning for a while only to fade away. At least I'm not a loyal Pontiac buyer.
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