A couple of years ago one of Europe’s largest banks faced an interesting situation: on the one hand, its communication department was battling to mitigate the reputational fallout of its embroilment in the Panama Papers.
On the other hand, its marketing department was putting the final touches on the intended roll-out of its rebranding campaign under the tagline “This is Banking”.
It wasn’t until an external consultant pointed to the absurdity of the situation that the rebranding campaign was aborted.
While it might sound absurd to outsiders, similar situations happen on a regular basis at many large companies across the globe, representing some key problems in how corporate brands and reputations are managed today.
To begin with, it is still typically the case that a company’s reputation is managed by the corporate communication department while its corporate brand is owned by the marketing department.