what do brands mean to cfos?

Influx Insights — 2007-09-11T11:17:19Z

Consolidation is happening everywhere and it's always assumed that brands get brought and sold.

Although the whole notion of branding is based on making strong emotional connections with consumers, I wonder if many CFOs really understand branding.

Perhaps they see branding as a tool for operational efficiency- a way to make everything the same, so there don't have to be multiple versions or ad, signage and training binders.

Most of the time this consoldiation happens and it goes un-noticed, consumers have come to expect it, especially in categories like banking and teleommunications.

However, once in a while, consumers get upset when they see one of their beloved brands crushed by another, It looks like Macy's might be under attack in Chicago for getting rid of Marshall Field's.

"It’s been a year since Marshall Field’s vanished to make way for Macy’s. To mark the occasion, dozens of protesters gathered outside Macy’s huge State Street store, suggesting shoppers boycott the retailer and demanding a return of the Field’s imprint.

Chants of “Field’s is Chicago, Boycott Macy’s!” were heard and signs reading “Macy’s Go Home!” fluttered in the air. Protesters wore the green that distinguished Marshall Field’s shopping bags -- and a handful of women decked out in colorful 1890s-style dresses and hats -- marched around the square-block store, and drew honks from passing cars.

The store is one of about 400 properties nationwide converted last year to the Macy’s nameplate by Cincinnati-based Federated Department Stores Inc., which acquired them when it bought May Department Stores Co. in 2005. The move gave Federated more than 800 Macy’s stores in 45 states, the District of Columbia, Guam and Puerto Rico. Federated then changed its name to Macy’s Inc."

Via Pantagraph

One would think that Macy's did a little bit of research before they made the decision, perhaps a survey and some focus groups. They also would know that authenticity is an important consumer trend and that brands with heritage and history have considerable value. Perhaps they did all this and ignored the findings, because in the end, operational efficiency trumps brand meaning.

Finally, if anyone knows of any research on CFOs attitudes to brands and branding, please share.

Posted by Ed Cotton

Influx Insights Tag Feed: retailers

what do brands mean to cfos?