The rebrand of MasterCard isn’t a rebrand
Tom Dougherty, CEO – Stealing Share
18 July 2016
It’s just a lame rehash
Doing a re-launch of a brand is hard work to get it right. You have problems to overcome, not just with your outward face like a your current logo, but also what you do operationally. You have to do hard quantitative research, examine the competition (so you are positioned against it) and slay any sacred cows within the company.
The re-launch of an updated MasterCard brand gets it only half right, but in a weird way. The credit card company now has an app that you use to pay, ala the Apple Store app. This is the wave of the future where physical cards become extinct. (A purchasing app is also something retailers should do more often.)
MasterCard with its MasterPass app has taken the first step forward and I expect its competition, such as Visa and Capital One, to follow suit. In fact, because MasterCard has always had an old feel to me, I’m a little surprised that MasterCard was the first to step forward.
Why MasterCard did not truly rebrand?
MasterCard got the operational part of the brand re-launch right, but the new logo is actually just a refresh of its old one. It won’t affect target audiences much. It might help it get rid of that old feel a bit. But it doesn’t have a new promise or anything new to say. And it’s not connected with anything new MasterCard is doing, such as MasterPass.
Companies are loath to completely rebrand, which is why I’m using the word re-launch. That seems to soothe companies because a rebrand sounds scary.
To steal market share, all options must be on the table. That’s why the slaying sacred cows edict is so important. Companies are wary that a complete rebrand will scare away current customers, but that’s not true. They are already ambassadors of the brand. The target audiences you want to reach are the customers of your competition.
The old adage goes that the definition of insanity is doing the same thing over and over again and expecting a different result. That’s what MasterCard has done here. It has, I’m sure, poured money and time into this re-launch and it will have negligible effect. It will be left wondering why the re-launch didn’t move the needle and its leaders will believe that any kind of future rebrand would fail.
But that’s because MasterCard did not rebrand.
Too much customer service Tom Dougherty, CEO - Stealing Share 21 June 2018 Too much customer service is a real thing I’ve said this before, but I gotta say it again. Too much customer service drives me bat-shit crazy. Not surprisingly, Best Buy kills me with this....
Dow Jones ousts GE Tom Dougherty, CEO - Stealing Share 20 June 2018 Dow Jones kicks out GE. Now what? In 1896, the stock market adds GE as one of Dow Industrial Average’s first companies. As of June 26th of this year, it will no longer be part of the DJIA. I typically...
Tim Cook is leading the way Tom Dougherty, CEO - Stealing Share 19 June 2018 Apple CEO Tim Cook Tim Cook. Apple Act 2. Like everyone else, I worried about Apple’s succession plan. I was a died-in-the-wool member of the Steve Jobs cult. I was not sure what to make of...