Creating a new brand for EY’s consulting arm, should it be split off from the company, would require a big investment, warns a branding expert.
Mark Crowe, the local head of Brand Finance.Mark Crowe, the Australia managing director of consultancy Brand Finance, said it was particularly difficult to build a new brand when it was replacing a brand that was already strong in the marketplace.investment banks JPMorgan and Goldman Sachs
“Because there’s clearly no guarantee that you will be able to, even with a large budget and effective creative, get the new brand back to the same level of strength as the brand it replaces.”Brand Finance valued EY’s brand as being worth $US23.2 billion this year, behind Accenture and Deloitte and on par with PwC . The value of the EY brand, according to the branding consultancy, was well ahead of KPMG and even McKinsey .
However, Mr Crowe said even sharing a brand between two independent organisations as a transitional move also carried risks. “I think the brand doesn’t go away simply because of the change in the name. These [big four] firms are really strong in consulting in their own right. EY itself is exceptionally strong in operational consulting,” said Ms Healey, who focuses on the consulting sector.
“Accenture was the first firm to really do above-the-line advertising in terms of billboards, things like that. I remember the first time they did it in London. Seeing it, I was thinking ‘what on Earth are they doing advertising on the back of a bus?’ But it was to make the point and it was to demonstrate that they could,” Ms Czerniawska said.But Brand Finance’s Mr Crowe warned that business leaders often vastly underestimated the value of their brands when taking part in a transaction.
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