MasterCard is currently in talks with the change management team of VISA to change their logo. In August of 2002, VISA announced that they would no longer use MasterCard or Visa transactions. The reason for this was that Visa was experiencing higher than normal credit card fraud, which made their old logo ineffective and in need of an update. According to the companies, the cost of updating their entire logo would be too high, and the loss of clients would be too great.
Visa would like to retain their old logo, but MasterCard wants to be the “go to” place for merchants and consumers. This is the same reason why they have decided to enter into negotiations with the change management team of VISA. A Visa representative stated, “Visa is committed to the safety, security, and integrity of all our card processing information. We want to continue to rely on the trust that people have placed in us, and we are pleased to be working with the Change Management Team of MasterCard to accomplish this goal.”
Change Management is responsible for the marketing of the company's business. As it stands now, Visa is doing just that; marketing their business and promoting their logo. VISA's change management team realizes that their logo has become somewhat unappealing to some consumers, and this makes for an important part of the negotiations. Visa wants to retain the current logo and lettering that has been used for decades.
There is a chance that Visa will receive full control of all logos. It is not known if this is possible or even desirable. Some people in the change management team of VISA believe that it is unattainable; however, the company states that they would like to keep the logo as it is. The current VISA logo has a very strong visual appeal and has been effective in promoting their services for many years. There is no doubt that a change in the logo will be very effective in bringing in new clients and building a better brand recognition.
This is not the first time Visa has had difficulty changing their logo. In 1996 they had trouble changing their brand to the green symbol. At that time they received lots of negative criticism from consumers. Part of the reason why the change was not successful was because too many people were confused by the different colors and images associated with the brand.
With all of the branding tools available today, it seems that changing your logo often is unnecessary. It is much more likely that the negative . . . . . . reaction towards the previous logo was due to poor branding rather than a poor change in the logo itself. Visa has come a long way and it is evident that they have learned from their past mistakes.
A new logo can be effective if it accurately portrays the message the company wishes to communicate. If a person sees the logo they associate with your company and that logo matches the type of services or products your company provides then they will most likely feel a strong connection to your brand. If they find that the current logo no longer accurately portrays the services provided then it may be time to change the logo. There is a large investment in brand name recognition and failure to invest in the brand name will result in a company failing to compete in today's economy. Even if the economy improves, there are many other ways that a company can fail to maintain its reputation.
Visa's change management team did an excellent job of communicating with their consumers and the public about the changes. The reason why Visa was able to change their logo so successfully is because they listened to their customers and engaged them in the change management process. If you are a business owner, it is important that you do not make the same mistakes as Visa did 20 years ago. You must engage your customer base and listen to what they want and need from your company.
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