Toyota’s recent woes are a stark reminder for any premium brand: bad things can happen to the best performers, and when they do, you must be ready to act quickly, confidently and decisively.
For decades, Toyota has basked in the glow of one of the true gold standards in brand image. Say the name “Toyota,” and it immediately conjures thoughts of superb quality, legendary reliability, high resale value, and rabid, cult-like customer satisfaction. Most brands would kill for just one of these superlatives. Toyota owned them all.
So when rumors, and then actual facts, began to swirl around this platinum brand, observers were sure there’d be a swift and confident response.
Instead, there was a relatively tepid reaction from the brand, as if they simply couldn’t believe the situation themselves. Hours turned into days as accusations mounted, and still the brand’s reaction was anything but premium. We heard vague, half-hearted excuses and conjecture designed to deflect blame, rather than accept it.
Only now, weeks later, is the President of Toyota finally (albeit begrudgingly) admitting fault and promising to correct the myriad of problems the brand is now facing. The lesson to be learned here? A premium brand’s response in times of crisis must also be premium. Quickly assess the situation, weigh your options and then step up and claim ownership of the problem. Take full and complete responsibility. But most importantly, state a clear and concise plan for correction. Your current customers will appreciate this approach and be reassured. And prospective customers will admire and respect your honesty and integrity.
Then, in the end, the result will simply be a minor fender-bender on your brand – quickly fixed and forgotten. Versus a long, protracted ordeal that could leave your once-proud premium brand a total loss.
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