Legal Brand new BPA Lawlines Derek Millard-Smith and Emily Hughes explore the risks and the rewards of rebranding T he parking sector is likely to change with the Department for Levelling Up, Housing and Communities new Parking Code of Practice beckoning in another era. New entrants are expected, while incumbents may see the changes as an opportunity to refresh their company image and reputation in the form of a full rebrand. The impact of doing so can be positive, but can also impact on hard-earned goodwill (yes, even in parking!). Undergoing a rebrand is a big decision requiring a significant investment of time and costs, while entailing many risks that need to be carefully managed. Simply put, rebranding is changing a businesss name, logo or colours. Effective branding plays a key role in the success of a company and the recognition it attracts. Companies are instantly recognisable by their branding think of McDonalds golden arches or the Starbucks siren. Branding holds its own financial value. Any changes to it risks reducing that value but, equally, if done right, it can result in the value growing. Last year, Mark Zuckerberg announced that Facebook was changing its name to Meta. Such a major rebrand is likely to cost billions, so the question is: why? Why rebrand? Why might a business take on this burden? A costly rebrand may be necessary to reflect changes to how the company operates for example, in its attitude to compliance, customer profile, product lines, or the marketplace and industry. Or it may reflect a shift in how the company wants to be perceived. Its marketing strategy may be outdated, for instance, or the business may want to distance itself from historic reputational issues. In Facebooks case, it is likely to be a combination of the latter points. Like any business considering a rebrand, Facebook would have carried out extensive research to understand its place in the market. All brands must ensure they stay competitive, and find ways of increasing consumer engagement while improving brand perception. Facebook also risks losing some of its goodwill because of customer confusion. Aside from the challenge of a rebrand, Facebook has faced a trademark infringement claim by Meta PCs, an Arizona-based company. Meta PCs applied for its trademark Meta in the US 30 britishparking.co.uk PN March 2022 pp30-31 Legal.indd 30 22/02/2022 14:53