Have you considered what hosting the Olympics in a country with human rights issues, security concerns, and financial controversy would do to the well-respected and prestigious Olympic brand? With all the debate surrounding the 2014 Winter Olympics in Sochi, Russia, we’ve been wondering just that! This video from UK news agency Reuters asks the loaded question, “What will Sochi do to the Olympic brand?”.
There are a few very important points noted in this video by David Hay, CEO of Brand Finance. “Brands always gain or lose by the associations they make,” Hay says, and undoubtedly the Olympic Committee and Russia were aware of the challenges presented to sponsors who attached themselves to these Olympic games. Nevertheless, big sponsors such as Coca-Cola and McDonald’s did not change their stance on supporting the winter games. The ending note from Joanna Partridge says it all, “No matter how successful the Sochi games are, the Olympic brand seems stronger than individual hosts.”
Do you feel the Olympic brand has been affected in any way? Please share your thoughts in the comments!