As Beijing and Sydney proved, winning the Olympics can have, and should have, an enormously positive effect on a nation and its brand. As London prepares for the games this summer, the athletes are not the only ones eager to impress, as all aspects of the capital will be under pressure to meet and indeed exceed expectations, to ensure London matches the performance of those host cities that have gone before it.
There's no denying that brand London has suffered a blow with the rioting and looting across the capital last summer. There will be questions about the city's ability to cope with such a huge event after these troubles, but the Olympics will be the perfect opportunity for London to demonstrate that it can hold the greatest show on earth.
To encourage success, it has been very carefully stage-crafted from the outset to ensure the diverse and historic nature of the city remains a lasting part of the games with which people can maintain an emotional connection.
From the equestrian events set in Greenwich Park, the home of time itself, against the backdrop of the financial centre of Canary Wharf, to cycling down The Mall alongside some of the most iconic aspects of the city, brand London will be on display for all to see - and scrutinise. Brand London is already successful both artistically and commercially, but the Olympics bring a new challenge. Whilst it has brought many positive associations for London so far, there are certain factors that have the potential to really enhance but also undermine 'brand London'.
A cynical media
Notwithstanding the shock the media has received in the wake of the News International scandal, the fact is that we do have a generally cynical media. They have a propensity to take a 'glass half empty' view.
Last year London led the way in celebrating 'one year to go', with events taking place across the country. Most importantly, preparations are on track, with the Aquatics Centre being completed ahead of time and within budget. Whilst this was reported in the press, it would have received much more media attention had it been late in completion and over budget. The media will be poised to amplify any shortcomings in the Games, shaping the way in which brand London is viewed by others.
The social media spectacle
With ongoing advances in the connectivity and smart phones enabling news to reach people in an instant, the performance of London 2012 will be tracked every second of the way. Every attendee will, in their own right, be 'reporting' on the Games via postings to Facebook, Twitter and blogs. London must not underestimate the power of social media to influence opinion. One area to watch in particular will be the mobile phone infrastructure. As many stadiums have already experienced around the world, if spectators are unable to find a phone signal it leaves them with a lacklustre view of the event and reflects badly on a city's infrastructure; hopefully this won't be the case in Stratford.
Queuing - a great British favourite pastime
No doubt, the much loved British pastime of queuing will be a media favourite. Any event with huge attendance figures expects a degree of queuing. Whilst the average entry and exit time of around 1.5 hours at the Toronto Winter Games in 2010 was considered normal, the British media will no doubt highlight long queues if they occur. This has the potential to become a lasting memory of the London 2012 games and have a negative impact on the city's brand.
The weather and transport
A long standing icon of Wimbledon and British bank holidays, London is world-renowned for its unpredictable weather. This will no doubt be a talking point throughout the Olympics. Rain will be less of a problem to Brits at least, in contrast to blazing hot sunshine. Whilst spectators will welcome the sunshine at the stadiums, travelling to and from the Games during a London heat wave could take the shine off the event for many. London's transport network will be put under intense pressure during the Games and hot weather would not only bring the possibility of delays, but also exacerbate the problems of overcrowding and a distinct lack of air conditioning on the trains.
In addition to the 'threat' of the sun, there's also the risk of industrial action, with Unions having already made noise about disruption. Hopefully the danger of any strikes will be diffused, as public transport problems would have the potential to damage brand London significantly.
When all is said and done, the Olympics are an opportunity for London to deliver brilliance - emotions such as overwhelming happiness, pride and, for the organisers, relief will be felt across the city. The Games have the potential to really 'brand' London and establish it as a place in the hearts and minds of the rest of the world.
In terms of the potential broader commercial effect of any damage to Brand London as a result of any of the above impacting, one has to believe that it's less about 'loss' and more about not maximising 'gain'. Brand London is pretty resilient - fundamentally it is the city and the city has been here for a couple of thousand years through thick and thin - plagues, pestilence, the Blitz, recessions and riots.
My view is that barring a major disaster, London 2012 is set to be a winner. Yes, the magnitude of that victory will in no small part depend on the health of Brand London; but it should be an opportunity to go for gold in every sense of the word.