When it comes to brand name changes, some examples flash such as Anderson → Accenture, Datsun → Nissan, Pal → Pedigree, and Phillips → Whirlpool, Backrub → Google, to name a few.
Brand transfer is a lot more than brand’s name change. A brand’s established name has links with emotional associations, empathy, and preference in its consumers’ mind. The loyalty and trust of the customers cannot be transferred easily to just one entity: the brand name. The brand image is required to be transferred.
A brand’s name is changed in the following scenarios −
● When the existing name sounds weak or is not able to establish its position in the market.
● When a brand wants to present its upgraded product or service.
● When a brand wants to introduce more clarity in its name.
● When a brand needs to distant itself from negating effects of the existing name.
● When a brand wants to get instant recognition in the market while expanding globally.
There are few estimations the brand managers need to work on −
Estimate and quantify the costs
● It includes the costs required for changing −
ü Promotional properties such as banners, hoardings, website ads, business properties such as letterheads and business cards.
ü Company literatures such as white papers, data sheets, and presentations.
ü Electronic properties such as website, newsletter, blogs, etc.
ü Other in-house properties such as templates, folder names, network node names, etc.
Judge the benefits and losses
● Try to find out answers for the following questions −
ü How long the existing name is in use? How much goodwill has the existing name built?
ü How would it affect the consumers?
ü How would it affect the market share of the brand?
Analyze target audience and market
ü Consider the target audience, culture, language, symbols, and preferences.
ü Consider the average purchasing frequency of the customer.
ü Identify the characteristics the customer associates with the brand.