Handling Brand Name Changes

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 Name Changes

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.

When to Change a Brand Name

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.

What to do Before Changing a Brand Name

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.

Related Posts

© 2024 Business Management - Theme by WPEnjoy · Powered by WordPress