Hello, I’m Jim Glover, That Branding Guy, for Once a Day Marketing™. Today we are looking at risks and rewards of rebranding your company.
There are many circumstances that may prompt a company to rebrand including use of a name that is too common or confusing or even a name that has taken on another meaning.
When considering rebranding analyze the risk and rewards. Ensure the new brand name aligns with what your company is all about. Promote the new brand prior to, during and after the change so you reach all of your current customers.
I have been following a recent real-life rebranding example. The New Mexico Educators Federal Credit Union is now known as Nusenda Credit Union. It sounds interesting but it is hard for me to make the leap that this name represents a leading financial institution. Because the name sounds similar to the artificial sweetener Splenda, I instantly think of a food product. Nusenda is promoting heavily on TV and radio to get the message out so I'm sure they will rebrand properly over time.
When you choose your brand name, give thought to how long it will take to generate sufficient mindshare with your target audience. Whatever naming convention you use, if it's going extensive resources to remind customers of your new name and then the benefitsyour company provides, it might not be the right direction to go.
You can choose to name your brand just about anything as Nusenda, Amazon, Google and Yelp all evidence, however, you will have to put sufficient branding and marketing muscle behind it.
Once a Day Marketing™ positions brands to become #1 in the minds of target customers. Visit our website at www.onceadaymarketing.com. Contact James Glover at (505) 501-1330 or email firstname.lastname@example.org. Listen to Ask Those Branding Guys™ every Monday at 11:00am (MDT) streaming live on SantaFe.com KVSF 101.5 FM.
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