Changing your name or brand is an important decision

When is it right to change the name of your brand?  It is a big decision.

Social media has meant that we can all be better known by our own name which consequently becomes a more valued business asset.

A flurry of name changes have been recently taken place in Britain.  197 people changed their name by deedpoll in 2000, but 60,000 are expected to do the same in 2011.  Reasons for this include the fact that it is now a simpler and easier process, and immigration, debt or bankruptcy  may contribute to a wish for a change of perceived identity.  Many of the changes are for more light-hearted reasons. Miss Jelly St Tots or Ned Rocknroll may come to be seen as less strange choices if more people constantly make name changes in the future.

When would you change your business name? It can be a difficult decision because you can throw away all the recognition that has already built up, but if the name is not serving you it can be better to start again.  There are situations where a strategic name change can be to your advantage.

1.  When a better known individual in the same field has the same name.  If for example you have a book published but someone else has exactly the same name and your audience is likely to get confused, it could be a good idea to change it. I can think of one well-known entrepreneur who identified a different part of his first name in order to make his name unique.  A “pen name” has been a well-known device in the publishing industry for many years but is more related to privacy of identity.

2. If your name or business name means something offensive in any language.  Slang comes and goes and there may be times when it is simply advantageous to abandon a name which has become tainted with another meaning.  This includes in other languages.  There have been certain makes of car which have been renamed for certain markets.

3. If the original name is too long and complicated.  PriceWaterhouse Coopers was the fusion of Price Waterhouse and Coopers and Lybrand but became reinvented as PWC.  If you are a smaller company with less access to advertising and brand building budgets I would avoid initials and use keywords for SEO and memorability.

4. If you need a new logo and want a complete brand re-fresh.  Take time to involve your team, get feedback and make the changes slowly.  Change tends to be resisted at first, so the more that clients and your team are involved with the decision the more easily it will be accepted. You won’t get everyone to agree so be prepared for lively discussion – if not fights!

5. If the name seems out of step with your market.  Markets change and fashions come and go.  Sometimes an old-fashioned name is a valuable asset, sometimes it strangles the business.  It all depends on the market you are in.

6. If you are bored of the name I suggest you don’t change it.  Remember it can take the market some time to catch up, and you don’t want to waste all that goodwill or recognition. If you have a new sparky idea develop a product or service with the name.

7.  When you decide to change the name do so very clearly, and give lots of notice for all stakeholders.  It will be like a supertanker turning 360 degrees in the water. It can’t go fast but it can be deliberate and spend time on the change process. Change is more likely to be resisted where there is a takeover or merger but persistence and involvement of all parties will eventually win.

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The Climate change summit in Copenhagen will affect us all, and we have to hope that concerted action will be taken.  So often in the media we hear about the warring parties and the lack of agreement, but maybe this time it will be different.

I was encouraged to read WorldVision’s blog from Copenhagen which was enthusiastic about how much is being achieved in the more southern countries of the world, such as Mali.  There the village women have managed to make a real difference to climate change.

World Vision is one of the charities I support.  I do so with regular giving which goes directly to a boy who has written to me and I to him, and the money I provide not only helps him but also touches his community.  His mother has recently died and it is good to know that my support can really make a difference.

One way to influence people is to deal in shock tactics and fear – and usually this more heavy handed approach is effective at a small business level as well as when dealing with governments.  However the more long-lasting way is to be an organisation – a company a brand -  that exudes positive values and is a pleasure to be with.  Good customer service, relevant information, courtesy, a can-do attitude which builds trust and loyalty over the long-term.

From a marketing perspective World Vision look after me with information and interesting ways that I can maintain contact.  Their dealings with me are very personal and related to the boy I support.  They have sent a Christmas Card for me to send off, and – quite naturally – have asked for additional funds.   I like to support organisations that – as the song says – accentuate the positive.  Reading the blog from World Vision at the conference helps me to feel that my principles are allied to theirs.  This is likely to encourage me to remain a supporter.

If your business does deal in shock and problems it can be a good way to create attention, but it is not sustainable.  For long-term good relations with clients or supporters it is better to offer a wonderful service and treat them well with courtesy and relevant information.

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This figure (or its yearly equivalent) is read out each week in meetings and largely goes unnoticed by members.  It does not directly impact their own business, or their conversations with friends, business partners or visitors.  And quite rightly, since they have mostly been up since 5:30 am, hot coffee and breakfast are a priority. (Think Maslow.)

This figure is the equivalent of the GDP of a number of countries, but produced from fragmented sources.  So there is no big story or something for the media to get their arms round.

Instead the drama of playing fast and loose with other people’s money (bankers), or grabbing for themselves and paying no tax (politicians),  the members of BNI are typically using their own money and contributing to the national revenue.  They are working away quietly.   In fact, Charlie Lawson who has recently taken over the running of BNI in the UK wants BNI members to help themselves and the economy  ” I want to help you  pay more tax”.

But as well as sticking a BNI label on spending that might have occurred anyway and was re-directed, I guess that the members created business opportunities and money where none would have existed before.

Is this the answer to the recession? Small businesses stepping up?

If all the money made from all the networking groups were laid end to end and counted I am sure that would boost confidence to get us through a recession faster.

BNI is the daddy of networking because of its size, global reach and longevity…and for the moment we will leave the money to one side.

Started by Dr Ivan Misner at his kitchen table in California, BNI grew organically as an extension of meeting up regularly with friends who had businesses.  The members created opportunities for each other by passing on a “warm lead” or referral obtained by word of mouth not by looking in Yellow Page

Recommendations with a personal endorsement are the currency of golf clubs, old boy networks and mums at the school gates, yet Ivan Misner’s approach was revolutionary at the time.   It made the referral system transparent and inclusive, and it also made it ethical.  The idea began to spread when the second accountant/CPA wanted to join them for breakfast which caused a moral dilemma about who would get the business. So a new group (or “chapter” in the BNI lingo) was created.

BNI was brought to the UK 13 years ago by Martin and Gillian Lawson who saw it is action in Canada (presumably under the care of Steve Lawson – yes note the surname!). Their drive contributed to the fact that the UK became the fastest growing country worldwide for BNI.

However, during the last 13 years the networking explosion on line and offline has meant many new groups have started. Whether directly or indirectly they have been able to capitalise on positioning themselves as being “better than BNI”.

This means that BNI is the daddy – ie is the organisation that is the benchmark.

In terms of developing the brand this poses a number of problems for the new team of Charlie Lawson and Tim Cook who will be taking the organisation forward.

Next post will appear in two days time.  Please add any comments or thoughts…thanks!

PR: wait… I: wait… L: wait… LD: wait… I: wait… wait… Rank: wait… Traffic: wait… Price: wait… C: wait…

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innocent have one of the great brands  and look as though they do what they promise.  I once asked Richard (the marketing one, I think)) whether their logo of a type of smiley face, was actually drawn in a matter of seconds with a felt tip pen…which is what it looks like.  He said that yes, the person they were talking to just pulled out a felt tip pen and drew it.  (I think it was in red not black). Good story – we love natural and authentic!

So will they continue to be authentic while having Coca Cola as a shareholder?  Hard to say but from innocent’s track record you have to assume the chances are good.  As a small shareholder Coca Cola  will not be able to influence decisions but it probably depends on the potential size of  the European market and how much access will be through Coca Cola.

Access to market is a very real currency which could have far more value than a “mere” £30 million. .. and may be pointed out in the boardroom in the future.

The warmth and cuddliness of the innocent brand will re-examined.  I would guess that very few people who choose innocent drinks now actively drink Coca Cola or view it as a saviour.  But it is sensible footwork on the part of Coke to ally with a smaller authentic product.  As innocent have hinted the big coup would be to change some of Coca Cola’s ways ..

http://www.innocentdrinks.co.uk/a-letter-from-the-founders/

Good luck to them.  Business is business and you have to expand or die .. but we hope it will not be the slaughter / or diluting of the innocent brand.

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