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The Name Change Game
In the past few weeks there have been numerous calls for brand name changes. Councillors for the Sydney suburb of Blacktown for example have “voted to hold a referendum on renaming the area, arguing Blacktown had racist connotations and was a spiritless name“ whilst a councillor in the NSW Central Western town of Dubbo has also argued that its “CBD needs a new bright and lively name” to match up to a marketing campaign.
They both have plenty they can choose from however, with corporate watchdog ASIC announcing the cancellation of 95,000 business names in the first half of this year due to business name holders failing to pay their renewal notices.
When looking at a brand name change you must consider the equity in your existing name and research your customer loyalty. And please check that your name and taglines changes also translate in any existing or intended global markets — here are some of the most epic fails!
Remember a successful rebrand involves much more than just changing a name and logo — it must embody the visions, values and culture of the company, and if you can get this aligned from the very beginning you are well on your way to a strong brand identity (and hopefully negate the need to spend big dollars on a rename in the future). So talk to us about defining and creating your brand name and identity and check out the 2015 Forbes list of ‘The World’s Most Valuable Brands’ to see the ones with longevity and a healthy bank balance.