Dayton Hudson Corporation became Target and has shown growth in the billions. The Quarrymen became The Beatles and took the world by storm. In 2010, Schifino Lee helped Network Liquidators become VOLOGY and it has grown into a $100 million+ success story today.
That’s why when we brand or rebrand, name or rename a client’s business we make sure we take not only its vision and culture into consideration, but also that client’s customers and their needs, the competition, market atmosphere, and trends.
There has to be criteria for naming and branding a company or consumer product: features and attributes, brand promise, emotional and functional benefits, goals, consumer insights, and there also has to be a strategy for communicating what the new brand and name means to its consumer, what they can expect from this newly named or rebranded product, service or company. Finally, there needs to be a concerted outreach to your target audience in the form of advertising, direct communications (email or direct mail), digital presence, etc. You can’t just build it and they will come, your customers need to know why to pay attention and take action.
Nike and Target established their cultures, their brands, and the spent time and money to tell those stories which enabled them to drop their names from their logos, only use their logos and still have everyone know who was speaking to them. Their personas grew from great communications with their consumers and have become known to stand for the culture they have built.
So what’s in a name? Maybe millions. In fact, we recently rebranded a client who then sold their brand and name for $5 million.