Any quality branding company will tell you: with nearly one-third (30%) of the world's most valuable brands established before 1900, creating a memorable name and image is an absolute must. What's more, being afraid of change can be a critical mistake. Some of the largest brands changed their names over the years, and doing so has brought them tremendous success.
World-Famous Companies That Have Changed Their Names
Would you believe that Google started out as "BackRub?" Start believing. Some sources say the original name referred to Google's first algorithm and ranking factors — that is, its heavy reliance on backlinks to gauge the importance of websites when it first started out about two decades ago. Similarly, Starbucks, Pepsi, and eBay all began with different names (Starbucks Coffee, Tea, and Spice, Brad's Drink, and AuctionWeb respectively). Each brand seemingly discovered that brevity, clarity, and/or innovation is best. Most importantly, the now international brands were not afraid to take a chance on branding changes (and in some cases even product packaging design changes) that ultimately paid off.
Strategic Branding May Save A Company
The best web marketing and inbound marketing consultants know: the right name can make all of the difference. That's why brands can increase stock values by anywhere from 5 to 7%, and 63% of businesses say they will sink more money into brand marketing within the next year. Ad Age, for instance, suggests that RadioShack may very well have survived, if upper management had been willing to bend in terms of its branding and, most importantly, the company name. Customers learned to associate the name with, well, radios (much like Burger King is associated with hamburgers and cheeseburgers) and that may have been a big part of its undoing.
The right brand name can make all of the difference. Carefully weigh the importance of a company name — or team up with a branding company — to market products and company image most effectively.