What’s in a name?
Weight Watchers announced last week it was changing its name to WW. The next day Dunkin Donuts issued an announcement its name was going from Dunkin Donuts to just Dunkin beginning in 2019. In 1991, Kentucky Fried Chicken also engaged in a name change to KFC.
For the small to mid-size business owners what does these name changes mean? By reading the press releases, the name changes for Weight Watchers and Dunkin Donuts are to focus their offerings to be more in alignment with current demographics and national/market forces trends.
Possibly for small business owners it may be a good time to engage in some strategic thinking by reviewing the existing strategic plan. These questions may help in that review.
• Have the demographics changed in the last several years? For example are millennials a greater percentage of the potential and existing customer base?
• What changes have taken place in the marketplace? For both Weight Watchers and Dunkin Donuts, the ongoing emphasis on better health choices and improve healthy living played an important factor in their respective name changes.
• Does your brand still deliver its message consistently and reflect your core values?
Back in December 2013, I interviewed local business leader Gus Olympidis of Family Express. During our conversation he shared with me a salient point about brand and core values. He said, “your brand is your promise.”
The two questions to ask yourself are:
• “What is your promise to your customers or clients?”
• “Does your brand honor that promise?”
For Family Express, the brand is “our family serving yours.” When a customer walks into Family Express they are greeted with a friendly smile. Regular customers to the same store are recognized by name. Customers can hear easy and friendly banter between the Family Express associate and the customers. There is a lot of discussion about branding or brands. However, I believe simplicity is best and Olympidis has simply condensed all the costly advice about branding into five words.
Whether it is time to change the name of your business, only you can answer that question. However, now with three months before the end of the year, reviewing your strategic plan to ensure demographics to market forces have not substantially changed is probably a positive action to take.
Leanne Hoagland-Smith is an author, speaker and executive coach. Her weekly column explores issues that impact the bottom line of firms with fewer than 100 employees. She can be reached at 219-508-2859.
More Top Picks Best Visual Timers For Kids