Know-How Exchange : Branding

Dear Hillari Marshall,

My questions as ever are directed at who your clients are.

In this case, are there actually any bad associations with the previous owners?

Your store is already known after more than a decade - the name too. Since it has the same name as the other one, what are they doing about this problem? They are, after all, in much the same position as you are.

In saying that you wish to continue supplying your upscale customers - who are they. Because spreading your efforts to include people like students may not bring much return. My point is that in serving everyone, you may wind up serving no-one and your neighboring store reap the rewards.

The Marshall Collection
The Marshall Family Furniture Store
The Furniture Collection

Do let us know what you think, Moriarty

Honestly, I'd keep the name. Just a new campaign, this old store just got some new life-- and that fits with your theme of consignment.

Given that you're concerned that there's a potential for confusion, a gradual name change may be in order. You'll need to legally change your name, but you can gradually introduce the name alongside with your current name (formerly known as).

Alternatively, work with the other store's owners to build a common brand (if it's not direct competition). Perhaps you can both win, and save money in the process.

It all comes down to the costs versus the benefits, but unfortunately I can't say which way to go.

There are costs to name changes. Changing logos, signs, business cards, etc. are all there and is pretty easy to calculate. The bigger costs is that the old name has brand equity - that people know it and remember it. Hard to calculate into a number.

The benefit is that some of those people remember bad things. Also hard to calculate into a number.

There are ways to research this, but I usually think an hands on owner should have a feel for this.

It comes down to how people who are aware of the store know it. Are you known as that consignment shop on Elm St? Or do they know the name. If more the former, then a change wouldn't be that costly.

For example, I run a small regional sports magazine (California Kayaker Magazine, calkayakermag.com) as part of what I do. When I see kayakers who I have just met and ask if they heard about the magazine, many have but rarely do they get the name right. So I don't have a lot of name equity. If I had to changes names, I could probably do it.

If you do change, Jay's suggestion definitely holds. Work a transition. Or you could do a smaller change - change part of the name. Such as if I changed the magazine to California Paddler Magazine or West Coast Kayaker Magazine.

And no matter whether you change names or not, you should promote that you are under new ownership, so hopefully the people who had bad feelings for the old owner will realize that things may be different now. I like Carol's old store got some new life play on the new ownership thing.

The town gossips, the comments here, hmm ... My two cents worth: it's your store, your business, your future. I think publish and be damned. Change the name, do it boldly, do it on your time line, no one else's, and do it soon. If other people have left a bitter taste in shoppers' mouths, so to speak, I think "new" may well be the way to go. Six months from now few people will recall the older name, let alone care. A year hence the new name will be the one people use because it'll be the one you keep referring to. And any sticks in the mud who chunter, bitch, moan, and whine: screw 'em! New people coming into the area won't have all the BS baggage of what's happened when, or of who did what to whom and why. Really, no one cares and life's too short.

Consider using the town name or state name and the words "Quality Consignment" or variations on those words. Sounds dull and kind of obvious but sooner or later, it'll be the term most searched for online that brings in your clients, not how clever a name is.