Question

Topic: Branding

Branding Conundrum

Posted by Anonymous on 7/7/2005 at 7:42 PM ET 125 Points
The legal name of my company is Internet Securities, Inc. You might think we are a firewall company, or an online trading frim, especially with our url being www.securities.com.

But we are not. We sell business information online for the emerging markets of Asia, Latin America, Africa, the Middle East and Central Europe.

So we go by the name ISI Emerging Markets. This has a number of pitfalls. One, it can be a real mouthful. Two, the term 'Emerging Market" really only makes sense in G8 countries...elsewhere, it is a condescension. (Consider that 65% of our revenue comes from customers inthe Emerging Markets, and you can see my point....to them, I am belittling THEIR market.)

Just the same, I do run a business that has a niche for which the name does make sense. And it is instantly positioned in G8 countries.

I have thought that our products should perhaps carry brands of their own (www.BVDEP.com provides an interesting precedent in the industry) and you will see, if you visit our site, that we now have a stable of products that could start to have brand recognition on their own. In fact, a recent acquisition ceicdata, arguably has a stronger brand in Asia than does my company, which now owns it!

Information companies with strong brands seem to have a few common threads. Some are names (Bloomberg, Reuters, Thomson). Others have nonsensical names that hint at what they do...Factiva, Lexis/Nexis, Alacra

Our one piece of brand identity that has remained constant is the Logo that is visible on our website.

We are not a big company, but we have a big global footprint...we have offices in 27 countires now. We ahve also been around now for 11 years, so there is some brand identity that has stuck...but I am convinced that our name has been an impediment. A two sylable name which makes itself understood in a multiplicity of languages (think Lexis, or Factiva) and means nothing may be a better way to go.

So I have been thinking of changing our name. Of course, i dont have the wherewithal or the inclination to do a lot of spending on this...am I crazy to think I con do this on the cheap? Am I crazy to even think I need to change?

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RESPONSES

  • Posted by adammjw on 7/8/2005 at 4:37 AM Accepted
    James,

    It is not such a rare case that companies choose names that are not 100% clear to the public but with consistent brand personality policy are nevertheless able to make an indelible imprint in the customers' minds& hearts.Of course it would be easier for your audience if the name were either shorter say e.g. Libra or precisely depicted your offering like Infowell.None the less if I understand you well it does not seem to be such and impediment as in fact 65% of your revenue comes from Emerging Markets and not G8,correct?
    So the main question is if your name fitted your services would it in any way help your business? In order to measure it I would suggest running a survey among your existing clients& prospects with two separate lists of questions.For clients why they chose your company:
    - friendly and competent people
    - the way products and services are delivered
    -convenience( you are there)
    -products&services features
    -price
    -easy and understandable procedures
    -promotion and advertising

    Let them rank the answer 1-7 why yes
    For your prospects modify your questions as follows:
    We are not using your services due to:
    - we do not need them
    -we do not find your people friendly and competent enough
    -we do not like the way your services are communicated to us
    - we do not avlue your products& services features
    - your products& services are priced to high
    -we do not like your procedures
    -your promotion and advertising does not appeal to us
    - we do not like the name of your company( Emerging Markets involved)
    Let them rank it as well as to no.1-8 reasons why not.
    Then you stand a good chance of measuring if your name is a real impediment or not.

    Regards

    Adam
  • Posted by SRyan ;] on 7/8/2005 at 7:21 AM Accepted
    James, you are indeed a bit crazy.  Charming, smart and articulate, too. ;]

    Rebranding is never a cheap or easy process.  You seem to have some pretty good reasons for considering it, though.

    My only advice: There are probably other businesses that would sell their dear sweet grandmothers to get their mitts on your domain name.  Maybe that's a source of funds for your rebranding efforts...
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