September 30, 2008
Is Financial Naming and Branding Set to Change?
Recent events in the financial world effect all of us personally as well as the business world of company naming and branding.
To begin with, there are a few words that have become, at the least very least, tainted.
Take the business of iBanking, for instance. The words "investment banks" and "investment bankers" are quickly becoming less and less popular. I am pretty sure that the very term, "iBanker" is going the way of the dinosaur.
One blogger even believes that the failure of the recent bailout package was due to "bad branding." That's a stretch.
The various takeovers have also left all kinds of voids in the brand naming space. Citi's takeover of Wachovia put the brakes on a large advertising push, while the fall of WaMu has postponed the rise of a national bank brand name. Amazingly, Chase is now the biggest ad spender in the country.
These financial changes might also have a drastic impact on the world of sports stadium naming and branding as well. The rise of Citi has meant that some stadiums that carry the Wachovia name may be renamed, while other fields that carry the insurance or banking names like "TD BankNorth Garden, Wachovia Center, Progressive Field, Lincoln Financial Field, Quicken Loans Arena, PNC Park, INVESCO Field at Mile High, Scotiabank Place, Chase Field (pictured below), Bank of America Stadium, Prudential Center, Citizens Bank Park, RBC Center, M&T Bank Stadium, HSBC Arena, BankAtlantic Center, Scottrade Center, Comerica Park [and] SAFECO Field," are all in jeopardy.
In fact, buying naming rights for stadiums may be a thing of the past.
I'm starting to believe that by the end of the year there will be an assortment of financial institutions out there, as well as a few stadiums and ballparks, that will simply not know what to call themselves.
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