October 19, 2009

Crazy Company Naming and Renaming Besets Investment World

Some of the more amusing - or perhaps frightening - naming and branding industry postscripts are the names given to major financial entities in America.

One would think that in this environment the real money would be in play it safe, anonymous naming and renaming like that embraced by AIG.

Nothing doing.

A great piece about renaming private equity by Lauren Silva Laughlin caught my eye last week. The term is so maligned, misused and nowadays inaccurate, that Carlyle's David Rubenstein thinks it should be called "change capital" or "value-added equity." Laughlin, tongue firmly in cheek, suggests instead that it be called "underwater equity" or "fee-squared capital" or, hilariously, "Pupa equity" standing for "Private until public again."

I avoided writing about that because I thought it sounded a bit, well, silly, but now I just can't help myself. You see, a new Mutual Fund tracking site is going to be called "kaChing." It started as a game on facebook, has graduated to a fairly sophisticated investment monitoring device, and soon will be a place where real money is traded. You can even get yourself ranked as a "genius."

kaChing. Get it?

How about a fund for the more literary minded? Okay, then why not throw your cash in with the Roark Capital Group. These guys have $1.55 billion and are ready to put $750 million into the private equity market.

The name of the company comes from the greedy, ruthless, self-obsessed architect in The Fountainhead, an Ayn Rand novel. You know, the one where people who are not "creators" are "parasites."

Technorati Tags: Renaming, Naming Company, kaChing Company Name, Roark Capital Group, Financial Company Naming

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June 26, 2009

NY MTA Declares Open Season on Subway naming - Barclays Bags Brooklyn

The New York Times seems a little anxious over the fact that London-based Barclay's Bank has attached its name to "the nexus of subway stops at Atlantic Avenue, Pacific Street and Flatbush Avenue" at a cost of $4 million.

This is part of the new plan to create a Barclay's Center (the new sports stadium for the New Jersey Nets) in the area by Atlantic Yards and essentially declares open season on the New York subway when it comes to naming rights.

The New York Times continues to state its amazement, writing "if a company can pay to get its name on any station, a New Yorker might wonder what's next: Coca-Cola Presents 59th Street-Columbus Circle?"

Well, yes. The Metropolitan Transport Authority (MTA) is even open to the idea of Taco Bell renaming Grand Army Station.

The New York Times' Freakomics blog also asks if the next step is "The "Bill Golden Gates Bridge," while jokingly suggesting that Subway should pay New York for getting all that free publicity.

As pointed out on Minyanville, "The possibilities are almost endless: There are 468 stations along the system's 26 lines and 722 miles of track. Advertisers already turn the inside of the subway's 6,400 cars into rolling billboards."

Interestingly, Minyanville also notes that when the subway was opened in 1904 it was meant to be ad-free.

The bloggers over in Chicago have already figured out what the Chicago Transport Authority (CTA) can do with some of the stops in that city, offering us nuggets like:

• Belmont LifeLube station


• 18th Street Blick station


• Clark/Division Viagra stop


• Diversey Starbucks stop


• Addison Axe station

Over in the UK, a more sober analysis points out that "There is a Barclay Square in London and a Barclay Street close to where the Twin Towers once stood in lower Manhattan" so the name itself shouldn't be a big shock to New Yorkers.

However, while everyone in the UK knows Barclay's Bank, few in New York do.

This will definitely change.

Technorati Tags: Barclay's Center, New York Subway, Barclay's Station, Subway Naming

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May 21, 2009

Banking on Irreverent Brand Names: Redneck Bank and Tightwad Bank?

In today's economic environment, it goes without saying, that banks and financial institutions in general have been receiving a lot of deserved, negative publicity.

Many banks and financial institutions are changing their names to rid themselves of negative baggage. Two that come to mind are:

• AIG to AIU, as we've mentioned before


• GMAC to Ally Bank, which we've also discussed

However, there are a couple of banks that are introducing, in my opinion, irreverent names. Two of these were featured in an Ad Age article yesterday.

• Redneck Bank


• Tightwad Bank

From time to time, we are contacted by the media for our professional opinion on current brand naming or marketing topics. You'll find my opinion on these irreverent bank names in the Ad Age article.

Technorati Tags: Redneck Bank, Tightwad Bank, Bank Name Changes, Bank Brands, Brand Names

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May 15, 2009

GMAC's New Ally Bank Brand Name - well aligned and allied, but a blind alley when it comes to pronunciation

GMAC, starting today, will rename its bank Ally Bank. The name change marks a shift away from the GMAC brand that underscored the lender's association with the auto maker.

Ally Bank is clearly a fresh start for a company whose first quarter 2009 net loss topped $675 million.

The Ally brand, according to the company's press release, was developed as a result of
extensive conversations with customers who "clearly expressed the need for a trusted bank partner."

"The name Ally aptly fits the character of the brand," said Sanjay Gupta, Chief Marketing Officer.

And it does.

That is, if you are referring to the standard English noun, Ally, which means a person, group, or nation that is associated with another or others for some common cause or purpose. And, if this new brand wishes to "embody verb potential," as Guy Kawasaki recommends, the English verb Ally (pronounced uh-lahy), also echoes a personality of partnership defined as "to associate or connect by some mutual relationship, as resemblance or friendship."

The new name also has the benefit of being a short and distinctive real word with its own URL (purchased for big bucks we presume).

But there are drawbacks.

Linguistically, there is a strong temptation to associate this brand with GlaxoSmithKline's heavily advertised Alli weight loss aid (pronounced al-eye), or with Mohammed Ali (pronounced ah-lee), or with the common English noun Alley (pronounced al-ee) that is defined as "a walk or a passage between buildings."

All told, there are about five ways that the new Ally bank name can be pronounced and there are almost as many ways to define it. Clearly, this presents a handicap for a brand founded on a personal relationship and "talking straight."

Technorati Tags: GMAC, Ally Bank, GMAC Name Change, GMAC Renaming, Bank Naming

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May 4, 2009

Financial Services Naming At Fault for the Recession?

A South African columnist reminded me today of a hilarious YouTube video that explores how financial services naming was partly responsible for the economic debacle we now face.

Who could resist risky investment products with names like "High-Grade Structured Credit Strategies Enhanced Leverage Fund," which was not high grade at all, not really a fund, certainly not structured well, enhanced by nothing and offered little to no leverage to those who bought it.

Who indeed, given that we don't even know what to call the crisis.

Is it a "credit crunch?" A "credit crisis?" A "Subprime crisis?" Or just "The Great Unwind?"

It might be argued that false product naming is partly at fault for luring in gullible investors, which in turn caused this crisis.

According to Forbes, many of the top financial organizations with names like "Consumers' Research Council of America" are just mailboxes, and their publications, such as "Guide to America's Top Financial Planners," are just hokum.

On LoveMoney.com Harvey Jones explains that the first step to not becoming a victim of a financial services scandal is to not "buy anything you do not understand." In addition, when you hear the word "safe," be afraid.

Structured products in general are named poorly, offering "capital guaranteed" when none really is.

"100% capital secure investment?" "Full capital protection?" These slogans are completely fictional, as 6000 Lehman investors have learned.

If your bank has the word "federal" in it, do not think that this is an assurance that the government backs its work, or that it even had any association with the government: Federal Express is not run by Uncle Sam.

You cannot sell people sweetener that is "sugar free" without facing a lawsuit. But when it comes to the products banks sell you and me, anything goes. It's an "integrity free" situation.

Technorati Tags: Financial Services Naming, Structured Product Naming, Financial Crisis, Crisis Names

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March 24, 2009

Will Re-branding AIG Help To Rebuild Its Tarnished Company Name?

AIG is yet another company brand name heading to the scrapheap as a casualty of its own greed.

On Monday its lower Manhattan offices were busy having the AIG name removed from above the doors, which will be replaced by a smaller one reading AIU Holdings Ltd because, as the CEO himself admits, "| think the AIG name is so thoroughly wounded and disgraced that we're probably going to have to change it."

AIG's Pine Street headquarters will continue to be called the American International Building for now, but it would not be a surprise if it was sold off soon to help pay the company's debts.

Things are so bad that employees have been warned, for their own safety, not to wear any AIG branded clothing or identification.

This public backlash has caused several other AIG subsidiaries to change their names. For example, the auto insurance unit AIG Direct is going to 21st Century.

Even companies like International Lease Finance have suffered because of their connection to AIG, which admittedly is not advertised in the name. One Nashville subsidiary is dropping the AIG name in favor of American General Life and Accident Insurance, or AGLA.

This can't be good news to Atlantic International University, American International Underwriters, the American InterContinental University, all of which have huge web presence and will now have to compete with AIU Holdings Ltd.

But the bigger question is whether or not changing a company's name can put the past behind it?

The simple answer is that yes it can, and sometimes its the only solution, as one professor suggested is the case with AIG's re-branding decision. It is can be painful process, but ultimately, it's worth it.

Most people have already forgotten that Cross Country Energy was once Enron and Accenture was a "big piece" of Arthur Anderson.

Naming and branding is vital to a company's success and if AIG plays its cards right, it will probably be able to find new life.

However, will it ever be as big a brand as it once was?

Doubtful. And that's good for all of us.

Technorati Tags: AIG, Re-branding, Brand Names, Enron, Company Name, Arthur Anderson

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February 25, 2009

What Would You Name the U.S. Economic Recovery? (For Free Movie Tickets)

Without optimism, there can be no hope for an economic turnaround in our near future, but as President Obama boldly stated in last night's speech, "We will rebuild, we will recover."

At Strategic Name Development, we tried to spread this message a few days ago by promoting a naming contest that challenges participants to name the future recovery of the U.S. economy, because all great moments in time deserve a great name to be remembered by.

We placed ourselves ten years in the future and looked back at a remarkable U.S. economic recovery that we believe to be inevitable. In doing so, we saw another moment in our nation's history that warrants a memorable name and came up with a few examples:

• The Universal Reversal
• The Crash and Learn Era
• Remade in America
• American Dream, The Sequel

If you believe that the American people can overcome our current economic crisis, or simply think you have a better name, and would like to win a year's supply of movie tickets (up to 24 tickets), please submit your name idea to our Name the U.S. Economic Recovery Contest.

Who knows, your name may be the name that will forever define the rebirth of the U.S. economy.

The contest ends at 5 PM EST on Friday, February 27th, so don't miss out on your chance to help spread a little optimism around a topic that has recently drawn nothing but negativity.

The winning name will be announced on this blog on Friday, March 6th.

Technorati Tags: Contest, Naming Contest, Name Contest, President Obama, We will rebuild, We will recover, U.S. Economy, Economic Recovery, Free Movie Tickets, Movie Tickets

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February 6, 2009

Citigroup Stadium Naming: Savvy or Strikeout?

The controversy over the Citigroup naming of the Mets' new stadium has brought to light how important advertising is to the success of a company.

The question everyone is so anxious about is how can Citigroup have the nerve to dump $400 million into the naming rights of a stadium when it's asking for $45 billion in bailout money?

Well, the simple answer is that a company that does not advertise is a dead company, and stadium naming, according to some experts, offers incredible value in terms of getting your name out there in the public consciousness. $400 million bucks is ultimately not that much given the scale of Citigroup.

The problem is that such a move creates the wrong perception among people who are hyper-sensitive to the excesses of the banking industry.

Fact is, the Mets have a legally binding agreement with Citigroup on this, and are expecting the returns off the naming to cover a great part of the stadium's running costs. Backing out of the deal would not only show bad faith on Citigroup's part, it would underline to everyone the sad state of the US financial world.

Maybe the cost is a little excessive, but it didn't seem that way in 2006 when the deal was done. The US Treasury is looking into this agreement and even they understand that marketing expenses are off limits - they are a necessary part of the bank's survival.

But the public sees this as an expenditure akin to the (admittedly ridiculous) $50 billion jet that Citigroup had to nix. This whole deal is wrongly making Citigroup look greedy and frivolous. It is creating what one bystander calls "bad will" instead of "good will."

The only upside? Citigroup may escape what the New York Times calls "the stadium naming jinx" - eg many big banks that have put their names on stadiums have gone bust. "Should Citigroup back out of its naming pact, perhaps it can remain merely beleaguered, rather than, say, liquidated."

Ouch.

Technorati Tags: Citi, Citigroup, Stadium Naming, Naming, Brand Naming, Mets' Stadium, Marketing, Advertising

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January 14, 2009

Merrill Lynch Naming and Bull Logo Live to Fight Another Day

The Merrill Lynch name and its famous bull logo will live on despite the company now being owned by Bank of America.

The new corporate investment bank will be called Bank of America Merrill Lynch. Apparently, researchers went to 13 countries interviewing both current and potential customers to ensure that the name's equity was still strong.

The Bank of America's "Flagscape" logo will also be incorporated into the offering.

The bull logo has been around since 1974 and is hugely recognizable to customers, even in this bear market. One executive in charge of the naming process wisely said that "It would be fiscally irresponsible to try and rebrand Merrill Lynch."

Most other bank names that Bank of America has taken over have been abandoned, but the Merrill Lynch name is simply too powerful to just let go.

This is obviously a good move. Despite Merrill's recent financial failure, the name still means something to investors, and pretty much everyone even vaguely associated with finance knows that what was once Merrill Lynch is now part of Bank of America.

Renaming such a huge organization would cause problems with Merrill employees and former customers. Keeping the name offers both a feeling of security and continuity in tough times.

Technorati Tags: Naming, Merrill Lynch, Company Naming, Logo Design, Bank of America, Company Name

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October 14, 2008

The Dodgers' New Naming Process for Stadium Naming

The Dodgers' new approach to the naming rights of their stadium may be the way of the future when it comes to stadium naming.

Dodger Stadium does not have its name up for sale, but lots of the naming possibilities inside certainly are. The top deck, bull pen, the garage, and other sections of the stadium will be up for grabs. This naming auction follows the recent announcement that the area around the stadium will be called "Dodgertown," a name that seems to have been lifted from their spring training complex in Vero Beach.

I have written before about how stadium naming is in trouble thanks to the collapse of many banks and financial institutions that have lent their names to sporting arenas.

This new naming process of selling off sections of a stadium may be in response to names like Wachovia, which is likely to be removed from many stadiums, just like the Enron name was kicked out in favor of Minute Maid Park. WaMu is yet another name that seems destined for history, leaving a trail of stadium naming and branding wreckage.

Given that the economic crisis will almost certainly continue to trickle down to sports and stadium naming, it only seems logical that bidders should be offered small parts of a stadium rather than the whole thing.

Technorati Tags: Naming, Stadium Naming, Naming Process, Dodgers, Sports Naming, Stadium Sponsors, Dodgertown, Minute Maid Park

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October 6, 2008

Will Financial Naming Endure?

Newsweek is wondering what exactly will become of the American brand now that the financial system is under such stress.

More specifically, there is room to ponder what will become of the Wall Street brand name, which now seems synonymous with greed and mismanagement.

Although, there is no real sense in losing sleep over whether or not the Wall Street name will weather the storm. It has always been the name that people love to hate.

Yes, there has been a lot of trust lost between Wall Street and the American people which has led to some frightening closings to many established bank brands, but do we really think that Wall Street will reinvent itself in the next few months as something other than a place where you can win big and lose big, a place where "greed is good?"

The more interesting naming news related to this issue is the press suggesting we banish the word bailout when talking about the Rescue Package.

Salon magazine reminds us to call it a "Rescue Plan," following the trend we wrote about on Friday.

Rescue Package or Rescue Plan makes the whole bailout bill (the term will not die) seem all the more necessary and makes those who sign it look like rescuers rather than bailers, or even worse, bailer-outers.

This may be the case, but as we suggested in our last post: Bailout bill name change or not, we all appear to be in need of a financial rescue.

Technorati Tags: Wall Street, Bailout, Rescue Plan, Rescue Package, Greed is Good, Financial Naming, Naming

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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.

Technorati Tags: iBanking, Wachovia, iBanker, Naming and Branding, Bailout Package, Citi, WaMu, Stadium Naming, Ballparks, Financial Branding, Naming and Branding

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July 21, 2008

What Qualifies as a Naming Emergency?

It's hard to explain to people in other countries what's wrong with the US economy.

More precisely, it's hard to admit that two of the major mortgage lending institutions are called Fannie Mae and Freddie Mac. As one Canadian blogger put it, "Who in their right mind would name a bank something so ridiculous - or anything for that matter... even a hamster would cease running on its little wheel if named Fannie Mae." This is really nicknaming that got out of hand, but points to the major problems financial institutions have had in naming and branding.

The names are actually nicknames that grew out of the acronyms. Freddie Mac comes from Federal Home Loan Mortgage Corp. (FHMC); Fannie Mae comes from Federal National Mortgage Association (FNMA).

Even worse, the CEO of Fannie Mae is named Naiel H. Mudd. As in, "Your name is Mudd."

While the brains behind Freddie Mac is named Richard F. Syron, which rhymes with "siren." As in "emergency."

Speaking of which, there may be a naming emergency going on in New York as Citi commits $400 million to secure the naming rights for the new Mets Stadium.

Recently, I wrote about Citi's decision to revitalize their 1977 tagline: "Citi never sleeps." Although, it appears that Citi may be set for a nightmare with their decision to get into stadium naming. Blogging Stocks says that there is actually a curse hanging over companies that name stadiums after themselves:

• The Pats' stadium was named after Gillette, which is now owned by P&G, though the brand name is still in use
• Fleet Center is named after a bank bought out by Bank of America
• Tweeter Center is named after a company that has since filed for bankruptcy

Given Citi's recent problems, it seems to many people - especially to those employees who have been fired - that this might be a sad waste of money.

Technorati Tags: Financial Naming, Freddie Mac, Fannie Mae, Citigroup, Mets Stadium, Stadium Names, Naming Curse

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March 18, 2008

Bear Stearns Naming Especially Relevant Today

One of the things that has occurred to me as I read about the JP Morgan buyout of of Bear Sterns was how a company with the word “bear” in it managed to do so well on Wall Street in the first place? Patrick O’Callahan in the News Tribune wonders the same thing, asking “Why not Bull Stearns, Windfall Stearns or Rally Stearns?”

Names that might be avoided, according to Callahan, would be “Crash Stearns, Panic Stearns, Nosedive Stearns, Sell-Off Stearns, Lemming Stearns and Halloween Stearns.” The Daily Dopeness suggests that the new name might be JPBearBernankeMorganStearnsChase. Fact is, they are certainly living up to their name (the first part, anyway).

Then again, Callahan's naming might seem very apt to poor old Bear Stearns today.

Technorati Tags: Naming, Bear Stearns, JP Morgan, Callahan, Buyout

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February 13, 2008

Does TuitionTree Brand Naming Make Sense?

Yesterday, on Trademork, I read something troubling about online loan service LendingTree.

Already facing a class action suit for “unfair business practices and false advertising," it has decided to offer a similar student loan service called TuitionTree.

I do think that TuitionTree is an improvement over the LendingTree brand name but worry that this kind of bad publicity could hurt any venture that ends in Tree. Rumory suggests that the entire LendingTree model is doomed anyway.

The next generation of real estate loan engines will be more personalized and will feature Web 2.0 naming like Zillow and Trulia.

Expect to see the same in the realm of tuition searching.

Technorati Tags: TuitionTree, LendingTree, Brand Naming, Zillow, Trulia, Loan Service, Lawsuit, Money Tree

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May 30, 2007

Brand Naming: A Naming Company's Best Friend

Alex Beam has a great column up in The Boston Globe entitled "It's a re-brand new world" that takes a hard look at the prodigious amount of renaming that's going on lately.

He looks at the very intelligent rebranding of Boston University as "Boston's University," a nice step up from "the third great University on the Charles."

He then takes a swipe at the Cingular/AT&T company name change, and goes on to to say: "Boston Scientific just rebranded its troubled Guidant brand of heart devices out of existence. Healthone Care System has rebranded itself as Atrius Health because of a name conflict with a Denver hospital network. Citigroup, Delta Air Lines, and even the Iraq war are all said to be in various stages of rebranding."

And while renaming and repositioning cemeteries, cities, and, indeed, countries (he has fun with Canada's new slogan "Keep Exploring," which I think is pretty good) may seem odd to the casual observer, we do it because naming matters. Slogans matter and even mascots matter.

I'd love to see a debate between Seth Godin and Mr. Beam. Seth just posted a great piece entitled "Naming: Of Renamed Brands and Previous Names." Seth says that in general, use an existing name with a great deal of recognition (think AT&T and Cingular), but change your product name or company name only grudgingly for three reasons:

• A merger makes is a necessity
• You need to simplify your brand architecture
• Your current name has too much negative baggage.

Once you implement the change however, make a clean break with the old name and market the new name aggressively.

Technorati Tags: Boston University, Cingular, AT&T, Seth Godin, Delta Air Lines, Branding, Company Naming

Posted by Diane Prange at 10:39 AM | Comments (0) | TrackBack

May 29, 2007

Brand Naming: Are Bank Names Getting Blander?

According to the International Herald Tribune, big banks are trading up to brand names that reflect a global rather than regional reach to appeal to well-heeled customers who might do their banking in a number of countries.

Thus, Spanish Banco Santander Hispano recently changed its name to Santander and is doing away with the names of the banks it acquires.

HSBC and Citigroup have followed the suit. The danger, according to one exec, is creating "not a global brand but a global bland" as bank brand naming gets blander and more encompassing.

The problem, according to one blogger, is that "good bank brands make bad bank trademarks."

Bank brand naming is getting all the more confusing, as banks expand their reach, often treading on local company names as they do so.

• According to the authors, "once-sleepy, small-town banks suddenly emerging as protagonists in national or even global trademark wars."
• Who, for instance, is the real "First National Bank" or who can claim rights to the name "Savings Bank"?
• Are these generic and descriptive or are they trademarkable?

Bankers also get in trouble for snapping up regional names: as in Winchester Federal Savings Bank vs. Winchester Bank, Inc.

Another blogger has found this out the hard way with the Bank of China; while another bank has hit upon a novel way of getting its boring brand name recognized.

Of course, as bank names get more wishy-washy, the names for bank robbers seem to be getting more panache.

The FBI now seems to be giving names to some of its more flamboyant targets: next time you are making a deposit at your local bank watch out for The Paparazzi bandit and the Panama Hat bandit.

Technorati Tags: Santander, Bank Names, Citigroup, Bank of China, Paparazzi Bandit, Panama Hat Bandit

Posted by Diane Prange at 12:03 PM | Comments (1) | TrackBack

March 15, 2007

Brand Name Recognition: Bad For Chrysler, Good For Legg Mason

Sometimes the only thing worse than nobody knowing your name is when everybody knows it.

It seems that two shareholders want to drop Chrysler from the DaimlerChrysler company name and instead use Daimler-Benz AG, because any reference at all to the ailing Chrysler business is "detrimental to the image of the corporation and its products," wrote shareholders Ekkehard Wenger and Leonhard Knoll in their proposal.

Wenger and Knoll add that people have been making up unflattering nicknames such as "Doting Daimler" and "Daimler-Crisis," and that hurts the brand name reputation.

Gunnar Heinrich, at the 4 Drivers Only blog, added that seeing a DaimlerChrysler plaque on a $134,000 Mercedes-Benz would be upsetting, given the lack of premium-priced status he associates with the Chrysler brand name.

John Neff at Autoblog chimes in, “What does it say about the state of solidarity within your company when you have one half being referred to as an affliction? Not much.” Neff notes that DaimlerChrysler supervisory and management boards will resist the name change, making it rather unlikely. Still, it hurts public relations.

I think it's in Mercedes-Benz and Chrysler's mutual benefit to end their ill-conceived relationship and build their respective brands. Yes, Chrysler has some great brands in its stable.

Legg Mason, on the other hand, has the exact opposite problem as DaimlerChrysler. Legg Mason is an invisible giant, known and respected only by people in the financial management sector but not by the average consumer. This is despite the fact that it is the fifth-largest money management firm in the world.

Legg Mason is about to spend $4 million over the next four months to change that. And not a moment too soon. People in its home town of Baltimore know the brand name, it seems, as well as a few others, including Citigroup, which are in its fold.

The only press they seem to have gotten lately is from some Playboy bunnies, who managed to beat the Bill Miller's Legg Mason Value Fund with their stock picks last year.

Technorati Tags: DaimlerChrysler, Ekkehard Wenger, Leonhard Knoll, Daimler-Benz, Name Change, Brand Recognition, Company Naming, Legg Mason

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February 15, 2007

Citigroup Changes Name, Returns Travelers’ Umbrella

Citogroups’s recent announcement that the company was uniting its businesses under the “Citi” brand name and selling its red umbrella logo to insurance giant St. Paul Travelers was not a surprise to most people.

Citigroup has long needed to present a unified brand name to the world and has done it with the Citi initiative.

The company’s various divisions (which briefly included the original Travelers Group and its umbrella logo) will start using different colored logos all with the recognizable red arc logo. The company names will change to reflect inclusion in the Citi brand as well: Citi Smith Barney, Citi Investment Research and Citi Private Bank. Citi’s legal corporate name, however, will remain Citigroup Inc.

Citi’s return of the famous Travelers umbrella has caused much happiness in Hartford, the original home of Travelers, which had flirted with the idea of throwing out the umbrella altogether as part of its effort to build its brand name via its new parent company, St Paul Travelers Cos under a winged shield logo.

Obviously, common sense prevailed and St. Paul Travelers, after it buys the umbrella for undisclosed millions, is going to change its company name to The Travelers Cos (the stock goes to TRV from STA) and will be using that umbrella logo once again.

Citigroup’s effort to collate its myriad interests under one simple, memorable, and Google-friendly name is a great one, not least because they have also named the local stadium after themselves.

The experience with the Travelers umbrella is a nice lesson in branding: you just cannot trade logos between industries. The umbrella logo says “insurance” to millions of people, not “banking.”

Technorati Tags: Citi, Citigroup, St. Paul Travelers, Rebranding, Brand Logo, Company Name Change, Insurance Branding, Umbrella Logo

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January 15, 2007

Company Names: Will Citi be confused with CIT?

As you may have seen, the New York Times indicates that Citigroup is considering shortening its name to just Citi and dropping the red umbrella from its logo.

I've always wondered how Citigroup and CIT have coexisted in the financial services sector. It seems to me that changing to Citi will only exacerbate the potential confusion with CIT.

Technorati Tags: CIT, Citi, Citigroup, Citicorp, Citibank, Banking, Company Names, Company Naming

Posted by William Lozito at 1:24 PM | Comments (0) | TrackBack

October 2, 2006

Links du Jour 10-02-06

02138 > 90210 - Adpulp informs us that Harvard University spends between $500,000 and $1,000,000 per year defending its name against people who want to use the word “Harvard” for dubious purposes. Interesting downside to being the most recognized university name in the world.

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T-Mobile Launches "myFaves" Service, New Branding - T-Mobile is going through some big changes, not least its brand name and a new slogan, “stick together”. They also seem to be using different fonts and typography on the products like myFaves, sold under the umbrella brand name.

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Hola Bank! Me Llamo Steve - Here is a really simple way to personalize your bank’s brand name offering: program your bank machines to remember if your customers speak Spanish or English. How easy would that be? It seems to me that this speaks to every aspect of name development — starting with the language of your target market.

Technorati Tags: Intellectual Property, IP, Cellular, Mobile, Banking, Banks, Personalization, ATM

Posted by William Lozito at 11:53 AM | Comments (0) | TrackBack

August 20, 2006

Links du Jour 08-20-06

• Heidi Klum Increases Her Brand Equity - Following my recent post about the "body slam" between Elle Macpherson and Heidi Klum comes this interesting piece of information about the Heidi Klum brand name. Bill Tancer has tracked hits on the Project Runway television show and found that Heidi Klum's name is now synonymous with the show's name (in terms of searches at least). An interesting case where the celebrity behind a product actually becomes the brand name itself.
• MasterCard Makes a Mini-Movie - They're airing a two minute flick on TNT that is designed to get around ad skipping. A new move in product name placement, where the main character will blatantly use the product in some dramatic situations. They are thinking about serialized two-minute shows that you watch between the shows you actually tuned in to watch. The real star of the show? The MasterCard brand name.

Technorati Tags: Heidi Klum, Project Runway, TV, Television, Elle Macpherson, MasterCard, Advertising, Product Placement

Posted by William Lozito at 9:00 AM | Comments (0) | TrackBack

July 6, 2006

Links Du Jour 07-06-06

• Infusion Deluge - This post by Paul Williams illustrates a trend in naming products with the words fusion or infusion. Paul advises against using these words in product naming, since they’ve lost their meaning.
• The MasterCard OMG WTF Rebranding - Interesting post on the origins of the Mastercard brand name and logo development. Now, the Mastercard Worldwide family of brands has a new logo, too.
• Microsoft product naming fiasco continues - As the release of Office 2007 gets closer, the unofficial Microsoft weblog reminds us of Microsoft’s poor record of product naming. It’s becoming clear that internal politics and a complex brand architecture can sometimes hinder the development of simple and friendly branding.
• Your Driver - What's In A Name - Donn Glenn enlightens us with this funny list of product names that golf club manufacturers have devised to appeal to "golfing testosterone". Most of these names sound like a fast food hamburger to me.

Technorati Tags: Mastercard Worldwide, Rebranding, Office 2007, Driver Names

Posted by at 10:13 AM | Comments (1) | TrackBack

June 6, 2006

Links Du Jour 06-06-06

• Target is a really powerful...bank? - Target just made the top ten list of credit card issuers, meaning that now millions of people see the Target name and logo when they pay for practically anything. Who would have thought that a retail store could make the same list as Chase, Citibank and Amex? I think this is a breakthrough in retail product naming.
• Meat Loaf Sues Former Collaborator Over "Bat Out of Hell" - Product naming can get big and mean. Meatloaf is claiming the Bat Out of Hell phrase is his, as he wants to use it for the name of his upcoming album "Bat Out of Hell III: The Monster is Loose." The law supports the "user of the mark", and that's Meatloaf, in my opinion, not his collaborator and not his manager.
• Addendum to Ten Questions with Dr. Joseph Chamie - Guy Kawasaki has an interesting pair of blog posts that look at the changing demographics of the U. S. If you plan on doing business in the U. S., you might want to know what segments you and your company name need to appeal to, and where. The answer may be a crucial part of your brand strategy.

Technorati Tags: Target, Chase, Retail Product Naming, Meat Loaf, Demographics

Posted by William Lozito at 8:19 AM | Comments (0) | TrackBack

May 20, 2006

Product Naming: Would You Trust Your Uncle With Your Money?

If there ever was a category where creating an emotional connection with the consumer was particularly important, it's Financial Services. That's why I like the new Tio product name. The company's target market includes Hispanics, who are historically accustomed to dealing in cash.

Who better to trust than your uncle? That’s the Spanish translation for Tio. As you know, family in general is important to Hispanics as well.

TIO Networks, formerly Info-Touch Technologies, a Vancouver company behind one of the fastest growing bill payment and financial services networks in the United States, changed its name to capitalize on the emerging brand recognition of its signature mode of bill payment and financial services kiosks, The TIO Network.

Tio will appeal to the Hispanic community in the U. S. Southwest.

Here are some other recent stories on payment processing and kiosks:

• The Wilmington Star reprints a New York Times story on how convenience stores are installing kiosks to serve as banks for the unbanked.
• The BBC reports on the 360money card, a pre-paid debit card intended to allow people without bank accounts to make purchases over the phone or online.
• A General Electric press release on their CashWorks bill payment and check-cashing kiosks.
• Convenience Store/Petroleum reports on TIO Express, which “enables retailers to accept cash payments for multiple billing partners through a web-based application or through the retailer’s own point-of-sale (POS) system.”

Technorati Tags: Payment Processing, Debit Cards, Bill Payment, Kiosks, Financial Services

Posted by William Lozito at 2:59 PM | Comments (0) | TrackBack

March 24, 2006

Links Du Jour

• SweDish - Is IKEA's Brand Bigger Than Sweden?
  
• Spend the Right Money on the Right Customers - All customers are not created equal. The community bank spends 70% on customers who cost the bank money!

Technorati Tags: IKEA, Sweden, Money, Bank

Posted by William Lozito at 12:12 PM | Comments (0) | TrackBack

February 2, 2006

Brand Naming: Do The (RED) Thing

Marrying identifiable brands with social initiatives is not new in American consumer culture. The Live Strong bracelets are an excellent example that ties together the Lance Armstrong brand, the fight against cancer, and the color yellow that makes the bracelets stand out.

The organizers behind the Global Fund to Fight AIDS, Tuberculosis, and Malaria have just announced the new brand name Red, which they plan to use to co-brand with identifiable products from Gap, Converse, American Express, and Giorgio Armani. Portions of the profits would go to the Global Fund. For instance, shirts, shoes, and credit cards would have a Red mark attached to the brand, much like a trademark symbol.

I think the campaign to associate the Red brand name with the Global Fund will be successful and that Red was a good choice of names for two reasons. First, the word red, in the medical community, symbolizes urgency and attention, think Red Cross. Red also represents AIDS awareness in many people’s minds since red ribbons have been used as symbols for that cause.

If you'd like to read what others are saying about the Red brand name, check out the Congogirl, Giselle Medina, or Globalisation Institute blogs.

Technorati Tags: Global Fund, Live Strong, Red Brand, Join Red

Posted by at 10:49 AM | Comments (0) | TrackBack

January 25, 2006

Ameriprise to Pay the Price?

The philosophy of our blog is to accent the positive. It is very easy to take pot shots at what others are doing. Anybody can do that. Anybody can practice Schadenfreude.

I have, however, been bothered by the Ameriprise name, the new brand name for the spin-off of American Express Financial Advisors. Whenever I see the TV commercial or read the name, “prise” stands out. For me, it doesn’t convey enterprise, which is the root of “prise,” but it does suggest that I’m going to win some kind of prize in a contest or raffle.

What's more interesting is that if I were Ameriprise, I would worry about the many other companies that share the “Ameri” prefix. There are 2,598 federally-registered brands with that prefix in the category Ameriprise competes in.

One example is Ameriquest, the mortgage company that agreed this week to a whopping $325 million settlement for fraudulent business practice in 49 states. I think it is reasonable for one to assume that there is some confusion among the target market, that Ameriprise was involved with fraudulent business practices.

It is simply very risky to use a brand name that is close to another's that offers a similar service. If I had to guess, Ameriprise was selected more for internal considerations than marketplace considerations. We are all mature and seasoned enough to know that this happens.

Being based in Minneapolis as Ameriprise is, I am rooting for the success of a hometown company; it is just unfortunate that this new entity could not have started with a stronger, more distinctive name “from the eyes of the target market”.

Click on the following links to see what others are saying about Ameriprise:

• Minnesota Public Relations Blog
• Investment Get Info
• The Unofficial American Express and Ameriprise Blog

Technorati Tags: Ameriprise, Ameriquest, American Express

Posted by William Lozito at 10:45 AM | Comments (2) | TrackBack

January 3, 2006

How to Lose the Name Game

Question: What is a sure way for a company that has just acquired a competitor with a beloved name to immediately raise the ire of customers, journalists, employees and pretty much everyone else?

Answer: Do away with that beloved name. People around the world like, no make that love, certain names and won't take a name change.

Case in point? A dispute between the two soon-to-be-merged Korean Chohung and Shinhan banks turned ugly, with workers threatening a walkout if the Chohung name is chucked. The union says if the Chohung name, which is steeped in a century of Korean financial history, is scrapped they will demand the resignation of the chairman and will ask customers to stop using the bank. All this despite Shinhan's studies indicating that people preferred the Shinhan name to Chohung's.

Another example of a company name change due to merging is Marshall Field's and Macy's. Federated Department Stores' market researchers last year advised them to replace the newly acquired Marshall Field's with the Macy's moniker. People are still reeling. One reporter noted that when the announcement was made last September, Chicago "reacted as if it had been ordered to start putting ketchup on its hot dogs."

Check out the comments on our post on this topic with one commenter calling the move "cultural genocide" and another asking readers to sign an online petition to help preserve the doomed name.

The lesson learned is that companies who acquire others should rename with care. Tamper with certain names at your own risk.

Technorati Tags: Merging, New Bank Name, Name Change, Macy's, Marshall Field's, Chohung Bank, Shinhan Bank

Posted by William Lozito at 11:30 AM | Comments (0) | TrackBack

October 31, 2005

Sniffs and Roars Are Hard to Trademark

The European Union's recent refusal to permit a French company to trademark the smell of fresh strawberries on the grounds stated "there is no generally accepted international classification of smells which would make it possible ... to identify an olfactory sign" is a reminder that non-traditional trademarks are still a thorny issue worldwide.

Marketers always must consider alternative advertising methods in an effort to quickly and effectively differentiate their brands from the competition's. I have always felt that smell is a very powerful mean of establishing an emotional connection to a product. Psychologists confirm "scents offer the strongest effects on memory, surpassing sight or sound." Yet trademarking a specific scent is very difficult. Scents are subjective. Could ten random people take a blind sniff test and unanimously identify a certain smell as that of "fresh" strawberries? I doubt it.

The US Patent and Trademark Office requires that a scent be "commonly known," "immediately intelligible to the majority of the public," and can only function as a source identifier "where it has no utilitarian function."

Smell is not the only difficult attribute of a brand to trademark. Other non-traditional trademarks include sounds, motions, tactile marks (one German brewery trademarked its name in Braille) and even holograms. Recently American legend Harley-Davidson abandoned a six-year quest to trademark the throaty roar of its motorcycles. It's not such a crazy idea. Other examples of sound marks include a duck quacking "Aflac" for American Family Life Assurance Company of Columbus, a cat's meow for Twentieth Century Fox Film Corporation, and the chimed notes G, E, C for NBC. Nonetheless, only 58 out of 729,000 active trademarks in the United States are sound marks.

Laws around the world vary but as things stand, the law in Europe is very clear: a trademark must be able to be represented graphically and be "precise, self-contained, easily accessible, intelligible, durable and objective". I think for the time being, smells as well as sounds, will remain hard to protect.

Technorati Tags: Sound Marks, Trademarking, Smell Trademarking, AFLAC, NBC

Posted by Alwynn Gilgen at 11:30 AM | Comments (0) | TrackBack

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