Google on the other hand continues to have a positive impact on the bottom line. Marketers carry on with Google and spend money to drive clicks because the search giant owns 66% of the U.S. search market. As search advertising continues to balloon to 78% over the next five years to a $33 billion market; Google will continue to drive results for brand marketers. Therefore the safe bet for advertisers will continue to be Google and with good reason.

Does the bulk of your company’s digital advertising budget go to Google or Facebook? Please share your opinions in the comments section below.

One of the most important things as a business owner, and furthermore as a human being, is the ability to listen. Just sit back and listen to your customers, listen to your family, and listen to your friends. If you stop for a moment and take in some information, it will help you in the long run. If you don’t understand, its ok, but you must ask questions! Take this information and use it to your advantage. The objective of listening is to capture a full and accurate version of what is being said. Once gathered, it will give you a far superior plan for execution.

Please feel free to make comments about your own personal experiences!

The re-branding process will have a direct impact on a business’s success. History has shown that a name change results in a reduction of sales. However, total brand communication awareness actually increases following a re-naming approach due to high activity to communicate the name change. Take great care in how you reach out to a new audience during times of change. It’s imperative that you don’t alienate your existing supporters in the process. Anita Brightley-Hodges, founder of Still Waters Run Deep, a design consultancy says, “Re-branding needs to reflect your company values and you really need to understand what your customers want.” A strong strategy must be followed to avoid losing equity and, more importantly, customer loyalty.

Impact

Dependent upon a case-by-case basis, some new brands are well received, while others are simply rejected by their consumers. Cocoa Pops, a Kellogg’s cereal brand in the United Kingdom, changed its name after 28 years, a decision that resulted in equity and market share declines along with a public outcry. Kellogg’s decided to respond with a television campaign that gave their consumers the opportunity to vote on a name they preferred. To their amazement, 90% chose the original name. Knowing your brand can go a long way. Research through focus groups and workshops can bring out the reality of where a brand stands. A company must know where they want to be and devise a strategy on how to get there. If not thought out properly, a brand can see an immediate impact in terms of percent decline in sales from a name change.  Most cases show on average a 5%-20% drop in revenue.

Success Stories

Example 1

A United Kingdom internet service provider was losing shares and changed its name to that of another provider from a different European country. Unlike the UK company, this brand was seen as a leading edge and dynamic company. The launch campaign was weak on communication; nearly a third of the brands customers thought the name change was a terrible idea.  The UK company had to regroup and formulate an alternative strategy.  The company conveyed more valuable information about itself to the consumers, and this time around the ads were distinctly more noticeable. The new campaign focused on the benefits of the new provider and was well received. Brand awareness catapulted to 60% and began to establish a more distinct position in the market for the company.

Example 2

An Australian energy company was required to change its name after a 10 year period due to a contractual obligation. Prior to the name change, it had sustained a strong market presence, so the company spent significant funds to dominate the media in order to communicate the name change. It then returned to brand-based advertising as a new brand. In the end it was successful in transferring its equity to its new brand name. A committed and clear communication strategy, followed by consistent company values with the same slogan will ensure successful transfer of equity.

Conclusion

A full evaluation of a new name brand should be undertaken.  Consumers are going to assume changes have been made to the product or service as well as the name. It is crucial to communicate that the new brand is exactly the same as the original. An honest explanation of the reasons behind the name change is beneficial. Building a strong media awareness of the name change with a clear message can help to overcome potential setbacks. Considerable amounts of time and energy are needed to establish a new name. This is an investment for the future.

The current clients at Maria the Date Coach must be fully aware of the launch of Agape Match. Having a Greek influence in the name can be misleading to current and potential non-Greek clientele. As seen from the examples, keep the message clear and invest time in communicating the name change. Everyone knows Maria as the intuitive, young and vibrant matchmaker.  Focus on maintaining the same core values as the Date Coach and it will ensure a smoother transition. Leveraging the established brand from previous success and media exposure with Esquire and MSN certifies credibility and will ultimately build equity for Agape.

Company: Agape Match
Website: agapematch.com
Location: New York, NY
Founded: 2009
Brief: Agape Match is a New York City based matchmaking service which caters to successful singles in the New York Metropolitan area. Agape, meaning love and affection in Greek, is the ultimate goal and measure of success for the clients. The service offers relationship advice, tips and tricks to proper dating etiquette to find and introduce singles to their perfect match.

Feel free to share your opinions in the comments section below.