Your brand name can drive your value up. And down.

KFC: Kitchen Fresh Chicken? More of that later.

Let’s start with electric cars. Very Clever. As a Brand Strategist I love the Chinese electric car brand BYD. It stands for Build Your Dream  - what a cool name for car! Interestingly, it was not the original name - that was  “Bi Ya Di” (比亚迪) which can be loosely interpreted as "surpassing expectations”.

And whilst “Bi Ya Di” did a good job in aligning with the company's ambitious ethos, it was felt by the company the meaning wouldn't resonate clearly in Western markets, which led to the adoption of the more globally appealing Build Your Dream.

So a mould breaking name with an interesting past and it got me thinking, what other global brands have changed or evolved their names to reflect shifting trends. Lots.

So, more a more compelling question is what brands have re-engineered their initials to stand for something else, and if so, did it work?

OK first up Beyond Petroleum, BP’s attempt to a capture the renewables ambition of the brand failed because it didn’t  reflect its reality ( at the time of the launch in 2000 over 90% of its profits were from oil and gas - and still are as it happens).  So an elegant solution from brand consultancy firm Landor Associates, but its lack of authenticity meant it was dropped.

In the early 90’s, KFC, as a response to the trends in healthy eating, and to move away from the unhealthy connotations of "fried" adapted KFC to read Kitchen Fresh Chicken. One of those ideas that may well have ticked some boxes in the brand workshop but failed to recognise how the much love the customers felt towards the brand (and its fried chicken!).

Last one - 3M, originally known as Minnesota Mining and Manufacturing. As the company expanded into diverse sectors like healthcare and consumer goods, it sought to move beyond its mining roots. It retained the 3M name while redefining the acronym to signify Materials, Manufacturing, and Markets. Neat, successful and a  good example of brand not straying too far from the truth!

But hey, calm down Bruce, it’s only a name right?

Wrong. Names are huge. You know Coca Cola’s brand is worth over $100 billion? A great deal of that value can be attributed to its name (the merging of its key ingredients—coca leaves and kola nuts and a damn sight better than its original Coca Wine!).

Closer to home, Brand Arrow worked with a PR agency in the construction sector developing the new name Build PR, along with a new identity and website, resulting in a 270% increase in enquiries with a successful conversation rate of 90%. “The results have been undeniable  - it provides a razor sharp focus so clients know exactly what we are about." Richard Pagett, Founder.

I always think of the brand as a big open door into your business. And the role of a brand name is to make that door as wide as possible so that customers can see clearly what your business has to offer.

A good name is an asset that needs to be used, it can be a brilliant start to introducing your brand.

A bad name though is a liability; it actively pulls against the intent of the brand, taking customers away from the intended direction of the brand.

So there you have it - the good and the brand of names and , and, if you’re wondering whether your own brand name is a good one, why not look at my series on brand names that you can find here.