The Bard famously wrote in Act II, Scene II of Romeo and Juliet, “What’s in a name? That which we call a rose by any other name would smell as sweet.”
In his play, Shakespeare shrewdly pointed out that Romeo and Juliet’s love wasn’t in itself a crime. Rather, it was Romeo’s family name, Montague, which constituted the perceived crime of his and Juliet’s passion. Thus, the play’s tragedy was built on the foundation of Romeo having the wrong name.
In the corporate world, names, in the form of brands, hold similar power. A strong brand can emit a positive reputation, while having the wrong name can be detrimental to your company’s health.
Nowhere has this played itself out more dramatically or publicly than with Toyota, which for decades had a platinum-level brand name. Before its litany of troubles, the name Toyota conjured up two words — quality and reliability. Not so much anymore.
Conversely, Apple enjoys a hugely positive brand name. When you think of Apple, you think about innovation and being on the cutting edge. If Apple suddenly entered the consumer appliance market, people would no doubt be doing their laundry in Apple-branded washing machines and dryers.
One key to having a strong brand name is consistency, which in part means providing products and services that do exactly what a company claims they will do. Nike has done a tremendous job of creating consistency through its tagline “Just Do It.” Images associated with winning and success come to mind.
Finally, consider how PNC gradually eliminated the name National City a year-and-a-half after acquiring the venerable Cleveland-based bank holding company instead of dropping the National City name the moment federal regulators approved the final pieces of PNC’s acquisition.
By simply adding a “now part of PNC” to “National City” during the transition period, the Pittsburgh-based financial institution quietly recognized the power of National City’s brand while at the same time incorporating its own equally powerful brand into the equation.
Through this method, PNC used a systematic integration to establish a strong brand in the marketplaces where it had not previously been.
As you think about your own brand, keep this in mind: The power of consistency is very often underrated but remains absolutely critical to building and maintaining a successful brand.