renaming Tag

Yosemite National Park

Yosemite Has Lost Its Brand

Although we understand the critical importance of trademarks in preventing others from profiting from your intellectual property, we are disappointed in the move by Delaware North to try to extract $51 million from the National Park Service for a shortlist of iconic location names in Yosemite Park. To us, Delaware North is holding these properties for ransom from the American people, for a few historic names that will have little to no value anywhere else.

Let’s back up a minute – last year, Delaware North lost the contract to run hotels and concessions at Yosemite National Park. Shortly thereafter Delaware filed suit, claiming that the Park Service (or its new contracted vendor) no longer has the right to use the familiar and iconic names of historic park facilities (Ahwahnee Hotel, Curry Park, Badger Pass, the Yosemite Lodge at the Falls, and Wawona Hotel). It turns out the Park service had never trademarked the names, so Delaware North took advantage of the situation and trademarked them themselves. Rather than pay a ransom to use the names, The Park Service has agreed to create new names for the facilities.

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When Naming or Renaming, Go Short

Brand logoIs there a correlation between the length of a name and success? It is human nature to shorten words to make communication easier and more efficient. People will eliminate the unnecessary part of the word, while keeping the meaningful part:

  • Omnibus becomes bus
  • Motion picture becomes movie
  • Television becomes TV
  • Gasoline becomes gas
  • Coca-Cola becomes Coke

Since companies don’t want to put obstacles in the way of communicating their names, short communicative names of one or two syllables are generally more successful. For example:

  • Apple
  • Target
  • Chevron
  • Dell
  • Nike
  • Visa

Short and Successful

This human tendency to shorten names can have a direct impact on your organization’s value. A recent story in The Harvard Business Review noted new research demonstrating that companies with short, easy-to-process names were more likely to attract investors, generate more stock trading and have higher valuations.

According to the study “Company Name Fluency, Investor Recognition, and Firm Value,” corporate renaming generally increased a name’s “fluency” and as a result translated into more value. Shortening name length by one word could result in a $3.75 million increase in value for a mid-size company.

Renaming

If your organization doesn’t have a short, simple name, what can you do?

Sometimes the public renames your organization for you. The San Francisco 49ers become the Niners. Nicknames like this convey fondness and familiarity. Sometimes they can be prompted. One of my favorite billboards in New York read: Our name is The Irving National Bank and Trust Corporation (You can call us Irving.)

We often see a long, cumbersome name as the result of a merger or acquisition. The investment bankers and lawyers who are involved aren’t thinking about corporate identity strategy. They’re thinking about closing the deal, and they don’t want the name to get in the way.

Yet this creates problems down the road in ways that end up costing the organization. If a company name is long and difficult to shorten, often the only hope is to go to initials. For example, PricewaterhouseCoopers goes by PwC. But initials make weak names. They are difficult to remember, easily confused and hard to relate to—unless billions of dollars are spent over decades to make them familiar (e.g., IBM, NBC, GE).

The better course? Even in the case of a merger or acquisition, it’s usually better to look forward to the opportunity of a shorter, more fluent name instead of backward. When in doubt, go short.

Learn about Marshall’s work in naming and naming systems.

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