So is it time for RadioShack to take the nuclear route of changing its name? Well, maybe. Certainly its name is not its only problem. But perhaps consumers just can't get past the outdated name and look any further into what the company is all about. I know I can't. And what was once a thriving business is now struggling to find ways to grow.
One Final Attempt
I admired RadioShack's attempt at making fun of itself in its SuperBowl ad this year. But that single effort isn't enough. It may be time to start from scratch and build a new brand.
If history has taught us anything, RadioShack could take a few different paths:
- It could change its name and thrive. After its involvement in the Enron scandal in 2001, Arthur Andersen changed its name to Accenture and has done very well. Similarly, in 2003, cigarette maker Philip Morris changed its name to Altria Group and has done well since. A new name doesn't solve everything, but could it help turn RadioShack around?
- It could keep its name and thrive. Xerox was traditionally known as the company that made photocopiers, but it has completely changed its brand image over the past years. So has IBM. Could RadioShack do the same?
RadioShack isn't the only brand that may need a new name. I think Blackberry is approaching the point of no return, too. Many people associate the brand name with an outdated phone. While some think highly of the brand as a maker of secure devices, that may not be enough to sustain the company. In the next few years, we should know if the company can turn things around. If not, it may be time for a new name.
Add This To Your To-Do List
Should RadioShack change its name? Should Blackberry? What other companies or products could use a new name to kick-start growth? I'd love to hear your thoughts.
There's Never a Lack of Ideas