When Brands Change Hands
What's in a name? If you're TD Banknorth, about one quarter of all your advertising budget.
TD Banknorth bought the rights from Bank of America to rename the FleetCenter the "TD Banknorth Garden." Bank of America had passed on the opportunity to brand the building in its own image, which it acquired after scooping up Fleet Bank, the region's largest locally-owned banking institution. A while back Fleet razed the old Boston Garden and built the new venue, which is a much more comfortable if not sterile facility than its predecessor.
But the "Gaah-din" name died hard. The Celtics and Bruins had a rich history in the old building and the Garden name was deeply ingrained in the region's culture. TD Banknorth is banking on raising its visibility by tugging on Boston's heartstrings.
New Englanders will probably receive the name well, but as it's pointed out in this article in Sunday's Boston Globe there's some angst among marketers as to whether the strategy will work; will people associate the "Gaah-din" with TD Banknorth?
The answer is yes...after a while. All the name changes do branding a disservice, but TD Banknorth will benefit if they dedicate themselves and follow through with what they've started. Good branding comes from consistent delivery of a message across multiple disciplines over time. We tell our PR clients that too; PR programs (or advertising) executed in fits and starts hurts a brand. Momentum, creativity and "rolling thunder" initiatives designed to maintain visibility is how brands become industry leaders or "household names." TD Banknorth is spending a lot for the Garden, but over time that investment should pay dividends.