Source: Scott Olson / Getty
Whether you agree with the name change or not, all the hoopla around the International House of Pancakes, aka IHOP, changing its name to “IHOB” has definitely kept the brand on the tips of folks’ tongues. The eatery will announce exactly what the “b” stands for on June 11. And while many assume it stands for “breakfast,” we can’t put it past the executives running the 60-year-old chain restaurant to come up with something even more anti-climatic.
According to money expert Ash Cash, the food chain is definitely making a smart money move. “In business, branding can be the difference between success and failure,” he says. “When Sleepy’s changed their name to Mattress Firm many who were familiar with the brand thought it was a bad idea, but it made sense for this current time.” Cash adds that new names reflect a new direction and can revitalize a brand when rolled out correctly.
Cash notes that another reason to re-brand, whether in name, services or both, is when technology is transforming your industry. “I’m sure Blockbuster Videos wanted to stay true to their vision of providing videos via an in-store experience, but the consumer was telling them that this was changing. Blockbuster’s refusal to change with the times ultimately cost them their business and allowed Netflix to swoop right on in,” he says.
Re-branding isn’t just for big businesses— small brands should pay attention, too. “Based on this move, smaller brands can learn two things,” says Cash. “First, be sure to pay attention to your external environment to pivot your business when needed. Second, make sure that your branding reflects the services and products that are actually making your company successful.”
Source: Scott Olson / Getty
Whether you agree with the name change or not, all the hoopla around the International House of Pancakes, aka IHOP, changing its name to “IHOB” has definitely kept the brand on the tips of folks’ tongues. The eatery will announce exactly what the “b” stands for on June 11. And while many assume it stands for “breakfast,” we can’t put it past the executives running the 60-year-old chain restaurant to come up with something even more anti-climatic.
According to money expert Ash Cash, the food chain is definitely making a smart money move. “In business, branding can be the difference between success and failure,” he says. “When Sleepy’s changed their name to Mattress Firm many who were familiar with the brand thought it was a bad idea, but it made sense for this current time.” Cash adds that new names reflect a new direction and can revitalize a brand when rolled out correctly.
Cash notes that another reason to re-brand, whether in name, services or both, is when technology is transforming your industry. “I’m sure Blockbuster Videos wanted to stay true to their vision of providing videos via an in-store experience, but the consumer was telling them that this was changing. Blockbuster’s refusal to change with the times ultimately cost them their business and allowed Netflix to swoop right on in,” he says.
Re-branding isn’t just for big businesses— small brands should pay attention, too. “Based on this move, smaller brands can learn two things,” says Cash. “First, be sure to pay attention to your external environment to pivot your business when needed. Second, make sure that your branding reflects the services and products that are actually making your company successful.”
