Companies will go to any lengths to establish their brand. The artist formerly known as Electrasol, is not only trying to change their name, but their brand. Their new name? Finish. Why? We can only guess. At some point it makes sense for long standing brands to revamp their image, but to change the name altogether, that could be a potential nightmare.
From a marketing standpoint, this product didn’t really need a makeover. I don’t think that people put much thought into their dishwasher or other cleaning detergents. They want something that they know will work, and that gives them the best value for what they pay. That being said, to associate your brand with something as expensive as diamonds could be costly (no pun intended). People may see the diamonds and think, “this has to be expensive, I’m going with the something else.”
On the flipside, associating with your brand with diamonds could be a positive. People will see and associate your brand with quality, class and staying power. It could be that electrasol is trying to reach a new demographic. They may be trying to become a product only associated with middle, and upperclass families. It would be an interesting move, especially with the problems in the economy. They may be counting on the fact that the demographic they are reaching out to isn’t going to be effected by the problems in the market, but if this economic downturn continues I think that the first thing on every shoppers mind will be savings.
My feeling is that they wanted to revamp their image, and a new name was apart of that. As I mentioned earlier, it doesn’t really make sense to re-brand during an economic downturn, especially if you’re trying to make your product seem more expensive than it was originally.
