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The Value of a Well-known Brand 13 Nov 2013

Peter and Margaret Berry were farmers. When they retired, they bought Bric-a-Brac, a well-known gift shop in Taupo. They didn’t like the name because it conjured up images of a junk shop.

The name originated in Victorian times. It related to collections of ceramics and similar curios, such as Lladro figurines. Today the shop stocks gifts for those who are hard to buy for. Included is a great collection of Moorcroft and, of course, Lladro.

Mr and Mrs Berry were sorely tempted to dump the name. However, they soon realised how well known the store was and appreciated the marketing value of the name. They would lose business if they changed it. Wisely, they kept it.

This story illustrates the value of a brand. Many people who visit Taupo know the store well. The name is easily remembered and the shop is a destination in its own right. Would you really want people to stop saying “I’ll meet you at Bric-a-Brac”?

If you’re buying a business, be very careful before changing its name to something you like. That name might be of enormous value to you.

 

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