Dunkin Donuts is changing its name…at least in one store.
Dunkin Donuts’ Pasadena, California location is officially changing its signage to read merely “Dunkin”. The change is part of the company’s desire to make a greater move into the coffee market and to distance itself from the crowded donut market. These types of moves are not new. Kentucky Fried Chicken became “KFC” once they expanded their menu beyond poultry.
You may ask, “Isn’t that a risk? Can a company survive moving their marketing beyond the single thing that they are known for?”
Certainly, it is a risk, and there is no need for companies to make drastic changes when they are growing. But when you begin to lose significant market share, then you have to adapt and overcome.
It makes sense for Dunkin Donuts...I mean Dunkin. People love their coffee. You can buy it in the grocery store (where you can’t buy their donuts), and there is a large population that prefer their coffee over Starbucks. In fact, so many people like Dunkin Donuts’ coffee, that other companies have created their own version with names like “Donut Shop Blend”. Dunkin can sell all the donuts they want, but they can also grow their coffee market share and, more than likely, not drop a single donut sale.
So many businesses could take advantage of this approach. Take the eye care industry for example. Online frame and contact lens retailers are marginalizing the need for a local eye doctors and their frame room. You can get an eye exam and glasses without ever leaving your home.
So, what could that industry do? Do the same thing that Dunkin has done: better brand their additional services. Most eye doctors could expand into vision therapy and corneal-shaping contact lens. They could brand themselves as a resource for youth travel-athletes who aspire to get college scholarships, and on and on. The point is, eye doctors, and many other industries, need to find other areas of expertise to brand so as to produce multiple flows of income.
You don’t necessarily have to change your name to make a change like this, but you do have to change your approach to marketing your services. Time will tell the outcome of Dunkin’s move, but so far, no one seems to be upset with the change. Perhaps, no one would be upset with yours either.
The big question is, "Is Steemit this kind of change?"