Me: IoBM jana hai Bhai….
Rickshaw Driver: Kidhar?
Me: CBM jana hai
Rickshaw Driver: Oh Acha theek hai!
A lot of us have had a similar encounter when making a reference about our university.
This is because IoBM was not always called IoBM.
Our university was founded as CBM, and over the years it went on to establish a strong brand value in the market.
It was in the following years, as the number of programs offered by CBM increased, a need was felt to go for a name which depicted the wide variety of courses and programs at CBM.
The word CBM “College of Business Management” implied a place which was restricted to offering only business related programs. No attention was called to other programs e.g. Psychology, Economics etc.
Therefore, a new name was selected in the form of IoBM.
While this name has been able to portray our university as a destination for a diverse group of students. It has also been full of shortfalls.
The shift of name has not been an easy one.
Particularly because a large segment of the population still refers to the university as CBM.
Even employers, often during interviews, fall prey to this mistake.
It is evident in many cases, the brand value attached to the word “CBM’ is more than “IoBM”
Interestingly, IoBM’s official Facebook group is named ‘IoBM (CBM)’ as a subtle acknowledgement to the reality that the name “IoBM” is yet to establish itself as a clear winner.
Perhaps, it would be right to say that the change of name has been a classic marketing blunder.
The lesson here for future startup founder’s is to give a lot of forethought into naming their enterprises. However, once a name is in operation, a change of name must be avoided to the most.
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