Whats in a name?
Naming a child is possibly the most difficult task for any expecting parent. Naming a company would probably prove an even more arduous task, especially when the plan is to challenge the biggest player in a $42 billion-dollar sector!
Woolworths and Lowe’s have finally announced the name of their new home improvement venture – Masters Home Improvement.
Set to launch in Q4 this year with the first store in Braybrook, located in Melbourne’s western suburbs, the name Masters was chosen for its simplicity and trusting qualities.
Don Stallings, CEO of Masters says: “In years to come we believe this brand will become a very familiar one for Australian DIY’ers so it was important to choose a strong and simple name that will stand the teat of time. Masters represents trust, knowledge and expertise- all the qualities we plan to offer to our future customers.”
Hulsbosch, an Australian brand identity consultancy, was responsible for the branding and naming of this new concept store.
“Choosing a brand name is all about really understanding the business objectives. For Masters we wanted something timeless that would be instantly memorable and recognisable for all customers,” says Hans Hulsbosch, managing director of Hulsbosch.
Speaking to Marketing, Hulsbosch also explains the strategy behind the brand’s logo: “The inspiration came from a very modern tool, a drill bit, and we decided on creating a logo that resembles a very stylised version of the tool. It was crucial that we came up with a logo that was simple and one that could work across a wide range of platforms, from an iPhone app to a football field. We needed a logo that was graphic, recognisable and timeless.”
Bunnings Warehouse is the currently the market leader in the Home Improvement market according to IBISWorld reports, and the industry is one of the largest players in the Australian retailing market, making up 7.1% of the Australian retail industry.
Stallings believes that there is space for a new competitor. “The home improvement category is ripe for a new name and a new concept.”