Maybe they should drop the 'Liberal' and become 'The Democrats'. Would allow them to reinvent themselves in more ways.
So they'd be "Literal Democrats"?
When the Liberal Party and the SDP merged they were officially the Social and Liberal Democrats (the acronym for Liberal and Social Democrats being considered unwise). They originally tried using the Democrats as a short name. It was tried out in a by-election but the electorate did not understand who they were. The short name Liberal Democrats was then adopted and eventually became the official name of the party.
For better or for ill liberal has been a word used to describe the party and its predecessors for almost two hundred years. To abandon the word probably would kill the party.