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if you are referring to your website Title rather than your website domain the effect is a little hard to predict but more likely to be little effect that major.
It's quite possible that the Search Engines have extracted a keyword from your Title and if this then is removed it is possible that your SERP can change. If the Title has no extracted keywords then the effect will be none even if there are backlinks referring to your website.
The website Title can be changed by navigating to:
Site > Site Settings and on the top you will see an edit icon (pencil) here you can type in your new Title