If your business is well established, your brand name will have an inherent level of value. People know your brand name; they recommend your organisation using your brand name. It’s on the business card in their pocket. It’s on your shop front, marketing material, stationery, and your website. If you’ve done a good job marketing your business, it’s everywhere.
For these reasons and more, changing your brand name shouldn’t be taken lightly. It will have a huge impact on your business, and – if the switch isn’t completed with precision – the impact could be damaging.
On the plus side, it could completely transform your brand, appeal to new untapped markets, and even launch your business into a global spotlight. Before you take the plunge, ask yourself these 5 questions first…
1. Does your brand name reflect your business?
Businesses change over time. That’s inevitable. Consequently, your brand name might not currently match your products or services. If your business name is misleading and causes confusion, it might be time to switch. Using your company name initials might make the change easier.
2. Is the brand name tarnished?
If your business name has been dragged through the mud, making the switch can wipe the slate clean. However, it won’t fool everybody. Launching a positive PR campaign might be a better option first.
3. Is your business joining forces with another?
If your business has been acquired or is combining forces with another, you may want to drop one of the brand names. Which one enjoys greater name recognition?
4. Are you expanding to new territories?
If your brand name includes a geographic location, that can pose a problem if you expand to new territories. Going global can also turn sour if your brand name has an unexpected meaning in other countries. In Ghana, you can purchase an ice-cold bottle of Pee Cola (meaning “very good Cola”). In Poland, you can purchase a delicious Fart Bar. And in Iran, you can wash your clothes with the extra cleaning power of Barf detergent.
5. Is your brand name socially or culturally inappropriate?
The meaning of words changes over time, and what was once appropriate can change.
6. Will the new brand name provide a strategic advantage?
If an opportunity presents itself, changing names could bring about a strategic advantage. Technology, for example, has changed everything. An accounting company previously called ABC Accountants might switch to In the Cloud Accountants to promote its cloud computing capabilities.
7. Do you have a suitable budget for marketing?
Changing to a new brand name will wipe out the value you previously enjoyed. Do you have a plan in place to promote the new brand name? And do you have the budget required?
8. What will the new brand name deliver that we cannot get any other way?
Changing brand names can have a huge impact on that way your business is perceived. If your “philosophy” or “value proposition” has evolved, a more pertinent business name could push the message more powerfully. If the only way to reach a desired result is a new brand name and the switch would make all the difference, what are you waiting for?
What’s in a name?
If you’d like to rebrand your business – whether it’s with or without a brand name change – Bing Digital’s branding team can help. For more information, take a look at our brand development services or get in touch today.