Is your company not getting enough sales because of your derailed brand reputation? Or do you feel that you did not name your company right when you were naive? To rename a company and not renaming is like choosing between a rock and a hard place. You have to fall, and chances are you will get hurt, you need to decide where to fall. But on the upside, with the right knowledge about branding and renaming, you can turn the fall of renaming into a flight of brand explosion and boost your sales.
Here is a complete guide that tells you about the right time to rename.
Why and how to rename your business?
If your company has the same name as some other company, then you should rename your company. Similar names can lead clients into confusion and cause authenticity issues. All of this can affect your sales.
If your company’s name is similar to or the same as other companies and a scandal happens with the other company, your sales could crash too. A dishonorable act committed by another company with the same company will affect you too because customers will think that you both are the same.
Your name is irrelevant now
You started a business with limited products or services in a confined location and now your business has got the exposure it needed and your sales are blooming, increasing your revenues. This happens and you decide to add more products and services to your catalog, but your name doesn’t define your new add-ons. In this case, to let customers know about the brand new services or products, you should change your company’s name.
If you were naive and named your company without any professional guidance, your name might be hard to spell or confusing. Your potential customers searching for your website lands on another, if this happens to you, you should immediately start looking for company names for sale.
How to rename your business?
Now that you are renaming your business, you won’t like to make the same mistake again. Quickly go through the how-to guide to rename your business for good.
- Keep your brand in the spotlight
While renaming, keep your brand in your mind. Keep these factors in mind while renaming:
- What does your company do?
- Why are you into this business?
- What vibe does your brand radiate? Formal, Chirpy, Friendly, Flirtatious, etc.
- What is the value that you have and your competitors don’t?
- Make it easy to say
Choose a name that’s easy to spell, pronounce, and write. Do not choose a name with a tricky spelling again. A complex name will again force you to rebrand and rename your company.
Get a name that helps you stand out from your competitors. Don’t choose a generic name and become a part of the crowd. Be unique and identifiable to generate more sales and leads.
Reasons to rename your business.
These are the most crucial reasons to rename your business.
- Generic company names
People don’t give weight to generic company names. They are easily forgotten by clients and associates as well. If you have a generic name and your customers don’t remember you then you should consider a change.
- Low brand equity
If your company is generic, then it will definitely have low brand equity. So change this by getting a fairly brandable name. With enhanced brand equity, your company will have the moral right to charge more for the same products that were once generic.
- Legal concerns
If your name is even somewhat similar to other businesses, you might invite infringement notices. Now if that’s not a major reason to rename, who knows what is?
If you use initials in your company’s name and other companies use them too, people will have a hard time figuring out which one is the one company they are looking for.
Should you rename your business?
Here are some questions to ask yourself while remaining your business.
- Is your brand equity at a good place?
- Does your name distinguish you from your competitors?
- Is your name generic?
- Is your name easy to spell?
- Is your name creative but not have a necessary meaning?
When you answer all these questions for yourself, you will know for yourself if you should rename your business or not.
Carefully analyze your business name for all these filters to make a solid decision on renaming.