5 Reasons to rename your business
When businesses decide to change their name, it’s often referred to as a rebrand. Rebranding isn’t something that you should take lightly. Deciding to change your company’s name is a decision that takes a lot of thought and careful consideration. If you do change your company’s name without a plan, then there could be significant consequences for your brand development. Business name changes are good, bad, or (sometimes) ugly. Renaming your business can be good because it will introduce a new brand to customers that may have become disinterested or disengaged with the previous brand. However, there are instances when a name change doesn’t go so well. For example, if your new name is hard to pronounce or if people can’t remember how to spell it then this can be really bad for your brand. Finally, choosing the wrong name for your company can push your audience completely away. This would be a horrible situation because without an audience your brand loses its potential for growth. We will now reveal some common reasons why you may consider renaming your business.
Reasons to rename your Business
Your business name sets the tone for your overall business image. It is much more than a name. It creates an identity for your brand. It also influences how people view and treat your brand. You only have one shot at making a great first impression, and your business name has a lot to do with that. Don’t rush into renaming your business. Instead, you should carefully consider some of the common reasons business owners choose to change their names. Then, carefully decide if renaming your business is really right for you. Let’s take a look at five reasons why a company moves forward with establishing a new name.
You’ve experienced a public relations disaster. After going through a public relations nightmare, rebranding may be necessary to get your brand recognition back on the right path. A rebrand at the right time can pave the way to complete recovery from public humiliation. However, deciding to rebrand after experiencing a public disaster could possibly create a sense of distrust among your audience members. They may view the rebranding as an attempt to put a band-aid over your past, so you’ll want to reassure them that this name change is a commitment to provide better service. Rebranding after a PR disaster doesn’t guarantee any type of success or that you won’t suffer consequences – it’s only one (potential) piece of the puzzle. It is also equally important that your company fully addresses the problems that led to the public backlash and changes those behaviors.
Your name is confusing. Brand confusion happens when your company is continuously being mistaken for another company. Inconsistency with messaging, imagery, and even brand colors can cause your audience to mix your brand up with someone else. Brands in a similar market sometimes end up having a confusing similarity – and that could result in lost (or the wrong) business. Someone who wants a product from your competitor might come to you in the mistaken belief that you produce it. This is bad for all parties involved. You want to avoid brand confusion because it can have a negative impact on sales, increase expenses, and generally damage the trust you have with your audience.
Your name doesn’t represent your growth. Have you experienced growth since you first named your company? That’s totally normal. As you grow, your brand should grow with you. It is important to choose a name that supports growth, and that growth can encompass many things: new products, a change in personality & values, and even your location. Take Starbucks, for example. In 2011, Starbucks dropped the word “coffee” from their name because their menu changed and previous products offered didn’t have coffee in them. Dunkin’ is another example of a brand that outgrew its former name. Dunkin’, formerly known as, Dunkin’ Doughnuts expanded their menu to include breakfast items and specialty coffee drinks way beyond just doughnuts. Just like these examples, it is pretty common to experience growth that causes you to rethink your original business name. Change can be hard, especially when it comes to your brand but all change is not bad. Sometimes change can represent new levels being reached in your business, and that’s always a positive step in the right direction.
Your name can’t be found online. With more companies using SEO these days, it’s always a good idea to take a look at how your business name affects search engine rankings. It’s an area many companies don’t pay attention to or just don’t understand. SEO is becoming more important in marketing these days, and companies should use it to their advantage. Including SEO is a great way to increase traffic and exposure to your products or services. If you want to create an SEO-friendly company name then you should definitely think about using your company’s branded keywords. These branded keywords are used by your audience and they can include your brand name and its products or services. Keeping SEO in mind when selecting a new name for your company can be the difference between being at the top of the search engines or at the bottom.
You named your business after yourself. There are pros and cons if you decide to name your business after yourself. If your business is named after you then you are always going to be at the center. You may not have the opportunity to “let your hair down” (so to speak) because you are the face of your company – whether you’re operating during business hours or not.
However, naming your company after yourself could help you relate better to your audience. It may help them feel closer to you, and they may develop more trust in your brand. On the other hand, if you choose not to name your business after yourself then it could be seen as a lack of confidence. Maybe it will appear that you do not truly believe in yourself. Your audience may wonder about the validity of your brand. This doubt could cause issues for your company. As always, it is good to really think about what could happen with a company named after you. Talk about the pros and cons with trusted members of your company and seek the opinion of other instrumental people before making a final decision.
Famous brands that changed their names
Have you ever wondered why famous brands change their name? By famous, I mean brands that don’t need much introduction because they’re already household names. These brands were once known by a different name and changed for a number of reasons. Let’s take a look at a couple of examples.
Meta. Facebook recently announced to the world that they are changing their name to Meta. But why? Facebook experienced a ton of bad PR right before letting the world know about changing its name. A whistle-blower leaked internal documents, showing alleged evidence that Facebook knew about the harm being caused by some of their products, and they decided to ignore this, in favor of making more money. Facebook denies that this media frenzy has anything to do with their desire to rebrand. Instead, Facebook speaks about wanting a “metaverse” for the future. This renaming is continuing to unfold. It will be interesting to see if it is a good or bad decision for Facebook.
Amazon. Amazon, founded by Jeff Bezos, is another brand that renamed itself. It used to be referred to as Relentless. Ultimately, Bezos determined that the name Relentless sounded too extreme and sinister. It didn’t describe the values and mission of his company. Relentless.com is the domain that was registered in 1994, and Bezos still owns the domain name now. After failing to connect with the name Relentless, Bezos named his company Amazon. Amazon shares the name with the Amazon River, which happens to be the largest river in the world, in terms of volume. Since Amazon has a huge volume of sales, this magnificent name is very suitable for the company.
You may feel nervous about renaming your business. This is a very normal feeling, and you are not alone. After all, you put a lot of time and effort into picking your first name, and you don’t want to destroy your brand. However, sometimes it is necessary to change your company’s name. If you think renaming needs to happen for your company, then it’s important to understand what steps you should take in order to make the transition as smooth as possible. Creative Juice is full of experts that truly understand the challenges that brands face. If you ever need a listening ear and a good brainstorming session, then feel free to contact us. 🍑