Outgrowing a Brand Name

How to Create a Brand Name that Will Move Your Company Forward

Has your company’s name made the business get stuck in a rut? Perhaps the name is outdated and served its purpose in the past. Perhaps it’s too specific and suited a product or service that you no longer offer or have expanded upon. As your company grows and expands its product lines, it may be time to consider a change in brand name. An outdated brand name will only continue to hold you back from growing as a company.

Rebranding

So how to do you go about rebranding your company? The mere thought of having to think of a new name that represents you and your business can be daunting. And it’s okay to feel overwhelmed by it. But the truth is, if you sit down, focus, and truly think about what you want to portray through your name, the effort will most definitely be worth it. Your company name should represent how you do what you do as a company.

You want your company name to highlight its core attributes and key strengths. It also needs to be relevant regarding what your current product offering is. These are important factors when it comes to making sure your company name efficiently portrays the product and services you offer. Avoid vague, abstract names that gives offers little clue as to what your company does. These “blank slate” type of business names tend to lack meaning and may confuse potential customers as to what you’re actually trying to sell to them.

Gaining Feedback

The next thing to do when considering a brand name change is to consider the context of your brand and what you want to portray to consumers. Don’t be afraid to get out there and get the opinions of potential consumers. Suggest a few of the names you’re considering and see what type of response you get from them. By putting the name in context to yourself and potential consumers, you’ll be able to garner and good idea of where the name stands when it comes to creating excitement or confusion.

Consulting with Specialists

When it comes to coming up with a new name for your business, don’t be afraid to look to outside sources. If you’re having a hard time agreeing on a name with your business partners, or just can’t seem to come up with a sufficient one at all, there are companies out there that specialize in these types of things. First, you’ll need to come up with a list of branding criteria and what you want the new name to accomplish. When you take your pitch to an outside firm, be sure to tell them what you expect to be done when the process is complete. For example, the new company name, a supporting tag line, potential new logo designs, trademark clearance, and domain names are just a few of the things you can request out of the firm.

Introducing a New Name

No matter if you seek outside help in rebranding or choose to do it yourself, by the end of the process, it’s time to pick the winning name. This means you must sort out which name is going to generate the most buzz and advertise your product successfully. It’s also a good idea to “test drive” your selection of names by introducing it to yourself. This means mentally preparing yourself for how you’re going to market the new name and give it the platform it needs to grow and garner attention.

Once you’ve selected your new name, now it’s time to implement it. If you have board members and shareholders, you’re going to need to come up with a positive way of introducing the new name. Be sure to highlight the benefits of the new name and how you’ll move forward with it in an exciting and positive way. Keep in mind that you may run into resistance from staff or even customers. Change isn’t always an easy thing. But keep a positive, forward-thinking attitude about it, and it’s sure to catch on.

Risk and Reward

Rebranding your company has its risks. But in the end, when it comes to generating a new, fresh approach to your business, it will definitely be worth it. With careful planning, a creative strategy, and by following through on your execution, you’ll be well on your way to a successful name change. Stick with it, and the rebranding process will not only be a learning experience, but a positive way to get your company on course and ahead in the competitive world of business.