There are times when your brand may need a makeover. Perhaps it has lost strength, or its name no longer fits what your brand is currently, and it’s necessary to change to a new business model.
Believe it or not, a makeover can give your brand that push to take off toward success. An example of this is a company called AuctionWeb, which realized that its name was too descriptive and needed another, easier to remember and advertise. This is how changed its name to eBay, and the success harvested since then by that company is known history.
Do you want a successful transition for your brand? Take into consideration the following points:
1. Make Sure Your Team is on the Same Channel
A company is a unit, and that is why the entire team, including customer base as well as partners and shareholders, must be considered before changing the name or image. The first step is to detail the objectives, and think about how that change will be beneficial for the overall growth of the brand.
By creating a well-founded project statement, you can effectively polish your ideas. To be more likely to succeed, the entire team (or at least the most important people) must be on the same channel regarding the goals and direction of the change. This will allow handling the possible conflicts in a calm way, thus achieving a consistent and structured communication.
2. Proactively Communicate With Internal and External Groups
It’s important that the key partners and shareholders are informed about the long-term benefits of the name change, both for them and for your business. And, of course, you have to explain why the change suits them.
On the other hand, it’s essential to involve your existing customers, since you will not want to lose their trust. Worry about listening to them. Test your new name with new and current customers through a survey, questionnaire or other means to get feedback from them.
3. Review Property Records
Before any change of name or logo, check that the new one is not registered, in order to avoid possible demands. Once verifying this, you must carry out all the necessary procedures so that the change of image or name is properly registered in the corresponding dependencies.
4. Take a Cost-Benefit Balance
A change of image implies great challenges. Before taking the leap, consider the following points:
SEO, technology and digital tools. You may have many web pages and articles associated with your brand in search engines. Your current name and logo appear everywhere: Google, digital directories, social networks, etc.
Brand loyalty. Your current customers chose your business for a reason. People, by nature, tend to resist change. If you have a loyal customer base it’s important that you don’t take them away since they, as ambassadors of your brand, are the ones who keep it moving forward.
Brand positioning. In all markets there are names that you always remember, or that you associate with a certain product. When you think of disposable tissues, you think of Kleenex. When you think of painkillers, you think of Tylenol. If your brand is the first one people think about, remember that this didn’t happen overnight. If you change your name, you will have to start from scratch.
A sticky name. If your current name is short, easy to pronounce and remember, and you have built good brand awareness around it, you will not want to waste it, even less if you already have a web domain with its respective URL. In those cases, a change of approach would be less risky than a change of name.
Make It Happen
Don’t rush things. An effective name or image change is a multi-stage process that should involve your team, partners and customers. Also, it will require careful planning to ensure long-term success. The four steps described above are a great way to start developing the name change by keeping risks at minimum, validating your goals and providing new growth opportunities for your company.
Source Link: https://www.entrepreneur.com/article/339201