Changing your name or brand is an important decision
When is it right to change the name of your brand? It is a big decision.
Social media has meant that we can all be better known by our own name which consequently becomes a more valued business asset.
A flurry of name changes have been recently taken place in Britain. 197 people changed their name by deedpoll in 2000, but 60,000 are expected to do the same in 2011. Reasons for this include the fact that it is now a simpler and easier process, and immigration, debt or bankruptcy may contribute to a wish for a change of perceived identity. Many of the changes are for more light-hearted reasons. Miss Jelly St Tots or Ned Rocknroll may come to be seen as less strange choices if more people constantly make name changes in the future.
When would you change your business name? It can be a difficult decision because you can throw away all the recognition that has already built up, but if the name is not serving you it can be better to start again. There are situations where a strategic name change can be to your advantage.
1. When a better known individual in the same field has the same name. If for example you have a book published but someone else has exactly the same name and your audience is likely to get confused, it could be a good idea to change it. I can think of one well-known entrepreneur who identified a different part of his first name in order to make his name unique. A “pen name” has been a well-known device in the publishing industry for many years but is more related to privacy of identity.
2. If your name or business name means something offensive in any language. Slang comes and goes and there may be times when it is simply advantageous to abandon a name which has become tainted with another meaning. This includes in other languages. There have been certain makes of car which have been renamed for certain markets.
3. If the original name is too long and complicated. PriceWaterhouse Coopers was the fusion of Price Waterhouse and Coopers and Lybrand but became reinvented as PWC. If you are a smaller company with less access to advertising and brand building budgets I would avoid initials and use keywords for SEO and memorability.
4. If you need a new logo and want a complete brand re-fresh. Take time to involve your team, get feedback and make the changes slowly. Change tends to be resisted at first, so the more that clients and your team are involved with the decision the more easily it will be accepted. You won’t get everyone to agree so be prepared for lively discussion – if not fights!
5. If the name seems out of step with your market. Markets change and fashions come and go. Sometimes an old-fashioned name is a valuable asset, sometimes it strangles the business. It all depends on the market you are in.
6. If you are bored of the name I suggest you don’t change it. Remember it can take the market some time to catch up, and you don’t want to waste all that goodwill or recognition. If you have a new sparky idea develop a product or service with the name.
7. When you decide to change the name do so very clearly, and give lots of notice for all stakeholders. It will be like a supertanker turning 360 degrees in the water. It can’t go fast but it can be deliberate and spend time on the change process. Change is more likely to be resisted where there is a takeover or merger but persistence and involvement of all parties will eventually win.
Trackbacks/Pingbacks