Did you know that Google’s original name is BackRub? Yahoo! is originally named Jerry’s Guide to the World Wide Web. Brad’s Drink is the name of a beverage we now know as Pepsi Cola. Would they have reached the same level of success if they had stuck with their original names? Probably not. The brand name is crucially important for the positioning of the product, service and the whole organization.
There are cases when making a change is inevitable, essential for business development. The names you created when starting the company may not be the best as the company grows and changes. In fact, sometimes the brand and its name can even be an obstacle to progress and achieving the goals.
After a series of speculations and scandals related to the use of information, Facebook changed its corporate name on October 28 and rebranded as Meta. CEO Mark Zuckerberg said: “Right now, our brand is so tightly linked to one product that it can’t possibly represent everything that we’re doing today, let alone in the future. Over time, I hope that we are seen as a metaverse company”.
Here are some other reasons to change your brand name.
- There is a company with a similar name and it is confusing. The problem could be huge if the brand is also a competitor in the same industry. If your brand name is not clear, it means that your marketing efforts should be more focused on the positioning.
- You’ve changed the industry, a product, or a strategy. Businesses need to satisfy market needs, so this can mean reforming an existing product portfolio or creating a new one. There are brands that sound universal, no matter the industry. We hope you’ll create this kind of a name!
- It’s a legacy name that no longer works. Many companies choose to label their organization after its founder. This is especially popular in professional service companies, extending from the financial and legal sectors to architects and artists. However, if the person is no longer in the company, the name may not work in your favour after all the years.
- The company name is closely related to a location. Many regional companies choose to brand themself related to their location. However, these names do not impose the brand as much as they point to a specific place or region. If you’re the only florist or dentist in town, maybe that’s fine. But for companies in bigger sites will not be so beneficial.
- Too generic or mediocre name. If you do not have the symbolism, logic, completeness, and meaning in your brand name, consider how to change it to meet these criteria. Be careful with acronyms and general phrases, as well as words describing your industry. These are examples of failed models. Beter choose something that will provoke people to remember you and look for your products again. It’s important to say “yes” when you ask yourself, “It’s good enough, isn’t it?”
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