There comes a time in the lifespan of many businesses when it is determined that the best business strategy to move forward would be to rebrand the entire company. In the most extreme cases, rebranding can occur in every aspect of the business - even down to the name.
As drastic a move as this is, it has been a smart decision for many businesses. When considering this option and choosing a new name for your business, it is important that you keep the following five criteria in mind. Renaming your business is a bold move, and the more flawlessly you can execute this challenge, the better.
Is Your Name Easy to Pronounce?
As strange as it sounds, this is one of the most critical elements in a successful business name. Consumers need names that they can feel confident saying, and they need names that are easy to remember. Some creative but long names can actually have a negative effect on a business; instead of drawing people into the business because the name is so unique, they actually serve to confuse and repel people. Go for a name that leaves little confusion in the pronunciation department; your clients will be much happier because of that.
Think of A Name That Tells Your Story
This is where creativity comes into play. While it is important to have a name that is easy to pronounce, finding a name that meets that requirement and also conveys what your company is about is pure finesse. If the company name can somehow relate to the core concept of what your business is about, you have done a good job with the name. Being fancy and elaborate is not essential, but giving the customer a clear mental picture is.
Use Marketing Psychology To Your Advantage
Many studies have been done that relate consumer behavior to the names of companies. Some studies suggest that companies with a hard consonant sounds at the end of their name - such as Starbucks, Coke, or Nike - have more success than companies that end in softer tones. However, other studies give different suggestions for finding names for your business. Make sure you do your research before you begin to brainstorm.
Look For Inherent Branded Elements
Branded elements are images or finishing touches that companies can consistently produce. Some names lend themselves quite nicely to specific branded elements, while others make coming up with a branded design quite difficult. If possible, choose a name that makes the next step of the branding process slightly easier.
Has The Name Been Used Anywhere Before?
The last thing you want for your business is to be entangled in a messy legal battle after your rebranding process. Furthermore, it also makes it easier to secure web domains and to create awareness if the name of your company is unique. For these reasons, do a thorough search to determine if the name you are considering for your business has been used anywhere else.
Rebranding your business can be exciting, especially if you’re thinking of a new name for your business. Before coming to a final decision, be sure to keep these five tips in mind.