3 Reasons you should change your business name (and 3 reasons not to)
Here are 3 really good reasons to change your business name
1. Your brand name is misleading – for example, it’s linked to an area, product or place that no longer applies to your business
This happens. You may have started business doing something you’re not doing anymore and if you’ve moved on, your name needs to.
2. Your name has an irrelevant or inappropriate historical, cultural or religious association
Words change their meaning over time. Terms that were once entirely appropriate can suddenly become offensive faux pas. And if that’s the case with your business name, it may give people the wrong impression of your business. Charity Scope realised this when they rebranded from being The Spastics Society.
3. Our name struggles to build any equity despite consistent marketing efforts
If you are consistently marketing your business, yet people still struggle to remember your name, it might be an issue with the name itself. Perhaps it doesn’t link to what you do. Or is so generic, it doesn’t cut through.
Any one of these reasons is a strong justification for changing your business name.
There are also reasons NOT to change name (including the obvious one – it’s working for you). Never change name if:
– You’re bored of your brand name.
Seriously not a reason to change name. If you’re bored, get a hobby. Don’t risk losing a name that works for your business. (Same goes if you no longer like your name. Unless it’s because of one of the reasons above.)
– You’re not clear on the purpose of your business or who you want to be
By this, I don’t mean having a new name in mind. If you haven’t defined your brand framework, there’s no point changing name because you don’t know what your name needs to do or say.
– You don’t have the resources to implement it properly
Changing name will require time, budget and effort to implement properly. So make sure you have scoped this out before you make the decision.
In short you must make sure that the benefits of doing it exceed the risks. And that starts by doing it for the right reasons.
Use our naming criteria to see if your business name is working for you. And if it isn’t, then get in touch today, because we can help!