2013
08.15

Every now and then companies decide the time is right to rename themselves as part of a re-branding process.   Sometimes it is because of a major mistake in terms of product or policy, but sometimes it can be just because the initial business name doesn’t have the necessary weight behind it.

 

Out with the old, in with the new

 

Whilst obviously no-one wants to go through such a fundamental re-branding process without good reason, many organizations worry unnecessarily about the equity that their business names carry.

 

Unless your business name has a long standing and positive historical image then the chances are if you have already come to the conclusion that a new business name is required then it is going to be the right move.  Any detrimental effects such as brand confusion is likely to be extremely short lived and the longer term positives of starting a fresh should mean these are soon forgotten.

 

Think Big

One common reason why smaller businesses in particularly decide to rename their organization is because they initially named their business after themselves.  Though naming your business after yourself might sound nice to you, the owner, it does give the impression that your business is a one-person show which isn’t necessarily what corporate customers are looking for.

 

Your name means not a lot to anyone except your family and by deciding upon another name by holding a business naming contest, for example, will help differentiate your company from you.  It will also help in the future if you ever decide to sell your business.

You need to pick a company name which isn’t going to limit your future company’s growth potential .  Don’t pigeonhole yourself.  It’s far too easy for business owners and especially new business owners to get carried away with the excitement of the process that they concentrate on very function, literal and descriptive names.

 

Naming Contests VS Name Generators

 

A good way to avoid many of these problems is to hold a naming contest to decide upon  business names whether you are opening a new business or re-branding your organization.  By offering a prize, you will encourage a whole load of creative people to come up with an innovative name which will make you company branding so much easier too.

 

It’s important not to fall into the trap of simply using a business name generator as these are simple computer codes that put words together without having feeling or appreciation of what a name means or how important it is to your customers, old and new.

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