A company name can have a number of implications on your brand identity and your wider strategy. Although it’s a small detail, it is crucial to get the name of your brand right. It’s the first thing people see and hear. And first impressions count.
We all aspire to emulate the Googles or Apples of this world, companies whose brands are so strong that their name, although in reality nonsense or non-related, is well-known and respected. Or even, in Google’s case, creating a verb now used in everyday lexicon.
However, for those with more ‘modest’ aspirations, it is important that a company name is informative, recognisable and memorable. Many companies are sold short by clunky monikers.
Take the business I run for example. ‘S2DNT’ . Despite growth and traction, the one element that continually held us back was our name. It was hard to spell and confusing to pronounce. After gathering feedback from those who use the platform, we decided it was time to change our name. We’re now called Toptask and are already seeing the benefits.
Of course, rebranding doesn’t come without its challenges and involves more than coming up with a shiny new logo. From domain hosting and emails, to business cards and diluting word-of-mouth impact, there are lots of costs and risks.
Fortunately, for start-ups that are still acquiring traction in their market, the risk factor isn’t as high. Consumers are newly invested in the company and more likely to accept change.
This is not the case for established companies, with whom the consuming public can be particularly harsh when they attempt a new look. It cost the Royal Mail over £1m to complete their transition to ‘Consignia’. Needless to say, the change was met with derision and the company changed everything back a year later. Even small changes to your brand can cause problems. Take Tropicana for instance, their attempt to upgrade their packaging met a sizeable drop in sales. One month later, the company reinstated their old image.
When it comes to re-branding it’s essential that you’ve thought it through. And, if you come to the conclusion that rebranding is essential, here are my quick tips to ensure success:
Keep your customers in the loop – trial some of your new ideas with them, factor in their feedback and re-brand with the user in mind. Then, once the rebrand is in place, make sure you clearly communicate the change and ensure their interactions with you or your products don’t suffer as a result.
Rewards those who stay loyal to you after the rebrand – rebrands can be tricky for customers or people in your supply change. Mitigate against any ill-feeling by offering small rewards for those who stay with you.
Take onboard advice and criticism – Seek advice from all quarters. There will be disagreements and people will have other views; do your best to take these on board.
Consistently promote the rebrand across all platforms – a rebrand is a great marketing opportunity; a fantastic excuse to get in touch. Get the news out there via all your channels and invest in PR that will get the new brand noticed by those new audiences you want to tap into to.
Rebranding is often a risk. But if you have confidence that your new brand identity can make a positive change, it could be the difference between your business surviving or thriving.
By Gregory Newman, managing director at Toptask
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