When you’re planning to open a company, the first step is to come up with a name that will represent your brand effectively. Similar to the email name you created when you were younger, however, the name you chose for your company in the beginning may not be suitable as it changes and grows. For instance, if you named your company after a trend that went out of style several years ago, that may make it unsuitable for the current generation.
That said, listed below are the reasons to change your brand name to make sure that your company will stay afloat in the long run:
1. Legal obligations
Sometimes, you may come up with a name that you think is original and fresh. However, this isn’t always true, as the name may already have been trademarked, meaning that you can’t use it as the name of your company. If you have already registered your company with that name, you will be asked to change it or face legal consequences.
If you have a solid argument as to why you shouldn’t have to change it, however, then you can take the case to court. On the other hand, if you don’t have a solid case, then it would be in your best interest to change the name to avoid any unnecessary legal actions.
2. Outdated name
If your company has been around for many years, it may be time to enhance your brand, starting with the name. Doing so will signify the end of an era and a new beginning for your brand. This is why many companies have opted to rebrand themselves, as they can come up with a new image to present to the public so that they can focus on going in a new direction.
For example, if your current brand name is “Men’s Pants Co.,” it may be time for you to change it to something more appealing to the general public and your target audience, as that’s the key to succeeding in the business world today.
When not to change the name
Now that you know when the best time to change your name would be, let’s talk about cases in which you don’t need to do so. Below are two of the best examples of when you shouldn’t change your brand name:
1. An internal change of ownership
A change of ownership is usually not a cause for a significant rebranding. Since the people who took over the company are already familiar with its brand identity and concept, there’s no need to go in a different direction. Of course, this is only in the case that the company is doing well, and the internal buy-in wasn’t done to alter the business model. If the company is struggling and a major change is needed, then it may be necessary to rename the brand.
2. A moment of boredom
Know that you can’t just change the company name whenever you feel like it, as the name is a representation of your brand. When you change the brand name regularly, your company won’t have a clear identity in the market, which will make it difficult for you to market your products.
This is because the key to a successful marketing campaign is to appeal to one audience base and use them as a foundation for future campaigns. When you keep changing your name and appearance, you won’t be able to retain those audience groups, which means that you will be less likely to succeed in the long run.
If you’re looking for a branding agency, Orange Squash Agency is your best option. Get in touch with us today to see how we can help.