HOW TO CHANGE YOUR BUSINESS NAME by: James Clark Was there a time when your business name fit you like a glove? Do you wonder if it’s helping or hurting in reaching your goals? If you’re thinking of stepping into the name change game, it can become overwhelming without a plan. For better results, make sure your business goals come into play during the naming process.
Changing a business name involves challenges you may not have thought of or faced before, both tangible and intangible. What is the reason for changing your name and what is the key message that your new company name needs to convey? Does your business have a story to tell or is it a new focus on a product or service? A new name needs to connect with your target market, be memorable, and still fit you, your business and marketing goals. What is the signal that you want to send? 1. Discovery First, evaluate of your current name’s equity, what does it have going for it? Get input from your employees and customers, you may need an outside research firm to support this effort. Next, define the objectives, challenges and goals for your name change. Now you can create clear and measurable naming criteria. A clear plan will help to establish consensus with stakeholders including your board and management. 2. Creation & Securing Come up with a list of relevant possibilities for your new name based on your industry, business style, and audience. When you evaluate those names consider a few basics like; is it easy for people to say and spell; is it easy for people to remember; could it be confused with similar names? Create a list of considerations for evaluating your company name possibilities. When you narrow your choices do the preliminary trademark work, this is critical and requires legal research and web searching. Final trademark research by a trademark attorney is recommended. 3. Customer Retention Name change is always concerning and can be unsettling. Take your time, develop a risk assessment of target audiences, and create a communication plan to support your name change choice. Have a plan that introduces and explains the changes, and what won’t be changing, so customers and employees accept the change. 4. Logo & Standards With selection and approval of a new name, your design team can develop a new logo that embodies the new name and brand attributes. Have a Graphic Standards Manual on hand that contains all the specifications of your new name, logo, and related information- make sure it’s available to everyone. 5. Education & Launch Internally, everyone needs to be on the same page for the introduction of the new name. Externally, the questions need to be answered before they are asked. Have a communication plan and education materials to make sure your launch is smooth and synergizing.
FOCUS ON YOUR CUSTOMERS. Now that you have a grip on a great new name for your business, make sure your branding, marketing, and sales tools are ready to go. Review your goals along the way to make sure you are building a positive experience and delivering the products and services that you’re promising in the way they expect. Visit our site www.JamesClarkDesign.com to read case studies and get more information about naming and marketing your business.
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