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Modifying your business name can boost your sales. It seems improbable, but it is true, even though it applies only in specific situations. I plan to demonstrate a number of circumstances in which changing your business name could be a good marketing strategy. And give a substantial boost to the outcome of your sales.
Sluggish Sales
Sales are sluggish and you want to give the business name and your brand a new look. This is similar to a business relaunch. If you do determine to go down that road, you have to be in a position to give customers and prospects a reason for the change of company name, regardless of whether you concoct the explanation. As an example, you might be offering new products or services, or you have improved your current offerings.
Inadequate Clarity On What You Offer
Your current name does not instantly tell prospects what exactly it is that you do. Perhaps with your existing name you need to spend extra money promoting to the market what your business does.
Similarly, you could be missing sales because prospects are ignoring your company. Simply because they don't have the time or the inclination to find out if your products or services are what they are trying to find. And your name does not make that clear instantly.
Poor Reputation
Your existing business name might have developed a bad name. Now if that's result of poor customer services or inadequate quality, changing the name will not do you much good. You should sort out these problems, too.
Perhaps you have just bought an operation that had a bad reputation. You've seen the sign, "Under New Management". Well, adding a name change to that would likely offer an even greater boost to your credibility.
To Broaden Your Appeal in the Marketplace
You might need to broaden your market appeal. Let's assume you make industrial springs for the bedding industry and your present name is Bedding Industrial Springs. In addition, you now propose to make springs for a wide range of industries. Clearly, your present name is too constraining. Hence possibly a suitable name change could be no more thanadding something to the name, e.g, Bedding and General Industrial Springs.
But take care when making the name change. In this case, since the bed market is your core, don't destroy the power of your brand in that industry.
And, naturally, that rule applies to every kind of firms. Always ensure that any change you make does not affect your core business.
Sluggish Sales
Sales are sluggish and you want to give the business name and your brand a new look. This is similar to a business relaunch. If you do determine to go down that road, you have to be in a position to give customers and prospects a reason for the change of company name, regardless of whether you concoct the explanation. As an example, you might be offering new products or services, or you have improved your current offerings.
Inadequate Clarity On What You Offer
Your current name does not instantly tell prospects what exactly it is that you do. Perhaps with your existing name you need to spend extra money promoting to the market what your business does.
Similarly, you could be missing sales because prospects are ignoring your company. Simply because they don't have the time or the inclination to find out if your products or services are what they are trying to find. And your name does not make that clear instantly.
Poor Reputation
Your existing business name might have developed a bad name. Now if that's result of poor customer services or inadequate quality, changing the name will not do you much good. You should sort out these problems, too.
Perhaps you have just bought an operation that had a bad reputation. You've seen the sign, "Under New Management". Well, adding a name change to that would likely offer an even greater boost to your credibility.
To Broaden Your Appeal in the Marketplace
You might need to broaden your market appeal. Let's assume you make industrial springs for the bedding industry and your present name is Bedding Industrial Springs. In addition, you now propose to make springs for a wide range of industries. Clearly, your present name is too constraining. Hence possibly a suitable name change could be no more thanadding something to the name, e.g, Bedding and General Industrial Springs.
But take care when making the name change. In this case, since the bed market is your core, don't destroy the power of your brand in that industry.
And, naturally, that rule applies to every kind of firms. Always ensure that any change you make does not affect your core business.
About the Author:
Tom Wilson is an expert in small business marketing, including web marketing and paid search management. Visit his PPC blog for free ideas on how to market your business.
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