Changing your company name can increase your sales. It sounds unlikely, but it's true, although it applies only in certain situations. I am going to set out a range of different scenarios in which a change of company name may be a good marketing strategy. And create a major lift to your sales performance.
Falling 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 Information About What You Do
Your present name does not right away tell prospects what exactly it is that you do. Perhaps with your current name you have to spend extra money describing to the market what your business does.
In the same way, you could be missing out on sales because prospects are ignoring your company. Simply because they don't have the opportunity or the incentive to investigate if your offerings are what they are looking for. And your name does not make that clear right away.
Bad Reputation
Your current company name could have acquired a bad reputation. Now if that is result of poor client services or poor quality, altering the name won't help you. You need to sort out these issues, too.
But maybe you have just taken over a business that had a poor reputation. You have seen the sign, "Under New Management". Well, adding a name change to that could well give an even bigger boost to your credibility.
To Widen Your Market Appeal
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 all types of businesses. Always make certain that any change you make does not undermine your core business.
Falling 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 Information About What You Do
Your present name does not right away tell prospects what exactly it is that you do. Perhaps with your current name you have to spend extra money describing to the market what your business does.
In the same way, you could be missing out on sales because prospects are ignoring your company. Simply because they don't have the opportunity or the incentive to investigate if your offerings are what they are looking for. And your name does not make that clear right away.
Bad Reputation
Your current company name could have acquired a bad reputation. Now if that is result of poor client services or poor quality, altering the name won't help you. You need to sort out these issues, too.
But maybe you have just taken over a business that had a poor reputation. You have seen the sign, "Under New Management". Well, adding a name change to that could well give an even bigger boost to your credibility.
To Widen Your Market Appeal
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 all types of businesses. Always make certain that any change you make does not undermine your core business.
About the Author:
Tom Wilson is an expert in small business marketing, including web marketing and pay per click management. Visit his PPC blog for free tips on how to market your business.
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