Renaming your business is a step that should never be taken lightly. It is your chance to create a name that connects with your core values, resonates with your customers, and provides an open pathway to future growth. Getting it wrong here could result in lost revenue or force you to repeat the process again when your business grows.

A rename goes further than just the name of your business. You essentially need to do an entire rebrand to match the name. To ensure that the rename is successful there are 5 important steps you need to follow. There are a lot of different aspects to consider when renaming your brand, so let’s go over these now.

When should you rename your business?

Renaming your business isn’t something that you should do on a whim or a feeling. It needs to have a purpose. A random name change may confuse customers, while a well-thought-out name change has a story. This story can then be used to connect with your audience and justify the name change.

Here are some reasons why you may wish to rename your business:

1. Your name doesn’t reflect your business

Your business will likely change and grow with time. As you adapt to the times, you may introduce new products, change the way you do things, your target audience may change, or make other changes that make your business name irrelevant. If your business has outgrown its name then it is time for a change.

To determine whether this move is best for your business you should ask:

• Have you shifted your products or services recently?
• Did you merge with another business?
• Is your philosophy, mission, values, or vision significantly different?

A yes to any of these questions should tell you that it is time to change your business name.

2. There are trademark issues

If your name is too similar to another company’s then it is possible that you will receive a cease-and-desist letter if you get too prominent. This can be a major legal headache and can cause all kinds of problems if their name is very similar to your own.

If a business has a similar name to yours and gains a negative reputation, it could have a harmful side effect on your business. Damage control is never fun, so it is best to pre-empt it whenever possible.

Whenever you enter into a new market it is important to check whether anyone has a trademark against your business name. A major push into a large market, like Europe or the United States, would justify a name change.

3. Your name is confusing

A confusing or hard to spell name may make it difficult for your customers to find you. Confusing business names are less memorable, harder to repeat into Google and make a business harder to find.

The human brain stores and accesses memories based on two or more pieces of related information. So, it is important that your business name can somehow relate to what you do, or something specific about your business, to help your customers’ brains remember your business.

4. The name isn’t unique

Another aspect to being memorable, especially in a crowded market, is to have a unique and memorable business name. This name should support your business’ overall identity. This means no generic names list “Plumbing Services” or “Tax accountants”. General buzzwords should be avoided too like “Results”, “Digital”, “Solutions”, or “Services”.

Generic names are forgettable, hard to identify, and can often lead to misremembering. This is especially bad when one of your customers refers a friend. If they mistake a competitor for you, then you may just lose that referral.    

5. The name is location based

If you have a name with a location in it and want to expand outside of that location, then you may want to change your name. Location based names can really lock you in, and unless it is a famous location, can detract from your business’ image.

Because of this, it is a good idea to rename your brand when you expand outside of your existing location. You can then use the old location in your story, or in branding motifs as a call back to your brand’s heritage.  

How to rename your brand

Now that you know when it is best to change your brand name, let’s go through how you should do that. It is a bad idea to just brainstorm a name and then change it when you have found the one you like. This could result in a name that doesn’t reflect your business or connect with your customers. So, to help you out, here is our 5-step process.

1. Re-establish who your target market is

How long has it been since you last reviewed your target market? If your business has been running for a while it has likely been a long time. But now is a great time to do it! Now that you have been running your business for a while you will have a lot of customer data, making this process a lot easier.

Do some research into your customers and who they are. Create general audience personas that provide an overview of your “average” customer. You can then use these personas as a guide on who you are marketing towards through this process, and beyond.

Include information like their location, their interests, where they spend time, who they follow on social media, what their goals are, and much more.  

2. Define your vision, mission, values, and brand archetype

Define what you’re doing, why you’re doing it, and how you’re doing it. These are the questions you should be asking yourself in this step. Your vision, mission, values, and brand archetype are all about who you are. Knowing who you are is core to defining your brand and picking the right name.

At Link we take our clients through a brand workshop to help them define each of these. In these sessions we also uncover their unique selling points. All of this comes together to create an overarching view as to who your brand is and what its story is.

Here is a little guide to help you in this stage:

• Vision – Your vision is the answer to what do you want to achieve? Think long term, and beyond small things like numbers. Saying something like “grow my revenue to $10 million” is not a vision, but a goal. Your vision gets to the core of why you want to achieve that number. What do you want to achieve with your business?
• Mission – Your vision was the what, your mission is the how. How will you achieve your vision? The mission becomes the roadmap your company follows.
• Values – Your values are the fundamentals of who you are as a brand. They define your approach and are the why behind your mission and vision. Generally, these are 5 separate words that are core to who your brand is.
• Brand Archetype – The 12 brand archetypes look at the personality of your brand. This is influence by your values, mission, and your vision. Your archetype defines how you present your brand and how you communicate with your customers. Most brands are a combination of 2 archetypes, one being more dominant. If you want to find out more about the archetypes, come have a chat with us.

3. Think about a new name

Now that you have the core brand strategy behind you, it is finally time to think of a new name. The best thing you can do here is to avoid a group think session, at least at first. Take the brand strategy and go off and think of a few on your own. Write down a list of names and take them through the business name checklist we have provided below.

Once you have a long list of names, come back together with your team and then decide as a group. Cut out any names the group doesn’t like and see if you can find one that you do like. You can modify any suggestions together until you find the right name.

Business name checklist

There is more to determining the right business name than “does it sound good?” To make sure you choose the right name run it through this checklist. If it doesn’t make it all the way through then you may need to tweak the name.

1. Is the name unique? Do any other businesses have the name? What happens when you Google it?
2. Is the name easy to say? Give it to a person who doesn’t have a stake in the name and get them to say it when written down. If they can say it right easily then it passes.
3. Is the name easy to spell? Similar to the above test. Tell someone the name and get them to write it down. See how easy it is for them to write it correctly.
4. Is the name legally available? It is important that the name is available to be used as your trading name. If you are in Australia, you can check the ASIC database to find out.
5. Is the domain name available? If you can try to get a .com.au or .au domain for your business if you are trading in Australia. This will increase trust in your website, and improve your SEO.
6. Are there handles available on social media? It is important to have consistent handles across each social media platform so your customers can easily find you.

If the name passes all 6 steps, then it potentially could be a good name.

4. Revisit your brand’s visual identity

Now that you know your name, and have a brand strategy in place it is important to review your visual identity. Your old logo, graphics and colours will most likely not match your new name or your brand strategy. It is important to present a consistent image and personality to your customers to avoid confusing them, and to allow them to build a connection with your brand.

To get started here it is best to get a good designer on board. They will be able to interpret your brand strategy in order to create a design that feels like a natural fit. You will be much happier with their work and will be able to use it (with some occasional minor touch ups) for the life of your business.  

5. Plan the launch of your brand

Now that you have completed your rebrand it is time to plan the launch. Your key stakeholders and customers will need to know about the rebrand, and the story behind it, in order to understand why it is happening.

The best way to keep your customers onboard with the change is to tease it little by little, then launch the full rebrand at once. This reduces confusion, helping customers see that you have definitely officially changed over to the new brand.

It is a good idea to have a few communication pieces up for 6 months to communicate the change. These can include:

• A website banner and landing page to discuss the name change.
• Redirects from your old website to the new website.
• Media announcements
• Blog announcements
• Email marketing announcements
• Social media messages and announcements
• Email signatures with a link to the announcement page.

Conclusion

Renaming your business is not something that you should take lightly. If you follow the steps we have provided you will be able to find a name that embodies your brand, and is a rallying point for your customers. Take each step carefully and spend the time considering as many aspects of your customers, business, industry, and brand as you can. If done right, this could be the last time you need to change your business name.

To get it right the first time, get in touch with Link for your renaming.