“When is a Rose Not a Rose?”
The Art of Renaming and Rebranding Your Business
Change is always a constant in the world of business. And sometimes, that change includes a change of name, or a full refreshing of the overall brand identity. Rebranding and renaming a business can be a daunting task, but it can also lead to exciting new opportunities and establish a renewed sense of purpose.
In this blog, we explore the different reasons for why a brand might want a change in direction, as well as provide suggestive steps to take if rebranding is something your business is considering. So why would a business might want to change its name?
- Change in Direction:
A name change can indicate a shift in the company’s focus or direction. In some cases, a company may change its name simply because it has outgrown its origin. The name may have served the company well in its early stages, but as the business grows and expands, a new name that better reflects the company’s vision and mission may be in order.
- Brand Reputation:
Another reason for a business to change its name is to distance the company from negative connotations or associations. For example, a company that was previously known for producing a controversial product may want to rebrand in order to distance itself from the negative associations and start fresh with a new image.
- New Ownership:
When a business is sold, the new owner may want to rebrand the company to reflect their own vision and goals, or to distance the business from any negative associations with the previous owner. A new name can help the business appeal to a new customer base and start fresh with a new reputation. Additionally, the new owner may want to change the name to reflect a change in the company’s focus or direction, or to align the brand with the new owner’s existing business portfolio. Regardless of the reason, a change in name can signal a new beginning for the business and help the company move forward under its new ownership.
- Mergers and Acquisitions:
When two companies merge or one company acquires another, a new name may be necessary to reflect the combined entity. This can help the new company establish a clear and cohesive brand identity, and communicate to customers and partners that the two companies have joined forces.
- Outdated or Irrelevant Name:
A company’s name may become outdated or irrelevant over time as the company evolves or as the industry changes. For example, a company that started as a small regional grocery store may change its name to reflect its growth into a national chain, or a company that was once focused on physical products may rebrand to reflect its shift towards digital services. In these cases, a name change can help the company stay relevant and modern, and connect with its target audience.
- Brand Infringement:
Unauthorized use of another company’s trademarked name or logo can also be a reason for a business to change its name. If a company is found to be infringing on another company’s trademark, it may be required to change its name in order to avoid legal action. In these cases, a name change is not necessarily a choice, but rather a necessary step to avoid potential legal and financial consequences. However, even if there is no legal requirement, a company may choose to change its name if it is similar to another established brand and may cause confusion for customers or investors. A name change can help the company establish a clear, unique brand identity, and avoid any false associations that may arise from a similar name.
Whatever the reason for a name change, the process of rebranding and renaming a business can be both exciting and challenging. The key is to approach the process with a clear understanding of the company’s goals and to work with a team of experts who can help you achieve your vision. So what goes into a successful rebrand? Here are a few tips we’d recommend to keep in mind throughout your rebranding process:
- Know your audience. Who are your customers and what do they want from your company? A successful rebranding should resonate with your target audience(s) and establish means to effectively communicate the company’s mission and values.
- Do your background research. Make sure the new name is not already being used by another company, and that it’s legally available for you to use. Also use this time to compare your business to other top competitors. What is it exactly that sets your brand apart from others?
- Check online sources where the business name may live. There is nothing more frustrating than going down the road of selecting a new name only to find out the domain you want has already been reserved. Doing your diligence means double checking any online sources or affiliations where your old business name may be present.
- Establishing new brand standards to reflect the updated brand. This could include updating logos, slogans, typefaces and colour palettes. It’s also important at this stage to have a plan in place as to how these changes will be reflected.
- Rebranding of collateral and branding assets to reflect the updated brand. This could include updating all digital and print collateral materials such as the website, social media pages, digital ad campaigns, links, as well as business cards, signage, brochures, apparel. Transitioning to other assets may also be necessary to better reflect the change in direction.
- Maximize public relations opportunities. Behind every rebrand is a story and every story is an opportunity to get attention not just on social media but also traditional media. Be sure to have a press release sent to your local media for distribution and if possible have a ribbon cutting ceremony with photo ops to document the occasion.
- Last but not least. CELEBRATE!
In the end, a rose by any other name may still smell like a rose, but when it comes to rebranding and renaming a business, the right name can help the company bloom.
If you still have questions about your branding or looking for branding design, we’d love to answer any questions you may have. Let’s talk about your project!
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