A strong name can make your business stand out, communicate your brand with your target audience, and create your company’s identity in the industry. And considering its role in your success, having the right name that best represents your business is crucial. And suppose your current business name is not generating attention and visibility in the market. It may be time to revisit your brand and change your company name.
While it’s easy to think of changing your company name, it’s something you should never take lightly. Typically, a company name change can be a delicate process that should be handled properly. To make the process easy, you can work with organizations similar to Swyft Filings for the best results.
If you’re considering updating your company name but are unsure if it’s the right move for your company, read below to find the top reasons to do it and how your business can benefit from this.
Reasons To Change Your Company Name
There are countless reasons business owners change their company name, and these may include the following:
- Limiting Or Inaccurate Company Name
Over the years, your company’s function may change. Your brand personality and core values you had years ago might not be the same as the ones you have these days. If this is the case, you might want to change your company name to highlight your new identity.
For instance, you might have named your company with a particular market in mind, but your current audience is now different. A good solution for this is rebranding your company with a name that offers flexibility and won’t limit you to particular audiences or markets. This way, you’ll be able to future-proof your business, allowing you to expand anytime without worries.
- Brand Name Confusion
Another reason to pursue a change in the company name is brand confusion. For instance, if your business name has a slight resemblance to another company, your audience can easily mistake them for you and instead may favor their products or offerings over yours.
Brand confusion can also be problematic as it may lead to losing your customers’ trust. This is especially true if your company name is somehow similar to an organization that was involved in issues in the past. To prevent any problems and inconvenience, the best solution is to change your company name.
- Trademark Issues
Trademark issues are a no-brainer. If a company that bears the same name as yours has sent you an official letter demanding your business to change its name, it’s a clear sign to rename and rebrand. Otherwise, you may lose money once the court favors the other party.
It’s also a great time to ensure you don’t face trademark issues in the future again. When you decide to change your company name, check the common law usages, competitor product names, social media, and website addresses to ensure no other business is using your preferred name. You can also search from the database of your country’s patent and trademark office. All these can help you ensure that your company name is unique.
Moreover, to keep you and your brand name safe, it’s best to consult a professional specializing in brand and marketing and intellectual property law before making a final selection. Such experts can guide you on how to change your company name and help you keep it safe from future trademark threats.
- Geographic Reference In Your Company Name
The other reason to change your company name is when it has a geographic reference. More often than not, entrepreneurs start in a particular region offering various products and services, which makes them decide to include a geographic reference in their company name.
Unfortunately, this can be a problem when your company expands to other states, limiting your growth opportunities. Rather than rebranding, your company may need to spend more on marketing to educate or inform your new target customers about why your brand stands out in your region and how it can benefit people in other places.
So, when naming your business, it’s recommended not to include any geographical reference. Instead, consider a name that best describes your business and origin. With this kind of name, you can quickly expand to other regions or countries without issues.
Benefits Of Changing Your Company Name
Now that you know the reasons to change your company name and you’ve decided to consider it for your business, here are the benefits you can enjoy:
- Connect With A Wider Audience
The biggest benefit of changing your company name is providing you with an opportunity to reach more customers. This is especially true with the case of geographic-based company names. And so, as you focus on your company’s new name and promote it effectively, people could start noticing your brand more. Furthermore, it can also help your business with some growth opportunities in a constantly evolving market.
- Strengthen Your Brand
A new name won’t only help you connect with a wider audience, but it can also boost your company’s appeal and overall branding. In some cases, renaming your company can make it more appealing and relevant to consumers who find your original name less engaging.
For instance, if your current company name doesn’t align with your branding, you’re likely to confuse your potential customer’s interest, which can hold them back from doing business with you. But as you revisit your name, you get the chance to improve your brand and marketing efforts to boost visibility and sales.
- Help You Stand Out
In any industry, being able to stand out from your competitors is crucial. As much as possible, you’d want to be renowned in the market while also being the go-to preference of consumers. Changing your name can help you achieve this. This is especially the case if your company has grown over the years and needs rebranding.
Renaming your company can help create a new voice and look for your business. May it be shortening your former long name to simplifying a complex name, a change can help your business gain the traction it deserves.
- Reflect New Values, Offers, Products, And Goals
It’s challenging to showcase your brand’s growth when your business name doesn’t reflect it. If you’ve expanded to provide new products and services or set new business goals, changing your company may benefit you in the long run as it shows that you’re also evolving.
Wrapping Up
These are just some of the reasons and benefits of renaming your company. However, if you still have doubts about it, don’t hesitate to seek professional help to guide you in this move and help make the process less complicated and get your desired results.