Your company’s brand name and logo might have fit it perfectly when you launched. But, flash forward several years and possibly several mergers and your original name and logo don’t quite work. While there are some risks to rebranding, many companies that do it tend to see benefits from it. If you think it might be time to give your company’s brand a refresh, here are a few reasons to do so.
The last thing you want is for your customers to feel any sense of confusion about who your company is and what it does. But if you happen to have a business name or logo that looks very similar to another company’s, confusion can occur. You might have people visiting your website or trying to contact your company when they want to get in touch with a company with a similar name. More seriously, if the company with the look-a-like logo or sound-a-like name gets into any trouble, it could reflect poorly on your business.
A rebrand might also be called for as your company grows and acquires or merges with other companies. For example, Facebook, which also owns Instagram, Whatsapp, and Oculus, recently announced it would be changing its name to “Meta.” Part of the reason for the change was the fact that “Facebook” is no longer just Facebook. Since the company now owns multiple apps, it was confusing that the company name referred to the business as a whole and to an app.
Reaching a New Market
If you plan on moving into a new market, you might have to change your name to better suit the customers in that market. Some things just don’t translate, and that might include your company’s brand.
It’s not uncommon for companies to use a different name when they introduce a product into a different market, especially if that market is international. One thing to consider when moving your company into an international market is whether your brand name will make sense to that market or if there’s a risk of your name possibly being offensive.
A new brand name or logo can make your company more appealing to a wider audience. If your company has had niche appeal up until this point, it could be your brand that’s to blame.
In some cases, giving your company a new name or changing the logo can make it more attractive to people who might have been turned off by the original name and logo. For example, if your logo was questionable or potentially offensive, it could have been a deterrent for some potential customers. Along the same lines, a logo that looks dated can send a message to potential customers that your company is also dated.
While rebranding your company can cause your company’s search engine optimization (SEO) to take a hit, in some cases, it’s actually better for your business’ SEO to rebrand. If you have a name that’s a commonly searched term, your company might not appear in the search results when people try to look for you. A name change can help solve that problem.
When choosing a new name, be sure to try it out on Google and social media first. You want a unique name that hasn’t been claimed by a social media use with a sizable following.
Changing With the Times
The hope is for your company to grow and change with the times. Ideally, your brand and logo will also grow and change with the times. For example, Dunkin’ dropped the “Donuts” from its name a few years ago after it became clear that the company was becoming better known for its coffee and beverages than for its donuts. The name change also gave the company an opportunity to refresh its logo, creating a more modern-looking design.
A rebrand can also signal a major shift at your company. In the late 1990s, when Steve Jobs returned to Apple as the CEO, the company’s Apple logo also got a facelift, switching from a rainbow color scheme to a monochromatic one.
Is rebranding part of your company’s plan for growth? The virtual CFOs at New Direction Capital can help. Hire your virtual CFO today to see what we can do to help your company grow.