Company owners consider rebranding their business ventures when they decide to enter a new sector and acquire a fresh target audience. In this blog, we have put forward a complete guide on how to choose a new brand name for your commercial enterprise.
What is a Rebrand?
Rebranding is the process of changing the corporate image of an organization, typically by giving a new name, symbol, or change in design for an already-established brand.
The purpose of rebranding is to create a different identity for a brand from its competitors, influencing how a brand is perceived in the minds of its consumers.
When Is the Correct Time to Change the Brand Name?
Brand names are also referred to as official trade names of businesses that operate at a significant scale and want to assure their customers regarding the originality of their exclusive products or services. Any organization or manufacturer can practice using a brand name. It sometimes resembles something uncomplicated like the last name of the company founders, for example, Johnson & Johnson, a multinational pharmaceutical brand founded by James Wood, Edward Mead and John Deere in America in the 1800s.
Nowadays, brand names are kept after considering a handful of business strategies. The name assigned to your Private Limited company should be able to function as a marketing tool. Consumers must be able to recognize your range of offerings. Setting a strategic brand name will foster brand loyalty
Goals Attached to a Brand Name
To put it simply, the brand name denotes a signature that delivers credit to the proprietor of a specific service or product line and establishes it apart from other manufacturers or service providers. The brand name is given to fulfil two basic goals, those are:
Recognition: To differentiate a specific commodity or service from similar branded offerings.
Authentication: To check whether any product or service originated from the desired company’s actual manufacturing units and does not belong to the generic market.
Before you begin the registration process, you can use Vakilsearch’s free Trademark Search tool to verify whether the trademark you want is available.
Using a brand name is having the same motto as an artist who signs their artwork. Designers even follow the same practice by attaching a brand logo while professional news reporters get a byline. A brand name helps the customers identify the authenticity and provenance of the items they buy – an art piece, a Tv reality show, a rented movie or even food items like a club sandwich.
What do you mean by Rebrand?
Rebranding is the process of changing how people view a company or product. A rebrand might comprise everything from a company’s name and tagline to its logo and visual identity, as well as its website and marketing collateral.
The most effective rebranding initiatives begin with research into current brand perceptions—both internal and external stakeholders.
What is the Right Time to Rebrand?
There is no single answer to this question, as the right time to rebrand depends on a variety of factors such as changes in the market, changes in the company’s target audience, or changes in the company’s values and mission.
Signs It’s Time to Rebrand
Here are some signs that it’s time to rebrand:
- Outdated Image:
If your brand’s image looks outdated or no longer reflects your company’s values, it may be time to rebrand.
- Change in Target Audience:
If your target audience has changed, your brand may need to change as well to appeal to the new audience.
- Mergers and Acquisitions:
If your company has undergone a merger or acquisition, rebranding may be necessary to reflect the new company structure.
- Negative Associations:
If your brand has negative associations or a bad reputation, rebranding can help to distance your company from those associations and create a fresh start.
- New Competition:
If new competitors have entered the market and are offering similar products or services, rebranding can help your brand stand out and differentiate itself.
Brand Name Types
While a handful of brands are still identified through the names of the creators behind any commodity or service, other names are designed to spread awareness among the market regarding a particular concept of what the company is all about or how people can engage with that particular private organisation. For instance, we see that Shell Oil has nothing to prepare with molluscs; a client who purchases Hefty trash bags concludes from the brand name that they are being offered a commodity that is promised to be sufficiently durable to perform its designated task.
Similarly, when an individual buys Mr Clean, they are aware of the usage, and the consumer manual of that item is centred towards the techniques necessary to get rid of dust. Even when they shop at Whole Foods, the consumers presume that the things they are paying for are supposed to be comparatively healthier and relatively eco-friendly, in contrast to those food items they procure from generic grocery stores or box chains.
There are also brand names that do not provoke a particular attribute but give rise to a concept or sensory emotion. These brand names cast a symbolic meaning and do not put necessary emphasis on literal meaning. Let us consider the example of Apple inc.; their computers or mobiles do not get plucked from trees, and neither can consumers buy them to eat. Even after knowing these facts, the name of this brand tends to create perfect mental associations in the brains of the greater population in a similar way as what would have happened if they heard the name of the fruit – the apple.
When Should One Consider Bringing Changes in a Brand Name?
The trade name is the initial impression the target market has of your company. Therefore you as a CEO must ensure that the company name best complements your brand and that the public knows what the business is all about.
Many giant market players have considered rebranding their companies. We can take the example of the popular furniture enterprise Restoration Hardware, which decided to eliminate the term “Hardware” to promote the firm as a luxury showroom designed to present a vast range of family utility items. As per the company’s CEO, Mr Carlos Alberini, the abbreviation used for the new brand name, i.e., RH, has helped the firm evolve from a hardware store and promote the diversification of its offerings to the target audience.
Thus you should consider changing your brand name when you are confident about stepping into a new challenge. Or, in simple words, it is a good idea to rethink your trade name once you have decided on entering a new industrial sector. Getting a brand new name can let you enjoy the unparalleled advantages you wish to attract a new client base. Many assume that it is a simple procedure. But that is not the case. Any enterprise undergoing this whole procedure must control each initiative in minute detail.
Why Must I Consider This Change in Company Name?
Numerous reasons can be explained that support a necessity to bring changes to your enterprise name. For instance, when you step foot in a fresh market or diversify your offerings, you may desire to change the brand name to suit the relevance of the new sector.
Many firms have considered it effective to transform their trade names to hasten their success whenever they have suffered from brand confusion or when the clientele mistakes identifying your products with that of another company. All these instances indicate that your workers must perform even harder to ensure that the company’s market value stands out.
CEO of the company- Anixa Biosciences, Mr Amit Kumar changed the company name from the previous name that read as ITUS Corporation. This event took place in June 2018 when the proprietor decided to rename his venture taking inspiration from the names of his two children – Anissa and Anika. He considered two things while changing the name. He saw that he can bring the company much up the alphabet list if he incorporates the business name. Also, he fulfilled his desire to include the name of his beloved daughters.
FAQs
What is the timeline for rebranding?
The timeline for rebranding varies based on the needs of the business, but generally speaking, a full rebranding process can take three to four months.
How many times should you rebrand?
There is no set number of times a company should rebrand. Rebranding should only be considered when the time is right and when it aligns with the company's goals.
What makes a good rebrand?
A good rebrand should be based on research, introspection, and careful planning. It should leverage the best characteristics of the company and hone a deeper connection with consumers.
When should we rebrand?
A company should consider rebranding when it is struggling to modernize, differentiate itself from its competition, or escape a lackluster reputation.
What is strategy in rebranding?
A rebranding strategy involves finding inspiration in customers, committing to what you stand for, branding for your future company, and not trying to be something you're not.
What are the three types of rebranding?
The three main types of rebranding are brand merger, brand refresh, and full rebranding.
What is the first step in rebranding?
The first step in rebranding is brand research and strategy. This involves getting to know the business, understanding the current public perception, and identifying the most important part of customers' experience with the business.
How do I create a rebranding plan?
To create a rebranding plan, you should answer questions such as the current public perception of your business, the most important part of customers' experience with your business, and the qualities you want people to associate with your business. All of your future branding decisions should expand on these ideas.
When should you not rebrand?
A company should not rebrand if it has a strong brand identity and reputation, if it has a loyal customer base, or if it is not prepared to make meaningful changes to build a new brand identity.
What are the two types of rebranding?
The two main types of rebranding are partial rebranding and full rebranding.
What is a full rebrand?
A full rebrand involves a complete overhaul of a company's brand identity, including its name, logo, color palette, typography, and other branding elements.
How to rebrand life?
To rebrand life, you will require immense discipline and will power. Take it one day at a time and plan as you go.
Is rebranding always successful?
Rebranding carries risks and costs, and there is no guarantee of success. However, rebranding can work wonders for a business struggling to modernize, differentiate itself from its competition, or escape a lacklustre reputation.
Why a company needs to rebrand?
A company may need to rebrand to modernize, differentiate itself from its competition, or escape a lacklustre reputation.
Is rebranding risky?
Rebranding carries risks and costs, but these risks can be mitigated through proper planning and following a strategic and tactical guide.
Conclusion
The brand name must be simplified to the greatest extent possible. Always the goal should be to include as few terms as possible; otherwise the audience will unfailingly ignore it over other competitive brands. It is considered the best practice if you find a brand name that gives an idea about your business’ value and services in a particular language. Lastly, make sure to affix a name that is available in a dot-com domain.
