Name ChangeTrademarks

When is the Correct Time to Change the Brand Name?

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.

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 company should be able to function as a marketing tool. Consumers must be able to recognise 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.

CHANGE YOUR BRAND NAME HERE!

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.

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 the 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 new name. Also, he fulfilled his desire to include the name of his beloved daughters.

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.

 

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