Modifying your business name can boost your sales. It seems improbable, but it is true, even though it applies only in specific situations. I plan to demonstrate a number of circumstances in which changing your business name could be a good marketing strategy. And give a substantial boost to the outcome of your sales.
Falling Sales
Sales have started slowing and you wish to give the company name and the brand a fresh image. This is almost like a business re launch. If you do decide to go down that route, you need to be able to give consumers and prospects a justification for the change of business name, even if you invent this. For example, you could be offering new items, or you've upgraded your existing offerings.
Inadequate Clarification Regarding What You Provide
Your current name does not instantly tell prospects what exactly it is that you do. Perhaps with your existing name you need to spend extra money promoting to the market what your business does.
Similarly, you could be missing sales because prospects are ignoring your company. Simply because they don't have the time or the inclination to find out if your products or services are what they are trying to find. And your name does not make that clear instantly.
Bad Reputation
Your existing business name might have developed a bad name. Now if that's result of poor customer services or inadequate quality, changing the name will not do you much good. You should sort out these problems, too.
On the other hand, you may have just acquired a company that had a bad reputation. You've seen the sign, "Under New Management". Well, adding a name change to that might well provide an even larger boost to your credibility.
To Expand The Appeal To Your Market
You might want to expand your market appeal. Let's imagine you make industrial springs for the bed industry and your current name is Bedding Industrial Springs. But, you now intend to make springs for a large range of industries. Obviously, your current name is inadequate. Therefore perhaps an appropriate name change might be just adding something to the name, e.g, Bedding and General Industrial Springs.
But be careful when making the name change. In this example,, since the bed market is your core, don't weaken the authority of your brand in that industry.
And, naturally, that rule applies to all types of businesses. Always make certain that any change you make does not undermine your core business.
Falling Sales
Sales have started slowing and you wish to give the company name and the brand a fresh image. This is almost like a business re launch. If you do decide to go down that route, you need to be able to give consumers and prospects a justification for the change of business name, even if you invent this. For example, you could be offering new items, or you've upgraded your existing offerings.
Inadequate Clarification Regarding What You Provide
Your current name does not instantly tell prospects what exactly it is that you do. Perhaps with your existing name you need to spend extra money promoting to the market what your business does.
Similarly, you could be missing sales because prospects are ignoring your company. Simply because they don't have the time or the inclination to find out if your products or services are what they are trying to find. And your name does not make that clear instantly.
Bad Reputation
Your existing business name might have developed a bad name. Now if that's result of poor customer services or inadequate quality, changing the name will not do you much good. You should sort out these problems, too.
On the other hand, you may have just acquired a company that had a bad reputation. You've seen the sign, "Under New Management". Well, adding a name change to that might well provide an even larger boost to your credibility.
To Expand The Appeal To Your Market
You might want to expand your market appeal. Let's imagine you make industrial springs for the bed industry and your current name is Bedding Industrial Springs. But, you now intend to make springs for a large range of industries. Obviously, your current name is inadequate. Therefore perhaps an appropriate name change might be just adding something to the name, e.g, Bedding and General Industrial Springs.
But be careful when making the name change. In this example,, since the bed market is your core, don't weaken the authority of your brand in that industry.
And, naturally, that rule applies to all types of businesses. Always make certain that any change you make does not undermine your core business.
About the Author:
Tom Wilson is a specialist in small business marketing, including internet marketing and pay-per-click management. Visit his PPC blog for free tips about how to promote your business.
