Imagine growing up and living your life with a name like Kal-El, Moon Unit, or Jermajesty.
These are the names of real people, by the way.
Their celebrity parents have exercised their right to name their offspring, flexed their creative muscles, and possibly plotted to gain some extra publicity. All at the same time.
Good on them.
Unlike some of you, I take no issue with celebrities giving weird names to their children.
At the end of the day, when the children grow up they can either change their name if they wish or lean into it and use it to their advantage. Especially if that name turns out to be anaccurate representation of their personality and authentic self.
A business on the other hand can’t change its name –it’s at the mercy of its owner.
So when, as an entrepreneur, you get a creative urge to rename your business (again), it might benefit you to read this first.
A brand name is a vital asset
In 2002–2003 I launched my first blog aimed at sharing inspiration with other graphic designers.
In the following 2 or 3 years, I must have changed the name of the blog (and the domain name) at least a dozen times.
You know how it is. You get bored of things. You now consider your old idea lame which you thought of as ‘cool’ 5 years ago. You get a new idea to improve on it.
These are natural creative urges.
But here’s the thing. Your business (and brand) has many important assets that contribute to building up your brand perception in the minds and hearts of your customers.
And the consistency of those assets is one of the core requirements to upkeeping that brand perception.
A brand name is a key asset. It’s also often the first and most critical touch point for your brand.
So while it might be tempting to change it up once in a while don’t let your subjective preferences drive what should be a strategic decision.
If you’re thinking of renaming your business, here are a few things to consider first, before you do:
Internal reasons to change your brand name
- A change in strategy: You have a new strategy for the business and where you want it to go, and the current brand name no longer communicates the brand’s ambitions. Facebook’s move torebrand as Metamight be listed under this ‘bucket’ with their new strategy to focus on the metaverse.
- Limiting potential: The current name is too limiting (i.e. named after a single product or service). A great example is Dunkin’, which hasdropped the Donutsfrom its name as it was now a limiting descriptor of what they offer today.
- Merging and partnering: If your business gets acquired, merges with another business, or acquires another large business, it will make sense for a new name to reflect that merger. Will it have both names as partners? Will you come up with something entirely? Recently, HumanCo acquired Coconut Bliss and renamed it to Cosmic Bliss, after recognising that after all, many customers still want the ‘old fashioned’ dairy in their desserts.
External reasons to change your brand name
- Cultural forces: Often, when a business is operating for a long time customers will adopt different ways to refer to the brand (acronyms, nicknames, or others), and it might make sense to lean into it. McDonald’s, for example, registeredMacca’safter recognising that Australians often used this slang word to reference the fast-food chain. Similarly, National Australia Bank renamed itself as NAB after recognising how customers actually referred to the bank.
- New market opportunities: Based on an extensive analysis you might spot that there’s an opportunity to ‘own’ a particular keyword, or phrase, which would elevate your reach and your market share. It could be based on SEO analysis, or other customer research, similar to the point above.
- Legal forces:Sometimes, a larger, more well-known company with the same (or similar) name might take issue with you using it as well. Even if you’re operating in a different service class or category. If you don’t have the resources to fight the bullies, a name change might be an acceptable alternative.
- Negative associations: If your brand becomes linked to a scandal or another negative association it might be a valid reason to consider a change. Facebook’s move to rebrand as Meta can be seen equally as a strategic change within the business structure, as well as a way to disassociate itself from the bad press Facebook was getting. Offensiveness is another valid reason why older brands likeEskimo Piehave changed their name.
Final considerations for changing your brand name
Both the internal and external reasons should align, and they typically overlap anyway.
Changing a name can be a touchy subject. And to be clear, changing your brand name should perhaps be the last resort.
Even despite the reasons listed above.
In many cases, a brand name has too much legacy to change. For example, if I was to suggest Johnson & Johnson change their name, I would be throwing out its 130+ years of brand legacy.
Not a wise move.
So you’ll need to find another creative way to overcome those internal or external forces in cases like that.
It could be looking at a subtle name change that will minimise the loss of that brand legacy. Think CVS Health (formerly known as CVS Caremark).
Enjoyed this article?
Please share this article with just one person you think might enjoy it. And if you found this article insightful consider signing up forStudeo Insideremails and receive more insights like this, once a month.
