Changing your company name can increase your sales. It sounds unlikely, but it's true, although it applies only in certain situations. I am going to set out a range of different scenarios in which a change of company name may be a good marketing strategy. And create a major lift to your sales performance.
Falling Sales
Sales are sluggish and you want to give the business name and your brand a new look. This is similar to a business relaunch. If you do determine to go down that road, you have to be in a position to give customers and prospects a reason for the change of company name, regardless of whether you concoct the explanation. As an example, you might be offering new products or services, or you have improved your current offerings.
Inadequate Information About What You Do
Your present name does not right away tell prospects what exactly it is that you do. Perhaps with your current name you have to spend extra money describing to the market what your business does.
Equally, you might be losing sales because prospects are bypassing your company. Just because they do not have time or the desire to discover if your goods and services are what they are searching for. And your name doesn't make that clear straight away.
Bad Name
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 Broaden Your Appeal in the Marketplace
You may want to widen your market appeal. Let's say you make industrial springs for the bed sector and your present name is Bedding Industrial Springs. However, you now plan to make springs for a wide range of industries. Clearly, your present name is too limited. So , maybe an acceptable name change could be simplyadding something to the name, e.g, Bedding and General Industrial Springs.
But be cautious when making the name change. Here,, since the bed market is your core, don't undermine the authority of your brand in that industry.
And, of course, that rule is applicable to all sorts of enterprises. Always make sure that any change you make doesn't weaken your core business.
Falling Sales
Sales are sluggish and you want to give the business name and your brand a new look. This is similar to a business relaunch. If you do determine to go down that road, you have to be in a position to give customers and prospects a reason for the change of company name, regardless of whether you concoct the explanation. As an example, you might be offering new products or services, or you have improved your current offerings.
Inadequate Information About What You Do
Your present name does not right away tell prospects what exactly it is that you do. Perhaps with your current name you have to spend extra money describing to the market what your business does.
Equally, you might be losing sales because prospects are bypassing your company. Just because they do not have time or the desire to discover if your goods and services are what they are searching for. And your name doesn't make that clear straight away.
Bad Name
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 Broaden Your Appeal in the Marketplace
You may want to widen your market appeal. Let's say you make industrial springs for the bed sector and your present name is Bedding Industrial Springs. However, you now plan to make springs for a wide range of industries. Clearly, your present name is too limited. So , maybe an acceptable name change could be simplyadding something to the name, e.g, Bedding and General Industrial Springs.
But be cautious when making the name change. Here,, since the bed market is your core, don't undermine the authority of your brand in that industry.
And, of course, that rule is applicable to all sorts of enterprises. Always make sure that any change you make doesn't weaken 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.
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