Should you change your company name?

Back Rub, Brad’s Drink, Blue Ribbon Sports.?

Any of these names sound familiar? Maybe not. But I promise you that you know each one of them very well (now known as Google, Coca Cola, and Nike respectively).?

Could they have reached the level of success with their original names? Who knows. But the old names certainly don't have the same ring.?

Your business name is important. Very important.

Your business name is the first thing people hear when they?encounter your company. Your name is seen everywhere - from your website to print materials and in conversations. You can't enter a meeting or marketing campaign without mentioning your company name.?

The question is: should?you?change your business name??

Generally, this is not a wise idea. The reason? Over time, people come to remember your name, and this results in greater trust. It can be tough to rebuild the reputation and relationships that were built up with your original name.??

However, there are some exceptions. If your business has been involved in a scandal or developed a poor reputation, you will want to avoid associations built up with that name. But it could also be that the name you had chosen suddenly develops bad associations due to what is happening in the world and what that name is associated with. This can sometimes be completely unforeseen and out of your control, but it's no longer practical to use the name due to negative public perceptions.?

Another reason that it may be wise to rename is if the business has completely changed direction. It might be that you have entered a new market or changed up your product offering. You may wish to change the name to align with the new offering or industry. Alternatively, you may have expanded nationally or internationally but your name includes a specific location which no longer makes sense or alienates these new audiences. Or, maybe even the philosophy, mission or personality of the business has changed dramatically. The existing name no longer makes sense, to the extent it could cause confusion.?For example, if you were previously a takeaway food outlet and you move on to be a high-end restaurant, you wouldn't want to keep the name 'Food on the Go'.?

The name you chose when your business started might not make sense as your company grows and changes over time. However, some brands have managed to add new products and enter new industries without needing to change their name. Think of Virgin.

Maybe your name is causing confusion in the marketplace, where people often mistaken your name for a similar brand. This often comes down to your name being too generic. Selecting something more unique will help you stand out. You want your brand name to stick in the minds of your audience, so they recall it when they want to return, find you online, or tell their friends.?Having a name that is too similar to others can also open you up to trademark issues.?

In conclusion, changing your business name is not a decision to take lightly. If you can avoid it, don't change it. However, there are some instances where changing your business name would be the wisest decision.?

Whilst very important, your business name is just one part of building your brand. Do you want to learn more about the other aspects of branding and what you can do to strengthen your brand??Take my free quiz, how Impactful is your brand?