Marketing can be a tough job, especially when development mishaps and bad press give your product a poor public image. Many small business owners and restaurant owners simply swallow these early mistakes as a part of growing their business, but the classic name change tactic is still alive and well, and it could save your product!
Sometimes the best decision for a struggling company is to simply rethink its name. Marketing may be more difficult than necessary if your company has an uncreative name or one with a certain reputation. By adopting a new name, you give your company the opportunity to be known for new qualities, and even to grow in different directions before. You do, however, lose the brand power of your previous product. There are definitely some negative effects of such a change, especially if your business is more established.
Many large companies use this technique to improve their marketing all the time. If they produce both men’s and women’s products, for example, they may brand them differently to appeal more to the individual genders. A brand name that markets directly to its projected consumers will seem to be loyal to them. When I say a company looks loyal, that is a great thing. It means that people see your company as a group that supports them, wants to make their life easier or better, and it makes them want to support your company in turn. Established companies have it, and you should work to develop it in your small business as well.
If your company is truly a fledgling, it may be worth it to stick with the name. Just because your company doesn’t have crowds of customers yet, doesn’t mean the name is what’s holding you back. A good name is great for marketing, but if it’s a bad product, the best name won’t be able help your sales. Give your product some time to succeed for it’s quality and evaluate it periodically, making sure that it maintains its success (or it’s rate of growth in sales). It’s normal for small businesses to have a rough start, but, especially if you’re a community business, it’s important to build up a name for yourself. In that case, it may be detrimental to your business to change it’s name. People could see you as indecisive, and that is the last thing you want if you are trying to establish a business.
If you’ve thought about changing your company’s name to improve your product marketing, it could be a great move! Just make sure that it’s the right move for your business, specifically.