Combining the reputation earned over the years with a new unknown name is not an easy task. On the one hand, financial investments. On the other hand, there is a danger of losing customers. How to change a name without surrendering the positions won in the market.
Do not undermine trust
Of course, renaming (name change) is not a rebranding (complete brand change). If the logo and corporate identity remain recognizable, the task is greatly simplified. The main thing here is not to undermine customer confidence. To do this, you first need to convince them that the name change will not entail a change in the quality of the service or product that the company represents.
For this, as well as for the successful introduction of a new name, a serious communication company is needed. All media will have to be involved: advertising, print media, television, radio, Internet.
First there was a name
But first, a careful design of a new name is necessary. For whatever reason the name of the company does not change, this is an excellent reason to once again advertise yourself and a chance to make your work more effective. The main thing is not to miss this chance.
Renaming is not just a name change and a new slogan. This is a whole campaign that, in the end, will raise the business to a new level, increasing its efficiency.
The new name will not be more successful than the old one if, when choosing it, the needs of the target audience, methods of product positioning and market development trends are not taken into account. Renaming ideas can be anything, but careful preliminary research of the market and the work of the company that needs to find a new name is important. And only marketing and strategic planners can do this professionally. After collecting information, it is the turn of the creators. Knowing a set of certain qualities for which consumers value a given brand, they can develop a new name so that it fully conveys information about these qualities to the consumer.
It is important to analyze all the semantic meanings of the chosen name, to make its phonosemantic analysis. After all, it has been scientifically proven - certain combinations of sounds evoke certain associations in people - from sadness to joy.
Save face
It is important to save face by changing the name. Logo, corporate identity, all styling elements by which customers identify the company. It's not bad if the new name is consonant with the old one, contains the same number of characters, and is inscribed in the logo in the same font. But the desire to preserve the "similarity" by all means is not worth following. This will increase the awareness process. But if it is necessary to radically change the name, this is also nothing dramatic. This is a chance to successfully renew the brand, making it modern, in tune with today's times.
The renewed name should become a catalyst in the development of the company, attract more customers and allow it to take new positions in the market.
