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Saturday, 15 February 2014 1:13

Is It Time To Change Your Business Name? What You Should Know

By - Michael Rader

Confusion

Every business strives to be unique, and a great name can certainly position you on the forefront. But sometimes, even the best names underperform because they sound too much like another, more recognized business. If you are constantly being mistaken for another business, even if the two are unrelated, it may be time to consider renaming your enterprise. How can you expect to differentiate yourself if the first impression may be of someone else? Confusion is never a good thing, but for a business name, it is a recipe for disaster.

Slow Growth

The most successful businesses start slow and grow organically. However, if your venture has hit a plateau that it cannot seem to overcome, it is a good possibility that your business name is to blame. Startups in particular need to remember that it may take awhile before profits start to come in.  But if new customer growth has stalled and the only business you do see is repeat, it may be time to re-evaluate your name. Changing the name of your business can help stimulate your product or service and give others who have already seen what you offer a second look. Instead of resorting to a full-on pivot of the business, simply changing the name, or rebranding, of the business could be what will help get it growing again.

The right name can help keep current customers but more importantly it works to attract new ones, and if it is not up to par, it can hurt your business in the end. The longer you delay the more expensive and dried out the business will become.

Outpaced By The Competition

Competition is what keeps businesses sharp, but when you can’t seem to keep pace, it might be a sign that your name is not maximizing your effort. Customers looking for your products or services may be turning to your competition not because they have better offerings, but simply because they do not relate to your business name. Learning how to outmaneuver the competition will always be part of the process, but without the right name, you start at a disadvantage.

If you are contemplating a name change for your business, consider your options at Brandroot and let the power of a unique, brandable name take your business to the next level. With a marketplace of quality .COM names to choose from, finding the perfect complement to your hard work is easy and convenient.

Last modified on Thursday, 20 February 2014 8:05

Michael Rader

With over ten years in web development and design, Michael Rader has expertise and technical know-how. But more than a skilled technician, he is an entrepreneur and innovator who helps startup’s and new businesses identify and define their future with a unique, brandable business name. Michael Rader is the founder and CEO of Brandroot®, a leading .com domain name marketplace. He currently lives in Kailua-Kona, Hawaii where he operates the business and authors a blog dedicated to naming and brand name establishment.


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