As a business owner, the topic of pivoting and rebranding can be a touchy subject. With all of the hard work you’ve put into building your company’s identity, products, services and more, it’s easy to feel as if rebranding or pivoting would be taking a step back as an entrepreneur. That being said, anything that could potentially result in rapidly increasing revenue for your company should never be deemed a step back. By strategically rebranding your business or pivoting, you will be re-positioning yourself in the marketplace to better compete with other businesses.
How to Use Data to Guide Your Rebranding
Companies go through rebranding all the time, especially scrappy startups that launch on the idea that “done is better than perfect”. They’ll go through choosing a business name, throw a brand together to get in front of an audience, then take an iterative approach to rebranding until it sticks.
Companies are changing names and rebranding to include references to Bitcoin or the technology behind it. Reminiscent of the dotcom boom, digital currencies are looking like the next big thing. More businesses are jumping on the cryptocurrency bandwagon every day and name change announcements are one of the things sending stock prices soaring. For some businesses, a simple rebrand has sent shares increasing by 4-5 times.
Changing the name of a brand is a major decision that can have a colossal impact on its success. There are a variety of reasons why companies change their names, from shedding negative connotations of their business, to appealing to broader audiences.
Coming up with a fresh and innovative business concept is only the beginning on your quest for success. The next step involves choosing your name. The creation of a solid and brandable identity can make the difference between success and failure. Such an identity starts with your name.
A company’s name is often its most valuable asset, reflecting the morals and ethics that customers are looking for. Companies that create a solid and identifiable brand identity are the ones that typically enjoy long-term success. Unfortunately, that brand identity can also become a detriment if a company is rocked by scandal or suffers a public perception catastrophe. Some brand personas can be salvaged, while others are forced to start from scratch. Can a name change get a company out from under an image crisis?
Like most entrepreneurs, your business is your livelihood and when you make significant changes, you need to know they are the right changes. When it comes to something as important as your name, how do you know if yours is making the grade? More importantly, how do you know if it's time to rethink your strategy with a new, more improved version? If you are unsure about whether or not changing your business name is a good idea, here are some things to consider that may help you make an informed and sensible decision.
Rebranding can stimulate growth and more effectively meet the changing tides of your industry. Your brand name is the public face of your company. It has to be great. If it’s not, it may be the right time to consider rebranding to gain a competitive advantage. If you are considering rebranding but unsure of how to begin the process, here are a few successful strategies to help get you started.
In this article I will be looking at the rebranding experiences of a well-known company called Moz (formerly known as SEOmoz), providing a few solid reasons to change the name of your business if your company name is anything like the old “SEOmoz” name. There are several different reasons why a company may need to change its name but here we will examine just a few points made by Moz’s founder and CEO Rand Fishkin.
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Brandroot focuses only on content related to business naming. Before selecting the name of your venture it is important that you have a solid grasp of what you're in for.
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