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posted on:
9/16/2011 10:17:18 AM EST
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When Changing Your Company Name Can Increase Your Sales
changing company name, changing business name, company name, business name, new business name, sales perf
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Changing your company name can increase your sales. It sounds unlikely, but it's true, although it applies only in certain situations. I am going to set out a range of different scenarios in which a change of company name may be a good marketing strategy. And create a major lift to your sales performance.
Falling Sales
Sales have started slowing and you wish to give the company name and the brand a fresh image. This is almost like a business re launch. If you do decide to go down that route, you need to be able to give consumers and prospects a justification for the change of business name, even if you invent this. For example, you could be offering new items, or you've upgraded your existing offerings.
Inadequate Information About What You Do
Your current name does not instantly tell prospects what exactly it is that you do. Perhaps with your existing name you need to spend extra money promoting to the market what your business does.
Similarly, you could be missing sales because prospects are ignoring your company. Simply because they don't have the time or the inclination to find out if your products or services are what they are trying to find. And your name does not make that clear instantly.
Bad Name
Your present company name could have earned a poor reputation. Now if that is result of poor client services or low quality, altering the name won't wipe this away. You must sort out these matters, too.
On the other hand, you may have just acquired a company that had a bad reputation. You've seen the sign, "Under New Management". Well, adding a name change to that might well provide an even larger boost to your credibility.
To Broaden Your Appeal in the Marketplace
You may want to widen your market appeal. Let's say you make industrial springs for the bed sector and your present name is Bedding Industrial Springs. However, you now plan to make springs for a wide range of industries. Clearly, your present name is too limited. So , maybe an acceptable name change could be simplyadding something to the name, e.g, Bedding and General Industrial Springs.
But be careful when making the name change. In this example, since the bed market is your core, don't weaken the authority of your brand in that industry.
And, naturally, that rule applies to all types of businesses. Always make certain that any change you make does not undermine your core business.
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