Sometimes the original name for your business doesn’t fit anymore. You may have expanded locations or added new products/services. You may feel your name is too long or too short and doesn’t represent what you do or who you are. It may be too generic. You may have even been caught up under an unscrupulous previous owner or bad press. Understand that it’s a lengthy process, however if you approach it with a clear strategy and don’t take shortcuts, you may find a resurgence in your business. You’d like to rebrand but where do you start?
- First, understand and accept this will be a subjective process. Consensus can be difficult so keep your primary planning group small. Set a plan and checklist with definite target date goals for each step. Give yourself enough time to be thorough with each progression.
- After reviewing each step, determine a budget. A typical ad budget for businesses falls between 5 to 8% of your gross depending on category. When changing your brand, this should be higher for at least a year after launch of your new name.
- Open your mind and brainstorm with some trusted peers. Ask questions. Ask family and close friends as well. What are the negatives about the current name? What does a new name need to say? What are future possibilities? Is it easy to pronounce/spell? What does it represent? Does it have a positive message? Who is it targeting? What is your brand story? How are you unique? At this point, no ideas are off the table so create a long list of options. Weed that long list down to about 5 that you like. Check for trademarks and .com addresses. Ideally, you want a name that will work as a .com rather than a .net. The exception to this is if you are a non-profit, then check for a .org extension.
- Once you have your list vetted, create a couple of focus groups. There should be about 8-10 people in each group to encourage discussion. The group should have a range of ages, ethnicity, and professions. Do as many groups as you are able. Provide them with paper and pen; you will find them to be more engaged and creative. Be careful to not sway the group as to your preference. Ask questions and let them talk … your role is to listen, not support your opinions.
- Once you have digested the input and decided on a name, you will need a logo. Or not! Some names act as their logo without artwork. Examples: Etsy or Craigslist. At this point it is wise to interview a couple of professional artists for submissions of a logo and/or a font/color for the new name. Color and font are extremely important and you can check our previous blog on that topic.
- If you are near a local art or design college, you may want to tap into students for their creativity. Many artists will submit on a “consignment” basis; if you choose their logo, you would then pay the agreed upon amount for rights to own the logo. You will want the logo delivered to you electronically in several formats for future marketing.
- Trademark the chosen name and logo! Register it with your local county and the IRS. Some companies choose to keep the previous name for legal reasons and register as d/b/a. Rebrand your marketing materials: business cards, signs, letterhead, invoices, uniforms, ID badges, vehicle wraps, etc. Make a checklist of collateral … there are more of these items than you will first imagine!
- Have a “launch”. It’s a good strategy to run teaser digital social media and/or ad campaigns a couple weeks prior to the upcoming reveal as a “wait for it”. This will build interest. Include ALL members of your team; make them part of the excitement. If you are able, give everyone a branded item like a company shirt or mug or tumbler.
- Set a budget for a celebratory day at your location if you are a brick and mortar. Invite your local chamber of commerce; many chambers will provide a complimentary ribbon cutting ceremony. Send out press releases. Invite the press! Make this a big deal! It can be as simple as coffee and donuts or wine and cheese.
- This is THE most important thing you can do: Set a reasonable budget to support the rebrand for at least a year. You cannot merely change your name and assume customers will gravitate to your location as word-of-mouth. There are many marketing options and depending on your target audience, it could be digital, print, direct mail, cable, radio, geo-targeting, events, or any number of choices available in your community. There are organic (free) options like Facebook or Instagram however you cannot rely solely on these to imprint your new name in the minds of your customer. Remember that we are bombarded with thousands of daily brand messages so you will need to provide some effort.
Renaming, or rebranding, is not for the faint of heart. It takes months of planning. A skilled marketing professional can assist with all these steps so don’t feel you must go this task alone. In fact, you shouldn’t do this alone. If you’d like more information on this subject, send us a message. Firewall Branding has experience in every step and will guide you through the process so you may do what you do best … run your business!