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Do you remember the days when Nissan was popular as Datsun? There are several reasons why a company changes its name. Prominently, it is tricky to maintain the same reputation and essence of your firm while changing its name. Changing the name is not an easy task as your brand value is at stake. You need to put in your best efforts to retain the elite position of your firm. There are several factors that can help you to rename your brand successfully. Enlisted below are some of the factors, which you cannot afford to ignore when changing your business name: Step#1: When to change the name
You perhaps will not plan to change the name of your business vaguely based on your gut instincts. You need to have a specific reason to carry out this task. For instance, merger and acquisitions are important reasons to rebrand your business name. A new name adds a new dimension to your business. This means there are new avenues for your growth in the industry. If possible try to be innovative when you plan expansion or modernise your business. It is important to consider the significance involved while taking such decisions. Such decisions have the potential to make or break your brand in the near future. Step#2: Practical Approach Giving a new name to your business is equivalent to adding new value to your current business. Rebranding is not a minor change that your customers or target group can easily overlook. Therefore, it is important to short-list some unique names, which represent the nature of your business. Think for creative and fresh names that resemble your business in the best way possible, if not completely but it must possess a particular core attribute of your firm. Avoid names, which have negative or contrasting context with your services or product. Step#3: Communicate the Change Once you have decided that your firm is going to have a makeover, it is important to make it visible to your audience. It is essential to be aware of your target group and about the alterations you make in your brand. To begin with your employees can be the first group whom you can inform about the changes to get them familiarised with the new name. You can also ask suggestions from your employees as this allows you to be more creative. You can also ask honest opinions about the selected name to your employees so that you get genuine responses. Once you have approved and finalised the name, next step involves planning your communication. It is necessary to send across the right message through the right medium and at the right time. Remember that each word counts and making use of appropriate words ensures that your audience can clearly interpret it. Avoid mistakes in communication as they have large scale implications on your business. For instance, your office should replicate the nature of your business. For this purpose you can opt for office refurbishment as this can help you get closer to your new brand name. It is necessary to seek assistance from a reliable source, which can effectively help you to mark a good start to your new journey.
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