Okay – we know what you’re thinking: As a business owner, you’re awesome enough; you don’t need to change the name of your business. If it ain’t broke, there’s no need to fix it, right?
Well, that depends.
Our suggestion is that if Facebook can do it, anyone can. Meta changed the game. Again.
Facebook was Facebook for almost 17 years. Then it suddenly wasn’t. Okay – technically, it still is Facebook and that’s probably how users will continue to refer to it. And despite the entertaining memes and sarcastic articles, Meta is here to stay.
Consequently, the question you should probably ask yourself is; what can my business learn from Meta?
How about this: since the new name dropped, no one really remembers the Facebook outage or the whistleblower scandal? Do they? So, while business name changes don’t lead to instant success or always include changing a company’s product or service, it is a great way to rebrand.
If you’re trying to think of a new name or if you’re wondering why you should be thinking of a new one, we’ll highlight vital lessons from some famous business name changes. Then, you’re welcome to jump on the bandwagon with our 5 practical tips. So, saddle up, change the name of your business and be awesome!
Famous companies that changed their names
Matchbox
A box of matches, fire; that’s usually what comes to mind when you hear the word ‘matchbox.’
A dating app to swipe left or right? Not so much. But, that’s exactly what Tinder was … well, before Tinder. Then, the company realized how similar it was to match.com and decided to change its name. Today it has about 7million active monthly users.
The lesson? Even though the word ‘match’ aligned with the brand’s purpose, it didn’t distinguish it from its competitors. So, if you’re thinking of a new name, start by checking what’s already out there. And don’t be attached to a word, even if it is a good one. Imagine if Burger King opted for BacDonalds just because it sounded cool? Ultimately, it’s all in a name, so yours needs to stand out from the crowd.
Pete’s Super Submarines
The word ‘submarine’ reminds you of the Navy, doesn’t it? Or perhaps you’re already humming ‘We all live in a yellow submarine.’
But is this something you’d associate with sandwiches? Definitely not. Yet, this was the name of one of the most popular sandwich franchises in the US; Subway.
That’s right. The original name for Subway was Pete’s Super Submarines named after the man who invested in the company. But around 1968 the name was changed to Subway, and today, it’s a global franchise.
The lesson? Business name changes have been happening since the dawn of time. Well, maybe not that long. But the point is that the market is always changing and companies have to change with it. And the effects can be far-reaching. Would Subway be a global franchise if it was still named Pete’s Super Submarines? We can’t know for sure, but it’s definitely food for thought. Or at least a few sandwiches.
WW
Does looking at that name give you the urge to quickly pencil in another W at the end? Perhaps you’re wondering if the World Wildlife Fund forgot an F?
If you’ve ever been on a diet or tried a bit of healthy eating, you’ll know it’s the company previously known as Weight Watchers. Here’s the kicker. WW doesn’t stand for Weight Watchers. In fact, it doesn’t really stand for anything. Not even the tagline: ‘Wellness that Works.’
But the global focus on mental health, along with the spotlight on body shaming, body positivity, and fat-shaming has changed the weight loss industry. Including how people respond to its initiatives. This is why despite causing confusion, and a drop in sales and shares, WW is sticking with its name.
The lesson? Name changes are required when a company’s goals change. But it has to be carefully planned and well-executed with the right goal and a specific purpose.
While these are just 3 examples, have they made you consider changing your business’s name? Are you motivated to follow through on a name change you’ve already thought about? If so, do you just pick a name out of a hat? Name it after your first pet? Here are some helpful tips.
5 things to do before you change the name of your business
1. Check the foundation
Before you choose a name, think about why you’re changing, what you hope to accomplish, what’s involved in the name change (think profiles, logos, websites, stationery, catalogs), and if you have the resources to make it work long-term.
2. Do your research
This will show if your new choice is similar to an existing company. And if it sounds the same or has a similar meaning. It can also help you to establish if any names are associated with something negative that could cause not only confusion but also blowback
3. Send out a survey
Use the results to gauge how your customer base feels about the name change. And while negative reactions are to be expected, you can use these to finetune your marketing campaigns by adding a simple redirection or an extra marketing channel.
4. Take it to social media
Tiktok marketing is thriving. And companies often use this platform for strategic campaigns. Why not create a TikTok challenge, set a hashtag, add a compelling voiceover, and get customers and users to think of a new name? Then, the rebranding won’t feel like a bolt out of the blue as customers will feel like they’re part of the decision.
5. Collab with social media influencers
If you leave your renamed brand isolated and alone, users will fill in the gaps with their own opinions and beliefs. But if you set the scene with the help of influencers, you can create an organic transition that won’t feel forced or unexpected.
How to track the results of your name-change
Business name changes have to be backed by a clear purpose and specific metrics to track that purpose. Such as shares, profits, conversions, sales, social media performance, and customer reviews. You’ll also want to set a timeframe for how often you will review these and have a list of ideas to boost each metric as needed.
If you do spot a few negative downtrends, analyze if it’s actually related to the name change. For example, if someone says ‘It’s raining and I’m tired,’ it doesn’t necessarily mean that they’re tired because it’s raining. So, maybe there’s been a decrease in sales. But is it because of the name change or could it be something else entirely?
While it can be a little time-consuming, these periodic analyses can provide informative spotlights on how and where to improve your marketing strategy.
Closing thoughts
Has your company recently changed lanes? Or are you just looking to breathe some new life into your brand? Then, join the likes of WW, Subway, and even Coach, or should we say Tapestry? And let’s not forget Blue Ribbon Sports – now Nike.
Naturally, business name changes aren’t as simple as snapping your fingers. You have to plan, track, and use innovative tactics like compelling voice overs for your branding videos.
And if you’re ready to brainstorm names, check out this list of Hubspot business name ideas. You’ll notice that many are compound words, so try taking two words that fit in with your brand and see how well they combine. Remember, you’re looking for chocolate sauce and ice cream, not oil and water.
Now that you know what to consider before you change the name of your business, we wish you every possible success!
Meta you be successful – as you do your research, create a solid foundation, set tracking metrics, harness the power of social media, and use an incredible voice actor like those on Voice123 to relate to your audience.