Modifying your business name can boost your sales. It seems improbable, but it is true, even though it applies only in specific situations. I plan to demonstrate a number of circumstances in which changing your business name could be a good marketing strategy. And give a substantial boost to the outcome of your sales.
Sluggish 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 Clarification Regarding What You Provide
Your existing name doesn't straight away tell prospects what precisely it is that you do. Maybe with your present name you're forced to spend additional dollars explaining 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.
Poor Reputation
Your existing business name might have developed a bad name. Now if that's result of poor customer services or inadequate quality, changing the name will not do you much good. You should sort out these problems, too.
Perhaps you have just bought an operation that had a bad reputation. You've seen the sign, "Under New Management". Well, adding a name change to that would likely offer an even greater boost to your credibility.
To Expand The Appeal To Your Market
You might want to expand your market appeal. Let's imagine you make industrial springs for the bed industry and your current name is Bedding Industrial Springs. But, you now intend to make springs for a large range of industries. Obviously, your current name is inadequate. Therefore perhaps an appropriate name change might be just adding something to the name, e.g, Bedding and General Industrial Springs.
But be cautious when making the name change. Here,, since the bed market is your core, don't undermine 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.
Sluggish 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 Clarification Regarding What You Provide
Your existing name doesn't straight away tell prospects what precisely it is that you do. Maybe with your present name you're forced to spend additional dollars explaining 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.
Poor Reputation
Your existing business name might have developed a bad name. Now if that's result of poor customer services or inadequate quality, changing the name will not do you much good. You should sort out these problems, too.
Perhaps you have just bought an operation that had a bad reputation. You've seen the sign, "Under New Management". Well, adding a name change to that would likely offer an even greater boost to your credibility.
To Expand The Appeal To Your Market
You might want to expand your market appeal. Let's imagine you make industrial springs for the bed industry and your current name is Bedding Industrial Springs. But, you now intend to make springs for a large range of industries. Obviously, your current name is inadequate. Therefore perhaps an appropriate name change might be just adding something to the name, e.g, Bedding and General Industrial Springs.
But be cautious when making the name change. Here,, since the bed market is your core, don't undermine 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.
About the Author:
Tom Wilson is an expert in small business marketing, including web marketing and paid search management. Visit his PPC blog for free ideas on how to market your business.
No comments:
Post a Comment