Changing your company’s name

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If you‘re thinking about changing your company‘s name you‘re not the only one, today even states do it.

For instance officials in Czech Republic want to change its name to Czechia, because many people apparently don‘t pronounce it well. New name can be good for your company, however there are a few things you have to keep in mind if you decide to change the old one.

Is it necessary?

Companies usually decide to change their name when they are rebranding, so they are significantly altering their image. If you want to position yourself differently on the market this is definitely important, because you‘re trying to attract completely or slightly different customers. And if you‘re brand name is well established and has well established meaning within the public it can be difficult to rebrand company without changing it.

What about your customers?

It‘s extremely important not to change company’s name without thinking about it thoroughly, because of your customers. People are loyal to brands and identify with them, so by changing the name of your product and not changing the product itself, you‘re more likely to lose customers than to gain them. Just be sure to have a good plan to attract new people and try to minimize losing customers that are already familiar with your products and services.

companyIs the new name better?

Maybe you think that you know what is the perfect new name or you don‘t have any ideas what so ever. In both cases you need to do the research and find out what your customers think. You can hire professionals to do it, make your own survey or even include your customers in choosing the name directly through social media. Just be sure you get their opinion, because they are the ones influencing how successful your business is going to be.

Anita Juričan

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