‘Your brand name needs to be just as strong as your product’
Many companies and products are mayflies. When brands disappear as quickly as they came, it is often due to lack of quality behind the polished facade. It may have sounded appealing and looked good, but made no difference for the customer. However, sometimes it is just the opposite – the product is great and the demand is there, but the brand strategy and presentation are lagging behind. For a naming expert, there is nothing sadder than seeing a good company fail because of the brand name.
This week, I met a skilled and fast-growing consulting company with a strong client base that are happy to recommend them. All the money that comes in goes to hiring new consultants. The client trust is so strong that the company now need to broaden their range of services. The only problem is that their brand name limits and holds them back. It is too narrow for the offer, sometimes wrongly perceived and also lacks brand protection. In addition, it has been shown to communicate poorly to potential new recruits.
Is it simply time to change the brand name, and if so, when?
The answer is yes. And now.
Forget “better late than never” and “rush slowly.” When you – like the company I met – are about to expand, it is fatal move to hold on to a name that works against you. Twice the workforce and a wider range of services will require major strategic changes, such as a thorough updating of your website. To continue working with a flawed brand name that you don’t even own the rights to, is simply money down the drain.
The investment may sting temporarily, but it certainly won’t be easier to change names in a year, when the company has already developed and new clients associate you with your current name. If the new brand name costs EUR 10,000 and will generate revenue for 10–15 years ahead, it will still be a small investment over time.
Consider a brand name change if:
- The name causes the company to lose business
- The name is mistaken for competing brands
- The name is too narrow for the offer
- The name gives an incorrect image to the target audience
- The name makes it difficult to recruit resources
Katarina Nilsson – Eqvarium CEO