CHAPTER 7
Pros and Cons
It’s almost never too late to rebrand with a name that’s more magnetic. (My firm is currently in the process of renaming a bank that’s more than 100 years old.)
How will your customers find you if you change your name? Easily, through a seamless website redirect to your new site, social media, press announcements, and an email blast. If one of your former customers is off the grid, deep in the jungles of Madagascar with spotty internet access and they miss the memo, they can still find you. It’s called Google.
While I can’t advise you without knowing your exact situation, I can share the pros and cons of name changes.
Pros of Changing Your Name
You can refresh your entire brand at the same time.
You will save time (and save face) by not having to explain or apologize for your difficult name.
You will have a legitimate reason to get in touch with your customers and tell them about your new name.
You probably have many more years in business ahead of you than behind you.
You have thousands of future customers who don’t know you by your current name and will know you only by your new name. (A helpful way to imagine this is if you’re a married woman who hasn’t used her maiden name in years—think of all of the people in your life who know you by your married name, and how few know you by your maiden name.)
Cons of Changing Your Name
You’ve had the name for years and are emotionally attached to it.
You find it difficult to get everyone in the company on board.
You may hurt the feelings of the person who came up with it.
You can’t justify the expense to redesign new materials.
You have to notify customers of your new email address.
If you have a well-known company, be prepared for everyone with an opinion to share online. I have to weigh in on one: Weight Watchers, which slimmed down its name to WW. I understand wanting to shed the baggage associated with a dated brand and that it has a new focus on wellness, but when spoken aloud, the name WW is a mouthful. The domain name is ridiculous. Say it out loud: “double you, double you, double you, dot double you, double you.”
One company that reversed a misstep is Tribune Publishing. It wisely returned to its name after two years as Tronc, short for Tribune Online Content. Troncated isn’t necessarily better.
Most companies that change their names never look back. Your current name will eventually be ancient history, like Datsun, Marky Mark, and your cringe-worthy high school nickname. How do I know? Here are some successful name changes we’ve done for clients, from prelaunch to well into orbit.
Business and Name Challenge: Original Name/New Name
Business and Name Challenge: Research lab discovering cures for Alzheimer’s disease, ALS, and Parkinson’s disease. Suffered from the curse of knowledge.
Original Name: Institute for EthnoMedicine
New Name: Brain Chemistry Labs
Business and Name Challenge: Project-based learning that empowers teachers and students. Trademark issues.
Original Name: Edio
New Name: Headrush
Business and Name Challenge: Dishwashing robots for commercial kitchens. Outgrew name.
Original Name: Bistro Robotics
New Name: Dishcraft Robotics
Business and Name Challenge: Oral contraceptive company. Name suffered from the curse of knowledge. Original Name: Pelagius
New Name: Cadence Health
Business and Name Challenge: Food addiction recovery program. Name made it sound hard instead of hopeful.
Original Name: Food Addiction Training
New Name: Food Addiction Reset
Business and Name Challenge: Popular livestreaming app that puts users in control during emergencies. Trademark issues.
Original Name: Witness
New Name: Parachute
I hope these examples give you the confidence to “change for the better.” As any of these companies will tell you, a name makeover is a beautiful thing.