Should a company change its name or keep the old while registering?
Do you think it is a good idea or should we keep the same name now that our not for profit is getting registered.
You should keep the old name if that name OK ,other wise with you have to start from zero to promote your company name
If the company has a reputable and recognizable brand then keep it.
If you have built a "reputation" with the current name and it is according to trademark `s policies it is ok to keep it .
Have in mind not only the "marketing" considerations but the legal considerations ( again trademark policies from your area )
It depends on the current name ... is it easy to remember and say? Have you built in good recognition? Or is it out of date and no longer applicable?
If the name is out of date, you have a new focus, or people don't remember it, it's a great time to launch a new name that clarifies your purpose and helps people understand what you're about.
Well, it all depends upon how long the name has been used and how well the customers known you business. Most business who undergo re-branding because of management changes of the likelihood of re-imaging of their business. However in changing the name of your business, you should know that you are risking of loosing your former patrons who were not aware of the renaming of the business.
Anyway, why do you want to change the name of your business? If you think your business is doing well so far, i don't think renaming is really necessary.
I would compare this to the research arena, where if a person changes their last name, that it truly depends on past publication history. Here I would say the same. Depending on how long your business has been in operations and the size of your clientele, it might be be easier to stay with the same name.
It sounds like you are in the process of changing your name and you want to know if you should wait until the registering is complete before changing the name with your consumers. I would wait for only one reason. If there is a chance your registration will be rejected, you don't want to change your name publicly, then have to change it again. Name changes indicate a lack of stability and multiple name changes more so.
If there is absolutely no chance the registration could be rejected, I would proceed with publicly changing the name. Every day you use your name, you invest value in the name. The work you do today should be investing value in the name you plan to use going forward.
It depends, if your company has been around for some time and has brand name recognition and equity in your market, you would be better off keeping the name. Also, if the name is appropriate and catchy, keep it. On the other hand, if your company is new and not many people know it than you are at a liberty to change the name and get a name that you like.
Even if the name is too long, if it is well known then keep it. If you want a disconnect with the old name due to some compliance or other issues or need to deregister under some government departments then go for a new name.
Thanks for so many responses.
The reason we wanted to change is because the people helping us register said that the name was too long.
The name suggested that we are a virtual entity, but now we will also be working in the community at the grassroots level.
What is the purpose behind the thought? Since it is a non profit, I am assuming you have a specific cause of two for which you want to be known for supporting.
Are you a for profit who has also opened a non-profit? You may want some synergies there with a play of words that support your cause if this is the case.
If this is a new venture on its own, think of your what you want to be know for 5 years down the line, your brand attributes that will shine out and then decide whether to retain the name or change it, keeping in mind the effort needed to reach your goal.
Finally, is your brand operating in global markets or regional? That plays a key role in not having to explain the meaning of your company name to its audience each time, it should be simple yet thought provoking and easy to pronounce.
Subidita, It really matters if your name is established. Do you have a customer base existing? If so, Branding would indicate you keep the name and build on it. If your name has not taken off, or you are going in another direction ( a new market, product or cause?) then a "fresh" name can be helpful. I have found that building on our name is better. It is known, catchy, easy to remember, and has a reputation we are proud of. Hope this helps.
What are the current and proposed names? Why did you pick the current name? How well known are you by that name? What is the reason for thinking about a change now? What do you like about the proposed name? Would you consider another name if it met your company goals better? What are those goals? Will a name change have tax consequences?
I own several business names: Edulytics, LLC, the parent company and two others: Pragmatic and identityXperts. Edulytics, LLC is a registered corporation and the other two are registered with the State as DDA's (Doing Business As). Pragmatic is three companies: Pragmatic Web Designer, Pragmatic Social Media and Pragmatic Information Technology. I have the domain name for all three, as well as: pragmatic360 an umbrella site. Similarly, I own several domain's that feature the "Xpert" theme. I mention this as my experience illustrates that company names need to be directly related to the opportunity to be successful. This said; you may not need to lose your historical roots in the process. A lot depends on what the names are, their history and your goals. Provide this information and I'll offer a specific opinion.
By the way... who are you registering the name with? Some of this is done differently in some countries. In the U.S. the process of creating a corporation includes naming the company. Yet, it also can be done by registering with the State. There are also registrations that can be done for special tax status. Changing the name under some conditions may very well require a lawyer.
Over the last 60-years in trademarks our firm has found that successful branding requires a commitment to maintenance of a level of quality that engenders goodwill that associated with your trademark. The trademark comes to identify the trust that consumers have that each and every time that they buy your product or service that they will get the same level of performance that satisfied them the first time. If you have goodwill associated with your mark, then we would recommend that you should think many times before leaving that mark. There are examples of firms that changed trademarks despite having much goodwill associated with those marks. e.g. NISSAN from DATSUN. You may recall that NISSAN marketed its U.S. cars under DATSUN NISSON for a couple of model years. You need a large marketing budget to make such a move. Bottom line, you can but you should consider the probability that you will be starting under the new mark with little to no goodwill associated with the prior mark. Good Fortune!
It's about AIDA--Awareness, Interest, Desire and Action in communication. If you change your name where or how do you generate awareness of the new name, among new donors? In the nine P's (9 P's) of Marketing at http://www.nineps.com/
Presenting and Presentation is the act of presenting any of the different 9P’s© to your donors, potential donors, customers, suppliers, wholesalers, marketing intermediaries, clients, employees, and/or partners. They are symbols or images that represent something; a descriptive or persuasive account (as a sales person of the product or service). Something set forth for the attention of mind.
Think about positive and negative emotions in a presentation by a major gifts representative or salesperson or sales force. Negative emotions narrow a person’s vision and propel selling behavior toward survival in the moment, especially new sales people --- “I’m frightened, so I’ll flee.” Positive emotions do the opposite: They broaden people’s ideas and we sell longer and can be more perceptive, more creative. For the seller, positive emotions can widen our view of the potential buyer and the specific situation. Where negative emotions help us see trees, positive ones reveal forests. They can aid in devising unexpected solutions to the buyer’s problem. The effects of positivity during a sales experience can infect the buyer, making him or her less adversarial, more open to the possibility and more willing to make a purchase.
Another example or two: The Internet changed everything especially in the “presentation” of the different P’s. These objectives and firm strategies of accomplishing social benefits along with the traditional economic gains which the firm is seeking is vitally important to the “presentation” to the constituents, different publics and to the world. You can find the nine P's of marketing at http://www.nineps.com/
This is a great questions and something many businesses have gone through at one point or another. The best example I can give where keeping the name was not only successful, but a way to easily cross market people who were interested in the old and for it to become catchy enough to bring in the new was changing our look from our whole name to our initials. So once we became an LLC and started branding different branches of the business, it made a more powerful impact and gave us the chance to work in new branding techniques. But be the same company we have always been. Just remember when registering as your for profit you can keep you name and add a known as name as well.
The question is too vague to answer well. It depends on WHY are you changing it? First off, can you evaluate the brand equity in the old name? Where did the new name come from and why did you choose it?
Even with those answers, it can be a tough call. As in the example Deaver cited, Softkey believed there was more brand equity in The Learning Company than their own name, which I would agree with despite the fact Softkey is better known. The problem is Softkey let their brand become very outdated, putting their brand equity into negative value.
But they should have used the opportunity to come up with a powerful new name because The Learning Company didn't carry great brand equity either and it's categorically very weak. Their thinking was no doubt that educators (their customers) would key in on a "descriptive" name that attempts to state exactly what they do. But descriptive names always sound exactly like most of your competitors and fail to create a unique position and an identity. And educators are no different than anyone else - they are more attracted to and will most often choose a brand with an "evocative" name that stands out in the crowd and reaches them on an emotional and inspirational level. Ditto for your Non Profit. No one is exempt.
Standing out from the crowd, being memorable and inspiring choice are the main roles of a name. A company ALWAYS has more than enough contextual opportunity to explain what they do. That description is the role of their marketing materials, website, brochures, advertising etc - not the name.
I think you have good examples from other comments about changing the name.
Let me focus my response relative to the Internet and how web marketing may affect your decision.
1. Let's start by doing a search in quotes of the existing name. How many websites are carrying the name. If you're dealing with thousands, it may not be a good idea to change the name.
2. Additionally, do a quoted search on the existing company's domain name. Same this here, how prominent and spread out is the current company's domain name.
The results here can help you make a decision.
In my experience, 24 years after the Internet has gone public to the world, it is not a good idea to change a brand name.
Hope this helps.
That decision rests upon how much "equity" you have in the established name. Even non-profits should think carefully about this move. A name change also poses the challenge of informing current constituents about the change--that often takes significant time and resources. If you decide to make a name change, then it might be best to have the new and old names "overlap" for a period of time, as opposed to an overnight switch.
The first question I would ask myself is this : has your primary product or service changed to the extent that your current name no longer accurately reflects who you are. If so, it may be time for a name change, or at the very least, a modification to your name.
An important consideration is the current perception and recognition of your brand in the market you plan to serve. It is already well known and received positively, I would be very careful about a complete name change.
I hope this helps. Good luck.