Change can be terrifying. Upon the initial planning of your business, the name was likely something that was given great thought. It may encompass a mission or a family legacy. A company name may hold generations of wisdom that may not be easy to lay aside. Changing the name of a business may feel like starting over, in a sense, or it could be just the thing to get to the next level that has seemed like a roadblock for some time.
In the January issue of Pallet Enterprise, we shared that the National Wooden Pallet & Container Association (NWPCA) has announced a name change with a more global focus in mind. The name change comes with a new logo and branding as well. Their decision to change the name to Woodpack Global took about 1.5 years.
While a rebrand may not be necessary for every company, it doesn’t hurt to consider if this is something that would be beneficial. For the NWPCA, Woodpack Global encompasses more than just the American sector. Because supply chains are global, their name and rebrand needed to reflect that. If your company name no longer defines the company as a whole, it may need a refresh.
You may also want to reconsider a new name if your company name no longer defines your main customer base. If you move from new pallets to mainly recycling or vice versa, the name of your company may need some tweaking.
Another reason for renaming your company would be if a merger has occurred and a new name defines the new partnership. A name change can demonstrate renewed strength or creativity.
While there may be reasons for change, there are also reasons to avoid it. Changing the name of a company shouldn’t come as a result of growing tired of it. Change takes time, energy, and money that may be too great a cost for a new name and a rebrand.
Your company may not need a rebrand. It may need more consistency in one area or a boost on social media. The website could need an update or redirection to a different network of customers.
According to Vowels, a company that assists with rebranding, the following questions can help you know if your current branding is not working:
1, Do you have a decreasing market share or higher-demand competitors?
Taking some time to see where you measure up with competitors and the market can give you an idea of areas to adjust or if a total rebrand would be beneficial.
2. Are your sales stagnant or declining?
If this is the case, what do you attribute that to? A new name or logo can give your company a fresh face to attract business.
3. Is your current branding old or dated?
The market gets younger as your company gets older. An updated brand can bring in new customers with younger clientele.
4. Have you received a series of negative reviews?
While a rebrand can’t necessarily change a bad review, it can encourage others to give you another chance when they see you’ve made some outward changes that advertise changes within the company, customer service, products, etc.
5. Is the change in the industry warranting a change in your company?
As companies shift to more technology and AI, your brand may need to reflect that you are moving with advancements. Customers like to see that businesses are staying up to date with current trends.
Renaming and rebranding is not a quick process. It takes thorough thought as you consider changes in purpose and values. Choosing the right company to redesign your logo, alter fonts, and create new color schemes are important steps to consider in your rebrand. Once all of that is decided, carrying the new name and brand throughout your social media and website takes more time.
There is a lot to consider when renaming and/or rebranding your company. Weighing the pros and cons is important as well as seeking alternatives to boosting sales that don’t require such drastic change. Either way, change can be beneficial as your company looks to future goals and sales.
