Sometimes, brands feel like the name of their company needs to be rebranded. One recent example is Amari Resorts & Hotels, a brand that changed its name to ONYX Hospitality in 2010. Their rebranding went hand in hand with the launch of a new identity for Amari. You can read honest reviews of ONYX Hospitality here. They changed their name because of a new image, but there are more reasons for rebranding your company. We will give you some examples
Bad Reputation
Of course, it’s best to avoid it altogether, but there is always a chance that your company gets a bad reputation. Maybe there was a lawsuit that people won’t forget even though you were proven innocent. The bad reputation does not even have to be your own fault. Just the media mentioning your name in an unfavorable way a few times is enough to make potential customers distrust your home ware shop or at least think twice before ordering your clothing. Rebranding might help to regain your good reputation and welcome customers back into your shop.
New Services
The name that you choose for your company will fit the company as it is in the beginning. Perhaps you have an insurance company and added Travel Insurance after your company’s name because it will make clear what kind of policies you offer. The name fits a company that offers travel insurance policies. But then, you want to expand to other kinds of insurance policies. That leaves you with two choices: You can establish a new company for each type of policy. For your new company, you keep the first part of the name and change Travel Insurance to Home Insurance, Health Insurance or any policy that you want to add. In the end, you’ll have various companies. The other choice that you as a business owner had is rebranding. Then, you change to something more general like Insurance Policies or simply Insurances. This is, of course, a very simple example. You can also think of restaurants that start to do deliveries, hotels that turn into resorts or hotel chains, etc.
Going International
Of course, you chose a company name that fits into your native language. Once you go international, your name might not fit the international target audience. Perhaps the name of called after a well-known word in your native language but means nothing in any other language. And if you have your geographic location mentioned in your brand name, then you might want to remove that to emphasise that you have gone nationwide or international.
Mergers
Mergers are another reason why companies like to change their company name, and the reason is a very understandable one. Of course, you want to let the people know that your company and new partners have decided to join forces. Both companies will influence each other and therefore influence the services and products provided to the customers.
There are more reasons why companies change their company’s name, but this are the four most obvious reasons.
