The multifaceted and complex concept of “renaming” appeared in the domestic market not so long ago. The usual procedures for changing the brand, the company name, the type of activity – all of these are perceived and considered as complex legal procedures of varying degrees. Continue reading to learn more before you go for company registration in Delhi.
But understanding the value of advertising, the value of PR advertising, with increasing influence on potential consumers, began to be perceived not only as a legal process but also as an advertising strategy for large corporations to change brands, logos, and trademarks, the main purpose of which is to attract new customers into the consumer market.
This article will discuss how to make the renaming process not only internal to the company, but also legally important to the company, and the starting point for a new successful start-up of the company. Turning renaming into a successful business concept is the main theme of this article. Before we start publishing this issue, let us know the concept of renaming. As already mentioned above, this is an issue that takes steps to change any of the company’s current components: brands, logos, names, licenses, and sometimes even a qualitative change in the company’s product. It is primarily marketing activities, tools designed to solve problems in the consumer market, lack of customers or their consistency.
The stages of renaming can be divided into the following components:
– Analysis of the current consumer and their place in the consumer market of the company’s products;
– Analysis of the marketing strategy of competing companies: its disadvantages and advantages;
– Identifying defects in the company’s marketing or its production in the consumer market;
– Development of a strategy to change a company’s marketing perception, including changes to logos, brands, names, products, etc.
The most important thing you need to understand when starting a renaming is that its process is not important, but what results the company will receive at the end of the renaming. What exactly is expected of him? The number of customers, the number of new contacts and the increase in profits, the “renaming in the new year” plate in the receiving company or in the actual results?
An analysis of the company’s current products and their place in the consumer market can help answer a simple question: “Who are our customers?” Also, you can get feedback directly from the answer: what level is the market at and how progressive is its further growth. For example, if it is a grocery store with low prices and benefits to vulnerable groups of people, it does not make sense to rename it to establish itself as an elite store for the wealthy. This decision can already be made at the first stage of renaming by analyzing the company’s consumers.
The second stage, which involves the analysis of the marketing strategy of competing companies, helps to answer the question: “Why does the customer go to my competitor, not to me?”
What steps does a competitor take to capture the consumer market? What are the features of positioning their products in the market of goods and services? There are many such questions. Properly completed second phase renaming will provide an answer to these questions. At this point, every little thing needs to be taken into account: what logos, words, names, colors a competitor uses in advertising policy, how many times a week his products or services are advertised, and so on. This information is generally available to the public – visit the competitor’s corporate website or see what he or she is advertising.
After answering the second phase revealing question, a consumer who goes to a competitor can make decisions about what interests and, accordingly, apply some of his advertising policies to his marketing policy.
Identifying deficiencies in the marketing position of a company or its product in the consumer market is the third and, most likely, the key step in the renaming process. It is very difficult to see the shortcomings of the company’s marketing policy. Naturally, without going through the first two levels – it is almost impossible. After passing the third stage , “Why do we have some customers?”, “Why do consumers leave us?”, “Why is our product unpopular and not in demand?” , Etc. The company can safely answer the questions.
Defects can hide anything. Failed name that the founders of the company accepted without semantic analysis, or logo of the failed company that scared or intimidated the customer visually. Or maybe the reason is in the product of the company: suddenly, the consumer market does not need such products or services for a very long time? Defects can be internal or external.
The third stage requires a lot of time and effort, but after going through it and revealing the obvious and hidden real and potential problems we can say that the main goal of the renaming of the company is approaching – developing the concept of a successful business and implementing it. The last, final stage requires creativity and patience. The development of a strategy for changing a company’s marketing perception is a large and complex task, based on the results of the previous three stages. It is a work carried out by experts from very diverse fields of human activity, from lawyers to sociologists and psychologists.
The new strategy should not make or duplicate previous mistakes. What needs to change is what needs to be changed: logo or name, brand or even product. Only quality changes can bring the company to a new decent growth and make its business successful.
Renaming should be done in practice, not in words. Its results are not words, but an increase in customer flow, profits, the company’s reputation and its success in the consumer market.
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