This week’s question comes from Dave in Vancouver, British Colombia.
Q: I’m trying to rename and rebrand my company. How does one go about doing that?
Are you listening to the right people when it comes time to name your company or product?
This week’s question comes from Dave in Vancouver, British Colombia. He asks:
Hi Dave! I own a small custom cabinet shop. In recent years, larger companies have assumed a similar company name. Due to the diluting of my brand, I’m trying to rename and rebrand my company. How does one go about doing that?
Thanks for the question, Dave. Admittedly, this is a complex question. It’s going to be hard for me to answer fully in a video of just a few minutes.
First, let me recommend a great book. The book is Hello, My Name Is Awesome by Alexandra Watkins. You’ll find a framework and even a workbook that you can go through to help you with the naming process.
However, I want to add one tip that I didn’t see in the book. Look, you have an established business and, therefore, you have a distinct advantage—you can go to the right people to get the right answer about what to name your business.
Now the wrong people to go to, honestly, are “experts.” They’re people that you might hire to help you name your company. They are your family or your friends. They’re even you. You are not the right person to name your business. So who is?
Well, it’s your customers. Go to your customers directly and discover your Most Valuable Message or MVM, which I talk about in my book, The Focused Business. An MVM represents the 1-3 word phrase that represents why people buy from you.
Go to your customers and ask them. “Why did you choose us? Why did you buy from us?” And write down their answers word for word. You should see a pattern in their responses. Use that pattern to inspire the name of your company. This helps develop a company and brand that matches up with the real experience that your customers have.
Great question, Dave!
And if you have a question for me that you’d like me to answer, please go to davecrenshaw.com/ask.