A store specializing in collectible china and plates has decided to move into e-business. However, the store is unsure about how to get the word out about its new site and has hired your team to assist it.
Brand and identity: What are the pluses and minuses of keeping the existing name or creating a new one?
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When deciding whether to keep the existing name or create a new one for the e-business, there are several factors to consider. Let's examine the pluses and minuses of each option:
Keeping the existing name:
1. Brand recognition: If the store already has an established reputation and loyal customer base, keeping the existing name can leverage the brand recognition and help maintain customer trust and loyalty during the transition to e-business.
2. Cost savings: Rebranding can be a costly and time-consuming process. By keeping the existing name, the store can avoid expenses related to designing a new logo, updating marketing materials, and launching a new advertising campaign.
3. Consistency across channels: If the store already operates offline, keeping the existing name would ensure consistency between offline and online channels, making it easier for customers to recognize and find the store's e-commerce site.
Creating a new name:
1. Fresh start: Creating a new name allows the store to reposition itself and more accurately reflect its online identity and target market. It presents an opportunity to differentiate from competitors and make a strong impression in the digital landscape.
2. SEO and domain availability: If the existing name is common or already in use by another company, it may be challenging to achieve a high search engine ranking or secure a suitable domain name. Creating a new name gives the store better control over its online presence and enables it to choose an SEO-friendly domain.
3. Flexibility for future expansion: A new name gives the store freedom for future growth and diversification. It can be more versatile and adaptable to accommodate potential changes in products or services offered as the business evolves.
Ultimately, the decision should be based on a careful evaluation of the store's brand equity, customer perception, resources, and long-term business objectives. Conducting market research and gathering feedback from existing customers can also provide valuable insights to make an informed choice.