When you think of insurance marketing strategies, do you debate starting over from scratch? Rebranding your company by taking on a new name is sometimes tempting, but is it really necessary? As insurance marketing strategies go, this one has some distinct pros and cons.
Measure Twice, Cut Once
If you're just starting out as an insurance agency, your name is important. According to Entrepreneur, often companies "treat a name as an afterthought." While a name is not everything to your agency, it is the first image that you show to the world. That means something, so it should never be an afterthought, whether you're naming your first agency or you're rebranding. You need to put thought into what your agency stands for and consider how you will be perceived by others. That's because of all of your agency's assets, your name is one of the hardest to change.
Know Who You Are
If your name no longer really identifies who you are, it could be time to change. Take a hard look at your insurance agency. Why do you exist? What are the core services and values that you transmit to your clients? If these are definitely not part of your name, you might consider a rebrand.
You don't need to limit your name either. Names that are a little broader or abstract can actually help your agency in the long run. For instance, if you call yourself Bill's Auto Insurance and you decide to shift your focus to home insurance, then your name automatically limits your business development.
When you're choosing a new name, try to choose one that's inspiring in some way, instead of just being descriptive. Plain names can be very boring. However, don't go too wild either. People need to respect your insurance agency, and an odd name can inspire a lack of confidence rather than inspiring people to commit to your business.
Try Not to Confuse People
When you're rebranding, try to stick with words that people will understand. If you invent a word, then this might make a lot of sense to you, but it won't necessarily make sense to the person who's walking past your agency. Instead, find a word or two that really symbolize your business values, ethics, and content. Make sure that your new name is easy to spell, as well; in the days of web search, you need to enable people to look you up online.
Rebranding When Necessary
There are some instances when it could really pay to rebrand. If you have a poor reputation, then you obviously need to work on your overall reputation and address the service and product issues that have caused it.
However, at the same time, you could also consider rebranding. You will also probably need to rebrand if you have inadvertently chosen a name that parallels someone else's name. According to Entrepreneur, "your business could lose money if someone else operates under the same name as yours," and you don't need the confusion that this would cause.
Consider Rebranding in Other Ways Instead
Rebranding by changing your name does mean that you'll lose the name recognition that you've developed over the years. If you don't really like your name but there is no good reason to change it, consider changing your logo, your tag line, or voice you use online instead. There is plenty that you can do to change the perception of your agency without changing your name.
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