When new owners take over an existing frozen yogurt shop, they face an important decision, should they rebrand the shop or continue with the existing brand? Current froyo shop owners might benefit from a name change as part of a rebranding effort as well. Changing the name of the shop is an easy way to signal change, but it’s not a decision to be taken lightly.
An effective rebranding effort involves more than a name change. You’ll need to invest in a new logo, new signs, new cups, new website design and domain name, etc. Your goal is to change what customers think about your shop.
Here are some factors to consider before deciding on a name change.
Will a new name better reflect the business?
Your current name may be flawed for many reasons. It may be outdated, too limiting, confusing, hard to remember, too similar to other froyo shops, etc.
If your menu has expanded considerably, a name change could capture this more effectively than the current name. This is not an uncommon situation. Our 2018 National Frozen Yogurt Shop Owner Survey found that 93% of our respondents sold more than just frozen yogurt. Over half of respondents said they sold shakes or smoothies, ice cream, frozen custard, or gelato. If other products are a significant part of your business and your business name does not reflect those products, it could be time for a name change.
Have sales been declining?
There could be a variety of reasons why sales have declined, but a refresh and rebrand could help change your image and bring in new customers, bring back old customers, etc. The launch of the new name will garner attention and hopefully publicity. It’s another chance to win customers.
What is the current reputation of the shop?
If your shop has many negative reviews or has been in the news for the wrong reasons, a name change could be a fresh start.
Is there evidence of a large, loyal customer base?
If your shop has been open for years and has many regulars, chances are that many people are attached to your current name. Lucky you! A name change could distress your loyal customers and lose some of your hard-earned brand equity.
If you’re ready to go through a rebrand, be sure to choose a good name. We have several articles in our article library with tips on how to choose a business name.