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Hey! Looking for perspectives on rebranding/marketing a business I own which has opportunity for growth.
It is a local service-based business that relies on a geographical area for customers. So I can't serve customers in another state, or even in another city, given the physical requirements. However, there is a fair amount of growth available at my current location (probably 100% growth, not 1000%). Additionally, there may be opportunity to continue to make this current location execute better than the competition and then justify scale by opening other locations in other areas. It's a fairly latent industry that doesn't some things well which I consider table stakes (website/mobile UX, ease of purchase, customer service, etc.). So ideally, I'd love to grow to increase our efficiency and product-ocracy and then go multiple locations
However: my current branding (I purchased the business this way) is tied to the geographical region given the current name/branding. The name is such that if I went to another city and used the current name it would not be a compelling name, even a bit puzzling. I believe my options are a) use my current name but improve my current branding (got some great work done on upwork for logos and some company slogans that will be consistent with our values and the value prop to customers) OR b) toss the whole current name, make a new one, do a re-branding using the same values/etc from above but with a new company name/logo that will scale if I want to grow to multiple locations.
My issue with a) is I want scale. This isn't a fastlane business per se but it gets closer if there are 2, 3, 5, 7 locations.
My issue with b) is mainly the additional execution work/prioritizing, and customer attrition. Re: work....lame, but true as I still haven't left the J.O.B. And not just purely the extra work but prioritized work. As I mention above there is still a lot that I can do with the single location to grow it's profitability (which I need to do to give it a moat) and make it a more compelling multi-location option. Wondering if I should focus on the other execution work rather than the naming one. But doing this would theoretically make it easier to grow down the road. I'd also have a bit of customer attrition concern. We have an extremely good reputation in our local region and changing to a new name might cause some customer attrition/confusion.
Would love to hear any ideas, especially with folks who have experience with re-naming existing profitable businesses.
Cheers!
It is a local service-based business that relies on a geographical area for customers. So I can't serve customers in another state, or even in another city, given the physical requirements. However, there is a fair amount of growth available at my current location (probably 100% growth, not 1000%). Additionally, there may be opportunity to continue to make this current location execute better than the competition and then justify scale by opening other locations in other areas. It's a fairly latent industry that doesn't some things well which I consider table stakes (website/mobile UX, ease of purchase, customer service, etc.). So ideally, I'd love to grow to increase our efficiency and product-ocracy and then go multiple locations
However: my current branding (I purchased the business this way) is tied to the geographical region given the current name/branding. The name is such that if I went to another city and used the current name it would not be a compelling name, even a bit puzzling. I believe my options are a) use my current name but improve my current branding (got some great work done on upwork for logos and some company slogans that will be consistent with our values and the value prop to customers) OR b) toss the whole current name, make a new one, do a re-branding using the same values/etc from above but with a new company name/logo that will scale if I want to grow to multiple locations.
My issue with a) is I want scale. This isn't a fastlane business per se but it gets closer if there are 2, 3, 5, 7 locations.
My issue with b) is mainly the additional execution work/prioritizing, and customer attrition. Re: work....lame, but true as I still haven't left the J.O.B. And not just purely the extra work but prioritized work. As I mention above there is still a lot that I can do with the single location to grow it's profitability (which I need to do to give it a moat) and make it a more compelling multi-location option. Wondering if I should focus on the other execution work rather than the naming one. But doing this would theoretically make it easier to grow down the road. I'd also have a bit of customer attrition concern. We have an extremely good reputation in our local region and changing to a new name might cause some customer attrition/confusion.
Would love to hear any ideas, especially with folks who have experience with re-naming existing profitable businesses.
Cheers!
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