Re-Branding Your Business: Is it a Good Idea?

Financial Excellence: LiFE

13 Sep Re-Branding Your Business: Is it a Good Idea?

Financial Excellence: LiFE

The pros and cons of changing your business name

After being in business as a financial coach for roughly four years, I came to the realization that I hated my business name. I started doing business in 2007 under the name Matt Wegner Coaching. I was never 100% comfortable with that business name for several reasons but I stuck with it because, well, I wasn’t original enough to think of anything better.

We eventually decided on our meme, Living in Financial Excellence and we kind of ran with that, again because we couldn’t come up with anything else. But it was original enough that people began identifying with the message of Financial Excellence being tied to L.i.F.E. So we continued developing that meme and sort of developing a sub-brand around it. Living in Financial Excellence became the name of our podcast and it developed a following.

So we came to a decision point. We had a following who identified with Financial Excellence, yet our company and website were still branded as Matt Wegner Coaching. We were sending inconsistent messages to our audience and clients, and it just got to be too confusing. Plus, when it came to search engine marketing, nobody was searching for Matt Wegner. But people were searching for financial terms. So I think it made a lot of sense to make a change.

Yet after four years, I knew it would be no easy task to just switch brands. We’d have to find a new logo. We’d have to change out all our forms and documents, our website, our invoices and Quickbooks, our email signatures and accounts, our online directory listings, and, and, and… The list goes on and on. This was going to take some work.

Not to mention we had to change our Facebook page because Facebook won’t let you simply change the name of the page. We have to start from scratch and build a whole new list of people who like us there. Would you do us a favor and like our new Financial Excellence Facebook page?

Despite all the work it’s going to take, I pulled the trigger. I had to go with the brand people identify with. So we are now officially Financial Excellence (company name) and in the middle of changing out all our marketing. I suspect we’ll still be finding odd remnants of Matt Wegner Coaching years from now but we should have the bulk of our stuff converted in the next few months.

So is it a good idea to change the business name mid-stride? Will we confuse our audience? Will we lose customers, listeners or readers? I think we’ll end up gaining a stronger audience in the long run, but what do you think?

  • Alex Humphrey
    Posted at 09:20h, 13 September

    I’m in the process of changing my brand. There’s nothing wrong with it if you do it right.

    But as you mentioned, it’s a lot of work to do it right!

    • Matt Wegner
      Posted at 13:22h, 13 September

      definitely lots o’ work. I think it will be worth it in the long run though.

  • Beating Broke
    Posted at 09:33h, 13 September

    The company I work for just went through a rebranding. They only changed the logo, but even that was a ton of work. I can’t imagine all the work necessary to change the name as well. I think, in the end, you’ll be happy you did it. It gives the company a name of it’s own that will make it easier to expand beyond just you and also make it easier to sell if you were ever to decide to do that. A ton of work, to be sure, but probably worth it.

    • Matt Wegner
      Posted at 13:23h, 13 September

      You’re absolutely right. I needed to separate the business identity from my own, which opens the door to other possibilities in the future.

  • retirebyforty
    Posted at 10:58h, 13 September

    The new logo looks great. I think it’s good to consolidate into one brand and you made the right move. In the long run, it’ll be better.

    • Matt Wegner
      Posted at 13:24h, 13 September

      Yeah, I think it will pay off in the long run too. Just have to get through a bit of turmoil first.

  • Ashley @ Money Talks
    Posted at 13:20h, 13 September

    You can only do what you can do. If it needed to be changed then it’s better to change it sooner than later. I think you will be fine, people who are looking for Matt Wegner Coaching will still be able to find you, and when they hear your name they will know they are in the right place.

    • Matt Wegner
      Posted at 13:25h, 13 September

      Agreed Ashley. I wish I’d have done it sooner so the sooner than later was sooner than it is now, which is later 😉

  • krantcents
    Posted at 19:11h, 13 September

    Creating a brand is very difficult! Re-branding must be even harder.

    • Matt Wegner
      Posted at 21:17h, 13 September

      Definitely not easy but in my case we have a brand that is already somewhat established and we’re pretty much just shifting over to it. Lots of admin work though.

  • Aaron Hung
    Posted at 09:23h, 14 September

    I’ve thought about a different name other than my real name before creating the site and I know by using your real name is kinda hard to market but through hard work, it’ll pay off right?

    • Matt Wegner
      Posted at 10:07h, 14 September

      It can and it will, Aaron. I just was not that comfortable promoting my name, although by all rights I should be. Financial Excellence just had a better ring to it.

  • Jon White
    Posted at 12:59h, 14 September

    Matt, I think the re-branding is a great idea. The website looks really good plus the new name “Living in Financial Excellence” is a really good one. How many people will now find out about you by simply searching for financial terms, but would never have found you by searching for coaching?

    • Matt Wegner
      Posted at 13:13h, 14 September

      Agreed Jon. Thanks for the feedback!

  • funancials
    Posted at 10:48h, 16 September

    Matt -you made the right move. Whenever I am questioning change, I think of when Tiger Woods decided to change his swing. Did he need to change? No, he was already #1 in the world; but its about continually improving. Maybe a poor example given Tiger’s fall (but that was due to swingers, not swings).

    • Matt Wegner
      Posted at 05:06h, 17 September

      Good analogy. Thanks for the encouragement.

  • 1step
    Posted at 08:55h, 19 September

    Branding is important, and it helps to be consistent. The remnants from the old brand can be moved into the new one, and eventually be even strong under the new brand.

    • Matt Wegner
      Posted at 14:56h, 19 September

      Yeah, I think we’ll have a much stronger brand when it’s all said and done.