Many companies pick a specific product or service category name for their company. With time they reach a market saturation point to grow the company’s profits and need to add new products or services i.e. Dominos Pizza went to just Dominos to expand their menu with more than just pizza related foods.
Midas Muffler, dropped the word muffler from its name to go to just Midas. This allowed them to market and fix more that just mufflers. Today they are know for: “We take care of everything — brakes, tires, oil changes — all your auto repair needs.”
Here is another way: change your tagline versus changing your name. A tagline is a short phrase that goes under the company name. Here this company added ” Full Auto Service Centers” to allow them to market and sell more than just tires. Today they sell: tires, brakes, alignments, oil changes and A/C.
So when your company reaches a market saturation point and you want to grow company’s profits by adding new products or services, you can change your name, tagline or add a tagline if you are not using one.
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Gary Heisey – Founder and Brand Strategist with Brand Door