Executive Tips

Seven Reasons to Rename Your Company

A strong company name is key to building a brand: It can convey goodwill, market strength and a sense of overall competence. If a company's name is no longer accomplishing these things, then it may be time to consider a change.

Based on our three decades in the B2B and B2G markets, we've found that there are seven primary reasons for a company to change its name:

1. Legal and/or financial issues
2. Bad publicity
3. Company evolution or change in mission
4. Corporate restructuring
5. Merger or spin-off
6. Acquisition of a company with a stronger brand
7. Globalization

Keep in mind that a company name change is not a simple task. It can require tremendous financial and personnel resources to research, select and launch a new brand that resonates.

For example, an important component of the renaming process is a post-launch branding campaign to communicate with internal and external audiences. This campaign should include:

1. Internal launch and communications outreach
2. New visual identity elements, including websites and sales materials
3. Updated graphics standards
4. Executive press tour
5. New messaging platforms for customers and partners

It may also include advertising, public relations, events and sponsorships.

To demonstrate your return on investment, you can conduct a market research study to assess brand awareness and perception one year from the new brand's launch date.

But remember, selecting a new name is only the first step and promoting it is only the second step. The last - and most important - step is living up to that new name with your employees and customers.

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