Maybe your company or organization is under new ownership or maybe the goals and vision within the organization have changed. It is also possible that you or someone within your company feels that the current company name does not reflect the direction that the company is headed in. Whatever the reason, there are just as many valid reasons to consider a company name change and a subsequent corporate identity rebranding strategy. Your company name forms that all important first impression that people will have of your company, so it is imperative to choose carefully.
Why should you consider a company name change? Other than the above reasons, you may decide that your current name does not brand your product or service correctly. A company that sells stationary, for example, would want a name that evokes the image in the consumer of a unique paper selection, and possibly hard to find inks. The name Acme Stationary, does not exactly convey this image, because it is too generic and does not accurately describe the product or service being offered. Your name should stand out above the competition, otherwise, it will be lost in the shuffle.
You may also consider changing the name of your company if you have decided to specialize in offering a different product or service than you did at the beginning. Maybe your company provides corporate design consultancy services, but you have decided to narrow the company's focus towards green or environmentally friendly design practices. A new name and corporate branding strategy will help to solidify this change in the minds of your company's stockholders, investors, partners, employees, and the consumer.
Plainly put, you need to have a substantial reason to change the name of your company or organization, and should be aware of what is involved in a name change, from the costs of new materials, to the advertising strategy required to brand your new name. The most common reasons for a corporate name change include merger and acquisition, marketing or other reasons, and corporate spin offs or sales of divisions, but your reasons may or may not match these. Only you and your fellow decision makers within your organization can determine whether a name change is right for you. If you are ready to make a change, consider working with a company that specializes in corporate naming and branding, since these organizations have years of direct experience with all that a corporate name change entails. |
