Nike. Starbucks. Target. Big brands with names that everybody knows—and tons of brand equity.
But what if your company or not-for-profit isn’t a brand powerhouse? How do you think about renaming?
HERE ARE FOUR FACTORS TO CONSIDER IF YOUR ORGANIZATION IS CONSIDERING A NAME CHANGE:
- What’s the equity in your current name?
Do you have research, a brand awareness survey or some other data point to help you understand your current name’s awareness and the attributes, positive or negative, that are associated with it? If there is considerable positive equity or awareness in your current name, then changing it might be ill-advised.
- Is your organization changing in a significant way?
If you are doubling in size, or adding new or significantly different products, offices or services, then changing your name now might be a sound idea. There should always be clear business benefits for undertaking a name change process.
- Is there a problem or challenge with your current name that renaming will solve? Conversely, will a new name help you expand your business, raise friends or funds, or alleviate problems associated with your current name?
- Will you be able to invest money, time and organizational resources in a new name?
Small or big, for profit or not-for-profit, if you undergo a name change, it’s important to invest in an effective brand roll out. Renaming, in general, means a bigger investment in time, money and other resources.
What would you add to my list?