Pop quiz: What do BackRub, Blue Ribbon Sports and AuctionWeb have in common?
Hint: You probably know these companies better by their current names: Google, Nike and eBay.
If you guessed, “They’re all companies that changed their name,” give yourself a pat on the back!
I always find it interesting to hear about giant brands that change their names, but smaller companies also do.
Your firm might want a name change to better align with new services or new ownership or because you ran into a similarly named business during an expansion. No matter the reason, renaming a firm and going through the rebranding process is rarely without challenges. Here are four tips to make renaming a firm work in the real world.
Do your research
Deciding on a new firm name can be one of the most challenging parts of the renaming process. How do you choose a name that will last? One that will embody your values and reflect the emotional connection you want with your clients? This part can be so complex that entire companies are devoted to naming other companies!
One name might sound great when tossed out at a partner meeting, but what will the rest of the world think? Survey employees to find out what they think of the new name. Remember that names will always be subjective, and getting a consensus will be difficult. Someone will always have a visceral reaction based on their own experience, and others might cling to their own ideas. Gather input, but keep the approval team small.
Once you’ve developed some ideas, research to ensure the name isn’t already in use. Start with the US Patent and Trademark Office’s trademark search tool. Then find out whether the domain name is available and whether the name is up for grabs on all social media channels, including Instagram, TikTok, YouTube, Facebook, LinkedIn and X. Even if you’re inactive on all those channels, you don’t want someone else posting under your company name.
Revamp your swag
Everything bearing your old firm name must be replaced, from your website to business cards, t-shirts, and marketing collateral. You’ll want to be consistent when it comes time to roll out the new name.
To reduce confusion for existing clients, some firms include “formerly XYZ Company” on the letterhead, website and other items for several months after the change.
Communicate the change
How you communicate the name change can make all the difference between a successful transition and a failure. Start with your employees. Don’t just make an announcement via email. Hold face-to-face meetings to announce the name change, explain the rationale behind it and answer any questions they may have.
Once employees are on board, reveal the name change publicly. Draw up a clear communication plan, using as many channels as possible. Announce the change well before the actual switchover to give clients time to get used to the idea. Some name changes come about for negative reasons, whether the firm was bought out or faced legal challenges. Make sure your clients know you are celebrating the change! You might even consider hosting a special event for customers to mark the launch.
Transition seamlessly
Don’t let the transformation drag out over several confusing and inconsistent months. When you make the change, everything should transition in one single day. You should have your former website redirect to the new one and rename social media accounts.
Employees should be fully briefed and ready to use the new name when writing emails or talking to clients. You may still encounter resistance from some staff and customers who have grown accustomed to your existing identity. Remain positive and upbeat in all your communications and demonstrate a sense of leadership. Over time, the old name and any opposition to the new one will seem like ancient history.
With careful research, thorough planning, strategy and execution, you can successfully rename your firm. Following the tips above, you and your team can better anticipate and manage the renaming process to achieve your desired results.
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As the Marketing Manager for Boomer Consulting, Inc., Heather’s primary focus is on developing the firm’s marketing strategy and brand awareness to help drive business results. She is one of the leads of the Marketing & Business Development Circle. Internally she manages and executes marketing and business development initiatives, with daily oversight of the website, social media, and thought leadership content. In addition, as a part of the Business Development team, she provides leadership and strategic planning on marketing and communication practices for the firm.