The trauma often associated with changing your corporate name can be mitigated or even turned into a PR opportunity with the right strategy. Three of the key steps in successfully implementing a corporate name change are:
- SET A TIMETABLE – While you may want to transition away from the old name versus “cut and run,” a specific timetable is critical. Otherwise, the old name will tend to linger, and may even continue to be promoted by some die-hard loyalists.
- CRAFT A STORY – The critical element in new naming is memorability. That is, if the name isn’t easy to remember, nothing else really matters. And if the name is very easy to remember, almost nothing else really matters. One of the best ways to help establish memorability is to craft a relevant story around the name. A story that fits your positioning and helps emphasize your key point of differentiation relative to your competition.
- CHAMPION THE NAME – New names have to be sold, to everyone. This often is best addressed from the top down. The sooner the executive suite starts talking up the name with employees, partners, customers and the like, the sooner a sense of excitement and buzz can start to build around the name and its unveiling.