Your name doesn’t have to be “Mud” for rebranding to be a good idea.
Sometimes, the need to reinvent a corporate identity is obvious.
For example, perhaps you remember a company called ValuJet. (If you don’t, that’s exactly how they want it.)
For your company, however, whether to rename may be a more complex question. There are risks and costs, of course. And the strength of your brand hangs in the balance.
And yet, you may have some very good reasons for making the big change. You may want to change your name if:
- It no longer reflects your offer. As your business evolves, a name that highlights products or service can lose its relevance over time. And so, the American Telephone & Telegraph became simply AT&T.
- It’s confusing. Ever heard of Lucky-Goldstar? It’s kind of a long story, but that’s the former name of LG Electronics.
- It constrains your growth prospects. For example, La Crosse Litho Supply wasn’t even located in La Crosse anymore. They also weren’t strictly a lithographic supplier. So we helped
them change their name to The Mosaica Group.
- It’s a legacy name that’s no longer relevant. In our agency’s case, two years ago, a leadership change required us to change our name.
If your name falls into any of these buckets, don’t let the challenges of a name change blind you to the opportunities. Done right, renaming can be a launch pad to help you build visibility and momentum in support of strategic goals.