Company Naming

Changing Your Company Name

A company's name makes a first impression that lasts for the long-term. When company naming makes the wrong impression, it's time for a change.

Every year, more than 1900 companies change their names in response to some change in their business environment. Just as consumers adapt to new technology and a changing economy, companies must transform themselves to capitalize on new growth opportunities and markets.

Some of these changes are the result of introducing innovative products or services, while others completely alter the direction of the company. These new company identities require names that speak to the target market and linguistically reflect their new image.

It's critical for a company that is transforming itself to make sure its B2C or B2B customers and investors get a better idea of who they are and where they are going.

9 Company Naming Principles

1. Target Market Driven. The target market drives the company name change decision. The company name needs to speak to them first and foremost.
2. Vision. It's not where you've been, but where you are going. The new company name should reflect the journey ahead.
3. Compatibility. The new company name should relate to the company's products and services. Be prepared to explain the how and why.
4. Sensitivity. Names are personal and can often evoke strong feelings. Consumer attachment to the company's heritage and existing name should be considered when developing a new one.
5. Employee Buy-In. Your employees know the business - and the customers - better than anyone. They are the company's ambassadors and their buy-in is critical.
6. Less Is More. In today's vernacular, less is more. Today's attention spans are shorter. This is likely influenced by Twitter and text messaging, so making a long name short is a good idea. This is what we would term a 'namectomy.'
7. Visibility. Secure a spot on the web by making sure the company name is available as a .com domain.
8. Think Globally. The corporate world is littered with companies that have stubbed their toe in translation. Check the new company name globally for any offensive association culturally or linguistically.
9. Persistence. Don't expect the first, second, or third name idea to be available. It's not uncommon to develop 1,000 names to find that fewer than 100 are trademarkable and only a handful of those fit strategically. And make sure the name is available on Twitter, Facebook, LinkedIn and Google+.

Check out our 9 Company Naming Pinciples videos to learn more.

Why Companies Change Their Names

1. Recombination - A merger or acquisition often creates the motivation for a new company name.
2. Expansion - Extending product lines or entering the global market can cause a company to outgrow its original name.
3. Spectacular Success - Sometimes a company offers one brand that is such a winner that it takes over the entire focus of the company - including its name.
4. Revolution - Some companies will decide on a completely new business direction. Changing their name becomes a necessary part of the process.