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when companies and brands confront new business realities sometimes it becomes necessary to consider a name change Minnesota mining and manufacturing became 3m Anderson consulting became Accenture and blue ribbon sports became Nike all our examples of name changes that helped build multi-billion dollar businesses hi I'm Ken Pasternak managing director at Marshall strategy renaming a company is more complex than simply changing the name on the door it affects every way a brand touches its audience here are some things to think about first be clear about why change is needed you need to have a compelling reason and clear business benefits for going through the name change process because it's a big investment assess the impact of change a change to your existing name is more complicated than naming a new business because it affects established brand equity and all existing brand communications know what you're trying to say before you name it by taking the initial step to agree on what your new name should say you can avoid emotional issues and internal contention when selecting the name that actually says it best know what your choices are it's much easier to commit to a change when you have alternative names to consider that meet your communication needs named for the long term avoid trendy names names without any real meaning and names that could limit you in the future and make sure you can legally own any new name in all of your markets understand that a new name can't do everything names are powerful tools but they don't tell the whole story consider how positioning taglines design and communications can work together to build a rich new story that you can own and finally transition with confidence commit to the change and implement as quickly thoroughly and efficiently as possible when done well and for the right reasons a name change can help connect a brand with its audience and position the company for greater success in the marketplace to learn more visit our website at Marshall strategy com you