People often talk about rebranding and renaming a company as if they’re the same thing.

But for anyone who’s been through these experiences, you quickly learn that they’re not.

Changing the look and feel of your company is a very different exercise than changing its name.

Almost every client I’ve worked with has enjoyed the rebranding process. Most business leaders readily acknowledge that they’re not visual designers, and so they follow the lead of the experts guiding them. The process is usually seen as fun and clients often feel like they’re able to participate in the creativity.

Renaming a company, by contrast, can feel painful. Especially if you’re a founder or a CEO. Why? Well, there are a few reasons:

• Brand & Reputation. The longer you’re in business, the more your name becomes the identity of your company–who you are, what you stand for, how you deliver–and the harder it is to change. 
• Everyone Names. We all name things: our kids, our pets. So everyone thinks they can and should name their company, and often they just start doing it, only to get frustrated months or even years later. 
• Subjectivity & Emotion. Everyone has subjective associations with specific words and their meanings, and every word you like says something about you. It becomes personal. Finding a name your leadership team agrees on can be like getting every leader to vote for the same political candidate or dress in the same style.
• Legal Availability. Clearing trademark is hard. There are thousands of companies trying to use similar language to brand their companies and products. All that rejection is not easy to deal with.

Two Things to Consider Before You Just Name It

• Take a Strategic Approach

Here’s the thing: it’s easy to think that renaming is just about creativity and finding the right word.

Creativity is critical, but if you’re an established business, what you’re REALLY doing is managing a brand evolution.

What you really need is a disciplined approach to ensuring you transfer the equity of the brand you’ve been building. Plan your evolution from start to finish. 

• Build the Foundation Before You Get Creative

Do your research. Understand what makes your company different and special and relevant.

Define your story. Your brand story doesn’t have to be perfect, but without it, it’ll be hard, if not impossible, to develop a great name. It should answer key questions like why we exist and what we stand for.

While these two steps won’t eliminate all of the challenges, they will go a long way to helping you ensure that you’re able to manage through a creative process, bring your people along on the journey, avoid costly pitfalls and mistakes, and turn your new name into a powerful brand asset.