Choosing the name of your nonprofit organization or socially responsible company is critical to your success. Your name needs to convey in just a few short words who you are, what you do, and why people should support you. Plus, it needs to be easy to understand and original to avoid confusion with another organization, while maximizing your ability to pop up easily when searching the internet.
Deciding to change the name of your company or organization, commonly known as rebranding, is not something to be taken lightly. News about Partners HealthCare considering changing its name of 25-years reports the estimated cost of the move at $100 million, which is expensive, even for a $13 billion company.
Why so expensive? Rebranding means you have to change your website, all of your social media handles, the signage on buildings, business cards, email signatures, and the look of every piece of paper that you send through regular mail. Plus, you run the risk of destroying the identity, loyalty and name recognition that have taken years to build up with your target audience. Dunkin Donuts changed its name to Dunkin’ to mixed reviews earlier this year. Additional money spent on creating new graphics, marketing and public relations is an important investment.
However a name change can be a very positive process for a company or organization. It can be an opportunity to re-introduce yourself to the world. A more descriptive name can help your target audience better understand your work. If you select a name that is more general, rather than tied to one task or one geographic area, it can open your work up to new markets and have the flexibility to grow with you as you scale.
At Teak we have helped some of our clients through the rebranding process in a way that is smooth and invigorating for everyone involved. Here are some tips:
- Have a good reason – Make sure you are being intentional about your decision to rebrand. It should not be seen as a hasty decision, but as a well thought out move. The first question anyone will ask is “Why are you rebranding?” and you must be able to answer it.
- Prepare properly – Before announcing your name change, make sure all of the groundwork has been set. Everything that needs the new logo and name on it should be ready to go from business cards to every social media platform.
- Set your script – Everyone in your organization from the CEO to the person answering the phone at the front desk needs to be on the same page about the basic facts of the decision, so you are presenting a unified message about it. Creating a script for people can help.
- Give VIP’s a heads up – Reach out to all clients, donors, and partners ahead of the rebranding, so they don’t hear about it second hand. Let them know about the decision and the strategic benefits for your organization.
- Make it a news event – Once you have alerted key people, send out a press release announcing your new name. It’s a newsworthy story. Media placements about your name change are a cost effective way to share your work with a larger audience.
Taking these steps can make rebranding an experience that is both positive and pain free.
