Going through a rebranding and renaming process with an established, successful company can be like renaming your child. There is a great deal of emotion involved and past history to take into consideration. But, as companies grow and evolve and confront ever-changing business dynamics, the brand name and positioning may need to be evaluated. RiechesBaird CEO Ryan Rieches talks with Jason Rose, Senior Vice President of Business Development for Inovalon (the new name of MedAssurant) about the process that established companies go through when re-evaluating their brand name and positioning strategy. In this week’s radio show Rose explains how MedAssurant went through a holistic brand evaluation to understand how the brand was currently being perceived in the healthcare marketplace, and how RiechesBaird guided them through the process of changing their name and introducing it both internally and externally.
Rebranding and renaming tips:
- Executive team involvement is critical to success.
- Corporate naming is an emotional process, everyone involved must trust the process.
- The best corporate naming solutions are built upon a strategic platform, informed by research.
- Develop a corporate identity that considers the existing brand equity but informs the new brand’s promise.
- Develop a clear and strategic plan to roll out the new name/brand promise to internal constituents first and then to key customers, media and the industry.