Brand Institute Senior Vice President of Professional Development on the Importance of Selecting an Experienced Agency when Renaming Your Company

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Apr 04, 2023, 10:00 ET

MIAMI, April 4, 2023 /PRNewswire/ -- Picking a name is a decision that can greatly influence a business's success overall; in fact, a creative, memorable, and unique corporate brand name can be among its most valuable assets. Understandably, the savviest companies won't exchange their old one for a new one on a whim.

"There are numerous strategic reasons a company might want to find a new corporate name and brand identity," said Mary Lewis, Brand Institute's Senior Vice President of Professional Development. "These could include structural changes to the organization, such as a merger, or simply outgrowing its current brand name."

Still, regardless of the reason, companies can ill-afford to take a haphazard approach: The process of developing such a name, whether for a pharmaceutical, consumer-facing, or business-to-business company, is complex, and the new name must be not only appealing to the target audience, but also trademarkable—and free of unintended or inappropriate connotations. Then, too, the name should align with a company's strategic goals as well as be freely available as an internet domain. In this way, both determining precisely what kind of name is best and building consensus around how the business wants to position itself take on outsized, and equal, importance.

Mrs. Lewis, thus, advises companies to choose their partner in the process just as carefully. "An experienced agency has a strong track record of developing corporate brand names. An effective one works closely with its clients, ensuring that the client's new name makes sense for them," said Mrs. Lewis. "Put differently, it's best to use an agency that's keenly aware of the challenges and opportunities associated with renaming a company."

About Brand Institute and our wholly owned regulatory subsidiary, Drug Safety Institute

Brand Institute is the global leader in pharmaceutical and healthcare-related name development, with a portfolio of over 4,000 marketed healthcare brand names, 1,300 USAN/INN nonproprietary names for 1,200 clients. The company partners on over 75% of pharmaceutical brand and nonproprietary name approvals globally every year with healthcare manufacturers. Drug Safety Institute is composed of former naming regulatory officials from global government health agencies, including Food and Drug Administration (FDA), European Medicines Agency (EMA), Health Canada (HC), American Medical Association (AMA), and the World Health Organization (WHO).

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SOURCE Brand Institute, Inc.