It takes years to build up brand recognition, but it may be worthwhile for an established company to change its name.
Renaming a company to better capture its philosophy and value proposition is often a beneficial decision. A new name can also remove negative aspects of a company like controversy and legality issues. Creating a unique and memorable name helps differentiate a company from others that use commonplace elements from their business in their own name.
One company that comes to mind regarding names changes is Pepsi-Cola. Pepsi, originally founded by pharmacist Caleb Bradham, was originally known as “Brad’s Drink.” This title does not tell anything of the drink, nor is it professional or unique like Coca-Cola or Sprite.
I think that changing the name of a company can be a very strategic move. One example is Kentucky Fried Chicken, officially known as KFC. By doing so, the company removed the word “fried” and created the perception of healthier food. It goes to show that renaming a company’s name can lessen its weaknesses and help build a strong brand name.
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