How is Rename Different from Rebrand?
Simply put, rebrand is more than rename. While renaming usually is an integral part of a larger rebranding, many rebranding efforts can be done without necessarily changing the name of the brand.
One recent example that showcases both sides of the strategies is the pharmaceutical giant GSK. While the parent company GSK underwent a rebranding with a new company logo and revamped brand mission, its consumer healthcare business was spun off into a new company called Haleon, essentially rebranding one part of the business and renaming plus rebranding another part.
How can brand renaming help with your enterprise transformation, and why is it important to your company?
A brand-new name announces the enterprise transformation to both its customers and employees:
- Pointing towards a vision that impacts the world right now and the future society.
- Rejuvenating company culture and boosting innovation.
While renaming does come at a cost, the greater risk of staying put in a fast-changing environment is much more costly and even fatal. While there are many ways to embrace changes, renaming, when doing it right, remains the most impactful weapon that cuts through challenges of competition and changing times.