You’re an inventor in 1924 with a good idea for a gadget. The decision of what to name your company is simple: you take your last name, add the type of product you’re selling and voila—you're in business!
Fast forward to today. So many of these companies that started with a single product now find themselves, through new product development and acquisitions, selling a diverse range of products that the original founder never would have imagined.
Which usually lands their present leadership team in a dilemma: what should they do about the company’s name?
Should they overhaul the enterprise name to better represent their diverse portfolio? Keep the name as-is to not risk losing equity? Or split the difference and make a minor tweak?
The outcome of any of the above choices can feel laden with risks. But there is one simple, guiding question that can make this crossroads easier to navigate.
Who are you doing this rename for?
And the answer to this question may not always be what you expect.
Moving beyond the soup aisle
The Campbell’s Soup Company made headlines for a seemingly non-newsworthy announcement: a request to shareholders to remove the word “Soup” from the company name.
Of course, if you’ve passed by the soup aisle any time in the last...several decades...this news may come as a surprise. Hasn't it always been simply “Campbell’s”? Before you jump to check your pantry, you’re correct— the iconic logo that adorns soup cans only features the word "Campbell's" in scrolling script.
Why then bother to change the company name at all? A name that consumers will only ever see if they take out their magnifying glasses to inspect the back of their cans?
As is the case with most rebrands, one underlying driver was a desire to “reflect the full breadth of the company’s portfolio,” according to a statement made by Chief Executive, Mark Clouse.
Campbell’s portfolio ventures far from the soup aisle: Goldfish crackers (which are on track to become their largest brand in the next two years), Pepperidge Farm products, and Cape Cod potato chips are just a few of their brands.
But, as anyone who has undertaken a rename might be wondering, is this subtle change worth the effort and expense? After all, it’s highly unlikely that the enterprise name will be added to their other brands’ packaging to help consumers understand all they offer.
Who, then, is this really for?
Knowing your audience
Your brand is the human expression of your business strategy. It’s how you distill hundreds of pages of strategic plans and PowerPoint presentations into a form that connects with real people.
And who are these people?
They can be your customers. They can be your shareholders. But, perhaps more importantly, they can also be your employees.
It might sound cliché, but it’s true: employees are the backbone of any company. There’s data to support that how engaged and connected employees feel with their employer directly impacts the company’s overall strength.
When employees understand that every division or product line is important (including the one they work within), it fosters a sense of purpose and belonging.
Imagine an employee working diligently to make "Late July” (one of Campbell’s lesser-known chip purveyors) a household name. Or the employee on a manufacturing line making sure each Milano cookie that goes in a bag is as delectable as the last. They need to know that their efforts are just as vital as those whose efforts are dedicated to the portfolio of soup products.
And from the rest of Clouse’s statement, it sounds like Campbell’s gets this importance: "We are ready to turn the page and enter a new chapter where we build on Campbell's transformed portfolio, strong team, and aligned and engaged culture with the goal to set the standard for performance in the food industry.”
Actions that support the words
If executed well, with both an internal and external brand strategy, a name change can be a powerful signal of the importance of each division or product line across the organization.
That means a company needs to do more than make a big splash with investors. It needs to engage its employees. If not, it risks missing a valuable opportunity to connect employees with the brand and engage them as a critical audience capable of turning a vision into reality.
