Name changes affect a corporation's identity on all levels from the financial forecasts to the public perception of products and services. Schechter, whose company is the world's leading branding consultancy, noted that the investment in a name goes well beyond signage, stationery and business cards.
People are acutely aware of the power of branding.
Brands can convey a product's benefits, cement a corporation's positioning, and contribute enormous value to the bottom line. Mergers and acquisitions were the leading agents of name change in publicly traded companies this year. For the first time in the history of the Interbrand survey, branding has played a highly visible role in corporate name selection. In this instance, the company consulted with Interbrand, which recommended a single-brand strategy and the name BankBoston. That name has been successfully rolled out across the entire region.