A plethora of company name changes in the US has led to a boom in the corporate design industry, according to two New York surveys.
Branding consultancies Interbrand Schechter and Anspach Grossman Portugal both report an increase in the number of corporate name changes in 1994 as the economic mood improves.
Anspach Grossman Portugal president Jim Johnson says: “To succeed in these changing times, companies must build a distinctive and memorable corporate brand that cuts through the competitive clutter.”
Johnson cites mergers and acquisitions as accounting for 56 per cent of new corporate names in the US.
Interbrand Schechter found that a record number of stock market-listed companies changed their name in 1994 – a 22.7 per cent increase over 1993.
Interbrand’s London creative director Chris Lightfoot sees a similar repositioning of British companies: “There is a ratification of current positions in the market as companies come out of the recession.”
Many are “strategic, gradual tweaking changes” to company names, says Lightfoot, instead of “out and out change”.