Tell Your Story20 Nov 2012
MedAssurant recently changed it’s name to Inovalon.
This is not exactly earth shattering news in the world of branding but it caught my attention.
Why? because the firm took out a full page ad in ‘The Economist’ (see pic) not only to announce the change but also to explain the derivation of the name and why it’s a good fit.
Inovalon – we salute you.
Contrast Inovalon’s approach with that of Accenture. In 2001, the firm (then known as Andersen Consulting) spent $100M on launch advertising for Accenture.
Yet, the company didn’t spend one red cent on helping customers understand the etymology of the name.
If only Accenture had spent some of their $100M ad budget to help both employees, media and audiences to understand the name.
Accenture is derived from the idea ‘Accent on the future’. while the ‘AC’ prefix links back to the commonly known shorthand for the firm.
There was a lot of groaning when the name Accenture was announced. Nobody knew the meaning of the name and it just looked like some weird invented name.
Here’s the thing: don’t you think there would have been a lot less grumbling if they’d bother to tell people the derivation of the name?