The evolution of company names among the Fortune 500 provides instructive insights for corporate branding, and for understanding identity effectiveness in our new economy.

1. Marshall
Marshall Strategy
June 2013
info@marshallstrategy.com
www.marshallstrategy.com
Corporate Identity and Naming:s
Lessons from the Fortune 500

2. About Marshall Strategy
Marshall Strategy is a privately owned, entrepreneurial agency, staffed
with senior people with multi-industry expertise. Our services are aimed
at one simple goal – improving brand value.
We develop and implement strategies that increase appreciation and
enthusiasm for our clients, including creating names and naming systems
that are meaningful, memorable and lasting.
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3. Introduction
The composition of the Fortune 500 has changed dramatically in the last
50+ years. Equally interesting is to examine how company names have
changed.
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1950s brands Today’s brands

4. Premise
The evolution of names among the Fortune 500 provides instructive insights
for corporate branding, and for understanding identity effectiveness in our
new economy.
Definitions
The names of Fortune 500 companies are defined by five categories:
• Descriptive names describe specific products and/or geographies.
• Family names are a family name used as the company’s primary name.
• Image names are real words that convey key characteristics through imagery.
• Coined names are made-up words or unique combinations of words.
• Initials names are when initials replace words as the primary company name.
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5. Findings
The names of Fortune 500 companies
have changed in major ways over the
past 55 years. From 1954 to 2009, the
Fortune 500 witnessed a:
• 54% decrease in Descriptive names
• 45% decrease in Family names
• 14% increase in Initials names
• 45% increase in Image names
• 213% increase in Coined names
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213% increase in Coined names

6. Analysis
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There has been a significant shift
away from names that emphasize
location, geographic market or
specific product.
Dramatic revenue increases on the
Fortune 500 have limited niche and
specialist players' ability to make the
cut.
Nearly 50% of 1954 Fortune 500
companies had family names, such
as B.F. Goodrich, William Wrigley, Jr.
or L.A. Young Spring & Wire.
Family names have an ambiguity that
enables them to grow and evolve into
large companies (Ford) or to become
specific category brands (Gillette)
within a larger company.
Nearly 50% of 2010 Fortune 500
companies had coined, image or
initials names, which convey little or
no commitment to any community,
product, service or by any individuals.
This reflects a shift in corporate
naming. As companies grow, they
need names that appeal to broader
markets.
Observation Conclusion
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7. Analysis, continued
Whether or not coined and image names are a challenge to relate to, they
avoid restricting companies and are easier to protect.
Examples
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Image names
Apple
Caterpillar
Whirlpool
Coined names
Coca-Cola
Motorola
Verizon
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8. Insights
• Descriptive names are appropriate for
companies with potential for broad, long-term
growth, but may limit product or market growth:
• Family names can become distinctive, protectable
brands, and can acquire relevant meaning over
time, but require significant investment:
• Image names can be distinctive and easier to protect,
and are most effective when conveying customer
benefits or are well-positioned against competitors:
• Coined names should be more than unique, and
protectable. They should provide memorable and
appropriate meaning:
• Initials names are the weakest solution to corporate
naming opportunities. They require huge marketing
and communication investments over many decades:
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Waste Management
Bank of America
Disney
Hilton
Target
Amazon
FedEx
Google
IBM
GE
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9. Conclusion
As companies diversify and grow, they need names that enable growth or
opportunity, rather than names that restrict perceptions.
They need names that people can:
• Relate to
• Believe in
• Care about
• Take pride in
• Become loyal to
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