PwC renames their acquisition
Towards the end of last year we got the news that global accounting giant PwC had acquired specialist strategy consulting firm Booz & Co. It all made infinite sense. Extend their professional services offering and leverage the synergies between accounting services and the strategy needs that so often exist within major corporate clients.
Immediately Booz brings to the party strategic grunt and $1.05 billion in fees globally. It is a big boost. Know how and a great client list is a worthy attraction factor. However, there is no doubt that when you bring two different businesses together, you have to actively manage the process to ensure the whole is generating more value than simply the sum of the previous parts. Working out how to seamlessly integrate the combined offer into a powerful and meaningful proposition to clients cannot simply be a random act.
So what is the best brand name architecture to apply is an important question. PwC have now declared their hand on that front. They are going to drop the Booz & Co brand name and opt for a co-branding strategy under the mantle of PwC Strategy&. Yes, gone is Booz & Co and in is Strategy&.
Would you have changed the name? Assuming they did not have to drop the name, then I personally would have retained the Booz name. Booz & Co has a significant reputation and heritage as a tier one strategy-consulting firm. They have brand equity. It would have made far more sense to leverage that equity by retaining the name.
PwC now has a two-step communication requirement. They now say we do strategy in a more serious manner by introducing the Strategy& name into their brand architecture. But to indicate just how serious and good they are at it, they will have to say that the strategy offer is powered by the former strategy heavy weights Booz & Co. It they do not do the latter, then they are walking away from the significant equity they have acquired.
I may be missing something (not for the first time) but I think PwC should have worked harder at directly milking the Booz brand for at least a couple of years. Not only because it has equity, but BOOZ is such a ripper name (or am I confusing it with something else).
Brand Scientist & Founder
Images courtesy of PwC