Know-How Exchange : Branding

Oh my, what a quagmire!
But the good news is, re-branding is a thoroughly exciting and exhilarating process!
As NuCoPro has already stipulated, you must first build your business case for the name change with senior management and make sure they are completely on board. Without their full support, you will be doomed at the outset.
It should be fairly easy to you to make the case if, as you say, your company and the parent brand are so different, and are creating confusion in the mind of your customers.
The added complication of your product being known as 'the ABC" is a relatively small hurdle to jump as already evidenced by your statement that you have a low % of market share. Making your company name and product names meaningful and relevant to your target market, bouyed by a well-thought out sales and marketing strategy, will go a long way to amending a lack-lustre market position.
Re-branding is much, much more than a logo and some identity guidelines. It goes straight to the strategic heart of who and what your company is and what role they play for your customers. Remember, without customers, there would be no company.
What you need to do is start from a completely clean slate.
I have generally found that a SWOT analysis, conducted both with long-time company employees and with customers, is a good place to start. That should begin to give you an idea of what roles your company and product should be filling, and also perhaps some unidentified opportunities that you might further capitalize upon.
Then build a "brand pyramid" that details: brand features (what features make this brand different, special, better, unique?), functional benefits, customer benefits , company values and personality. These things, taken in their totality, will provide the foundation for a successful brand. THEN you can start to look at what the company name should be. Does your new name stand up to the brand qualities as outlined? Does it make sense? Is it consistent with the brand personality? Does it help represent brand values? Will it resonate with your customers? Is it easy to pronounce, spell, say? Is is both memorable and meaningful? Is the URL available (VERY important)?
Once you have a name, THEN you can start to look at design. There, too, it is important to have a look and style that accurately represents the brand...the right style of font, the right colours, etc.
I have done this several times, and if done properly yields very very exciting and positive results.
If you would like more info. or would like me to expand on any of the above, feel free to e-mail me directly and I'd be pleased to assist.