A good product name is foremost informative and should in some way reflect the personality behind your brand identity. Product naming is the process of coming up with compelling, unique names for your new products. It is the discipline of deciding what a product will be called and is very similar in concept and approach to the process of deciding on a name for a company or organization. The goal of a product naming is to give you an overall ranking of your product names as well as deeper insights on each individual name. Product naming is considered a critical part of the branding process, which includes all of the marketing activities that affect the brand image, such as positioning and the design of logo, packaging, and the product itself. The ideal product name should help increase sales, more than that though, it should develop and evolve your brand.
The process involved in product naming can take months or years to complete. Your product name should just sound cool (although that doesn’t hurt), its primary job is to guide your ideal customer to buy it, by showing them why it’s the right choice for them. Some key steps include specifying the objectives of the branding, developing the product name itself, evaluating names through target market testing and focus groups, choosing a final product name, and finally identifying it as a trademark for protection. The complexity involved in naming a new product is why corporations have spent decades turning to creative companies and agencies for their help. The name of your product should also instill confidence in your brand. This is accomplished with consistency.
A key ingredient in launching a successful company is the selection of its name.
- They strategically distinguish the product from its competitors by conveying its unique positioning
- They hold appeal for the product’s target audience
- They are available for legal protection and “trademark”.
- They allow companies to bond with their customers to create loyalty.
- They help motivate customers to buy the product.
Avoiding Common Naming Pitfalls –
- Easy to Remember: Your product name shouldn’t be overly complex.
- Memorable: A memorable product name will help you break through the noise.
- Positive Associations. Positive associations are important.
- Easy to Pronounce: If a name is hard to pronounce, there’s a strong likelihood of consumers rejecting the product altogether and going with alternatives.
- Easy to Understand. Product names that are easily understood are more likely to entice consumers to purchase.