Naming Your Organization, Product Or Service
One of the most important steps in the branding process is choosing a name. The same basic process holds true for products, services and the company itself. Some companies have spent millions of dollars on branding firms. Others do it themselves. Either way, you should be aware of some of the parameters to help direct the process and to make sure that the final decisions are strategic and on target.
The naming process should consider the customer and the competition to help you find the right position in the market. I recommend having several internal leaders complete the following questionnaire independently to generate the most comprehensive information and to avoid the bias associated with a focus group. Once submitted, gather the team to review and refine the results together:
- Who buys what you sell (or plan to sell) now? Who makes up the total market? Where are they? Find out everything that you can about each market segment.
- Who do you want to target?
- What do these prospects want to buy (what benefit/outcome)? Health, beauty, performance, success, etc.
- What is your competitive edge? What is your unique selling point?
- What do you want them to think when they think of your business/you? Is that meaningful, memorable defendable? What do they think about you now?
- Who is your competition? What are their strengths and weaknesses?
- What objections must be overcome to convince prospective clients to try your services/products?
This information will help you find a name that will make sense to your prospective clients.
If possible pick one that makes a strategic statement about the company. Develop one that sounds like the industry leader. Make it easy for prospects to understand what you do. Don’t pick a name that is confusing or one that requires explanation. If possible, choose one that gets attention. You can add a tagline that drives home what you do. Conduct market research to get feedback from customers and prospective customers. Find out which possibilities they like and why.
After finalizing the name, a graphic artist will produce your logo and graphic standards. Be sure to share the same market insights and naming strategy with the graphics team so that they can develop a brand identity that brings the name to life in a simple, professional style that supports your brand strategy. Make sure that the logo works in all mediums, including social media, website, signage, business cards and letterhead. Once again, employ market research to test the best logos on customers and prospective customers.