How to Name your Product or Brand for Generating Good Revenue?
Products have personality, and this personality begins with the brand name. Just as when we talk about how to communicate differentials, product names also have their own mission. If to a difficulty of this nature we add the need to be striking, easy to remember and powerful enough to encompass a brand concept and its essence, we will see that conferring a name is a complex responsibility in which we must use the tools and marketing actions.
The name of a product, even sometimes before its packaging, is the first contact a customer has with the brand. Like everything, this can generate empathy or indifference. And the distance between one thing and another is a consideration of consumption or at least, an interest in knowing more. If there is no consideration there is no sale. This is the power of an attractive, genuine and differentiated brand.
Too many options, little differentiation
There are thousands of products competing for people’s attention, so it is better that since this first impression we are already moving away. Although each product or service has its own market and its own language, there is a universal criterion for defining its communication: clarity and simplicity.
Almost in a colloquial style, each brand creates an instant relationship with its audience. A brand is a manifesto. A brand conveys many things. How you want to be perceived and what you want people to think of you, start by designing a brand according to your personality and the position you want to take. This is not by chance, it is a deliberate process.
How to put product names: what does it affect?
Going for a naming your product brings with it consequences of various kinds. But, who and how does the name that you decide to put to a certain product affect?
- Customers: The first objective of any product is to maximize its income through sales. And the naming of the product influences the purchase decision of consumers.
- Employees: surprising as it may seem, the productivity and mood of the people who work for the brand can be affected by the product name.
- The company itself: limits possible opportunities. That is, if the name projects a specific product or service, it will be difficult to incorporate others with the same product name.
- Investors: the effects of product naming can be transferred to the field of finance and is that if naming does not convey confidence, it will be difficult to attract new investors.
In short, naming products is a delicate exercise, to which you must spend time and reflection. A good name for a brand, product or company, can be key in the success that they can obtain. That is why it is important to choose well the word that will identify us in the consumer’s mind and to be able to distinguish ourselves in a market saturated with options. We tell you 4 tips to choose the name of your brand or product.
- Make it easy to remember
It has happened to all of us that we try to recommend a product or service but we do not remember what it is called. When this happens, the brand misses the opportunity to attract new customers. It is key that the name is memorable and becomes a synonym for what we offer.
- Keep it simple
The brand or product name should not be long or difficult to pronounce. There are brand names that at first sound absurd (Google, Yahoo, Flickr) but if they go hand in hand with a good product, and a good consumer experience, they become symbols.
- That it is related to what you sell
It is not the same to sell a technology product as pork skewers. Our brand name must be related to what we will offer. The consumer’s mind must not fall into cognitive dissonance between name and product.
- Make it “free” on the internet
This could be the most difficult step today: finding a Business name whose domain is not registered for a website or in social media accounts, but with creativity you can do it.
When choosing and generating a name, you must take into account that in the best case it is a name that will accompany the brand throughout its life, which will be its letter of introduction and one of the indicators to immediately evoke it.
One of the first challenges to face is knowing if the selected name is already used by another brand, which is further complicated when the brand in question has the same twist or is similar to your offer, for this you must do an exhaustive search in social networks or also in the official registries of intellectual ownership.
A solution exploited by many is using the product name generator, from scratch, of the name that will be given to the brand or product. An acronym or acrostic formed with the first few letters of partner names, for example, may be a good idea.