Source: http://www.brandchannel.com/papers_review.asp?sp_id=638
Developing a name for your company or product is crucial in brand
building. It's not a process to take lightly, nor is it wise to rush to a
decision because letterhead needs to be printed or the website is ready
to launch. Here are 11 tips to help you successfully develop a brand
name:
1. Don't describe—distinguish. The biggest mistake companies make
is being too descriptive with their names. A name should not attempt to
simply describe; it should have the ability to suggest the essence (the
unique characteristics) of your company. To be effective, a name must
have brand potential. A name that is narrow or too descriptive does not
have the depth or dimension to become an effective brand.
2. CEO involvement is key. Because selecting and adopting a new
name is a highly emotional and political decision, you will not succeed
without support from the top. Be sure that you have buy-in from the
"C-Suites" in the beginning and that you keep them on board throughout
the process.
3. Avoid alphabet soup. Names that are composed of initials are
meaningless. They get lost in the marketplace clutter and they are
extremely costly to support and promote. Jack Trout says in The New Positioning,
"A no-name name is the corporate equivalent of a disguise." Unless you
are a GE or an IBM with millions to spend on advertising, avoid
initials. Real or invented words are many times easier for consumers to
remember.
4. Research cannot replace decision-making. While research is a
valuable tool to test for unforeseen red flags in a potential new name,
there is a tendency for many to fall back on research to select the
name. No one understands your organization and your positioning
objectives better than you do. Don't allow popularity to determine the
name. The most popular name is not necessarily the strongest name for
the long-term.
5. If it's comfortable—forget it. Everyone else will. The most
successful names over the long-term are often those that are initially
the most controversial (think Google, Yahoo!, Chipotle, and Ikea). When
you select a name, you are looking for something to punch through the
marketplace clutter, not add to it. Overtly literal meanings can
sometimes limit growth and show a lack of company creativity.
6. Keep it brief. One word brands are most effective. Lengthy,
multiple word names lead to truncation. When people abbreviate your
name, you lose control over your brand.
7. Employee contests don't work. While they are often well-meaning, they do not result in names that are based on the appropriate strategic rationale.
8. It's about strategy, not emotion and politics. Many clients
are surprised that selecting a name is such an emotionally charged
decision. Naming decisions are fraught with politics, turf issues, and
individual preferences. Stick to the strategy and do not allow the
lowest common denominator solution.
9. Manage the decision-making process. There is always someone
who will try to derail the process. Determine at the outset who the
decision makers will be, and then work diligently to keep the
decision-making process on track.
10. Always be prepared for leaks. It is very difficult to keep a
new name a secret. At the beginning of the naming process, prepare your
press release and press kit in the event of a leak.
11. Don't expect unanimity. In the first few weeks following
introduction, there is often a lot of discussion and publicity about a
new name. Familiarity breeds comfort. As people become more familiar
with the name, they will become more comfortable with it.
Excerpted from the presentation entitled "Brand Building Strategies," given by Rick Jacobs,
Principal, Monigle Associates, at various professional conferences.
