How To Develop A Brand Name Strategy
The strategic considerations involved in developing a brand name strategy are similar
to those involved in new product development, positioning or advertising strategy development. Essentially, where brand names are concerned, they involve a series of closely related components:
First, product information. Product information involves examining carefully the product concept and what the product does; its special properties and its market position; the way it will be used; the satisfaction it brings to the user; its relationship to competitive products; the distribution and media plans; whether the product forms, or will form, part of a range; the points of sale; the sex of the product; the relationship to the company name, and so on.
Second, market information. It involves the gathering together of data relating to the market, both qualitative and quantitative, so that the role of the new product and the environment in which it is to be launched is thoroughly understood.
Third, trademark Information. It involves establishing those countries, cultures and languages where registration is to be sought, and hence, where the name must be particularly appropriate; the message or messages to be communicated by the trademark, and those communicated by other means like advertising and packaging; existing competitive trademarks; any constraints on length; the phonetic qualities sought in the trademark, and the graphic qualities sought.
If, for example, your product line are folders and you want to create a brand for your custom folders that is categorize for family use, then giving it an expensive and lush name would be inappropriate and discordant. If the custom folders are given too feminine a name, it could lead to men rejecting it. If the product is given too national a name like Anglo-Saxon, a German, or a French name, it could hinder the creative approach.
Again, if the product is innovative, it may be sensible to avoid certain well-used word roots such as aqua as this could lead the consumer to believe that the product is similar to the host of other products already in the market. If, on the other hand, the product is positioned as being very similar to existing well-established products, it may be sensible to develop trademarks related to the existing lexicon.
Fourth, brand name objectives. A clear statement of brand name objectives based not only on the new product under consideration, but also upon the broader, long-term objectives of the division of the company is another way to successfully create a brand. Once one has become familiar with all the available information on the product, the market, and on the particular role of the trademark, one should set out clearly identified objectives for the naming of the product or service under consideration. We believe that, in addition, these objectives should be discussed and agreed by the various levels of management involved in the product the new product or brand group, senior management, the advertising agency and package designer.
Mutually established and agreed objectives can be a strong unifying element in what can all too frequently become a highly subjective and emotionally charged decision the choice of a brand name. All of these four objectives equally play a significant role in developing a good brand name that will not only be known throughout the world; but a name that will guarantee big profits for the company. Once your brand has become a household name with your customers, you can definitely guarantee success in your business.
by: Colleen Davis
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