If you are launching a new product or revamping your product portfolio. You must have a brand name that is relevant to the product and the audience. Stands out in the clutter, and has a high recall. Implementing a proper naming strategy is vital because if you fail to give the necessary recognition to the product. You waste considerable investment in time, effort, and money. Some pro tips on understanding the importance of product naming. And best practices that will set you up for success:
The Importance of Product Naming
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Product names help potential customers identify the goods. And services sold by the company. Many businesses mistakenly relegate the product naming process to the end of their brand-building strategy. Because they fail to appreciate the multi-dimensional importance of product names. For example, your product names should align with your brand image. The product names need to appeal to the target audience to be successful. Taking the time and effort to understand the target audience will help you craft product names that customers will identify with. A good product name is also not restrictive and allows the business to expand its footprint and extend the product range.
Being able to master the product naming strategy gives the company a better opportunity to grab the attention of potential customers and engage them. It assists customers to choose the right product with information for a better choice. The right product name will also boost the level of confidence among customers. The right product name also makes it easier for marketers to create a buzz around the product to elevate its visibility.
How to Find the Perfect Product Name
Naming a product is simple as long as you approach it logically and systematically. The problems usually happen due to the lack of the right plan, and companies decide on names based on a quick brainstorming session or settle on something the boss likes. According to branding experts, the steps you need to follow, include:
Ask the right questions:
The right product name should make potential customers focus on the most valuable attributes of the product and what they seek to address by buying the product from you. Accordingly, product managers should find out what makes the product different from alternatives available in the market and its USP. They should also ask questions to establish the target audience and what pain points they seek to address with the product. Companies should also ask themselves about how the product fits in their overall product portfolio. It is a good idea to get people to brainstorm potential product names.
Consider various kinds of product names:
The choice of the product name makes a critical difference in how potential customers view and perceive the product. You can explore a few naming conventions to get the name right. For example, a descriptive name explains what the product is and what it does. A suggestive name indicates what the product is likely to do without telling it in so many words. These names allow marketers to showcase their creative talent for grabbing customer attention. An arbitrary name, when it is an actual word, can provide an emotional connection to the product without attempting to describe it. Otherwise, you can also think of an imaginary made-up name to describe a product. Usually, the best option is to select a name that resonates with your brand. An online product name generator can help make a shortlist of product names.
Research the market:
You should never decide on a product name without researching the market. The better you know the market, the competition, customer profile; the better will be your product name. In addition to finding out what issues the customer has that the product addresses, you also need to analyze the product naming strategies of competitors that might point to the best way for you. Discovering the language that works the best for communicating to the target audience can be valuable for naming the product. According to Forbes, you should also check out the symbolism behind a name before finalizing it. Checking for product name usage by others, availability of trademarks and copyrights, domain names, social media handles, etc., is essential before deciding on the final product name.
Product Naming Best Practices
A product name must mean something positive to potential customers. They should find it relevant to their needs and have no trouble recalling the product name when shopping. You can help make product names more memorable by keeping them simple,catchy, and easy to say and spell. A memorable name is easier to ask for and research online. Of course, one of the most desirable elements of a product name is that it should be creative so it stands out in the clutter even when conveying performance attributes to customers. If you choose a product name similar to that of the competition, it can be harder to create the desired differentiation in the minds of customers. Implementing SEO for boosting online visibility will also become infinitely harder. Some of the things you can try include, combining two words, altering the spelling of an existing world to create a twist, and adding a prefix or a suffix to a word to make it zing.
While there may be conventions for naming products, there are certainly no rules because the process is both complex and creative. Some companies succeed with names that describe the product function while others find playing with the emotions of their customers the route to success. Whatever, you do, you must ensure that the word translates well to other languages and cultures and avoid offending customers and embarrassing you.
Conclusion
Although it may be rooted in science and rationale, the success of a product name depends a lot on how it connects to the emotions of potential customers. Because of its sensitivity and vital importance for the success of your business, you can’t afford to go wrong with product names. If a product name does not succeed, the cascading effects are so huge that it will call for an enormous effort, time, and money to repackage and launch it again. Customers are liable to be confused and may not consider your claims credible.
