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In view of the potentially pivotal role that the brand name must frequently play, we are constantly amazed at how often names are selected with little or no real consideration being given to the complex functions they have to perform.
Names selected in such a haphazard fashion often turns out to be unsuitable or un-protectable in foreign countries and not infrequently in home markets, too. And this applies to company names, as well as to product and service names. Sometimes they focus too closely on one product benefit or attribute, which over time can become either less important or even detrimental. Or the name is so particular to one product that it actually precludes any form of line extension. Alternatively, the name is too easy for the competition to imitate or even improve upon.
What then are the key strategic questions which should be asked early on in the development of brand names? Here are some ideas you can work on:
First, is the new product innovative or not? If the answer is yes, it is probably sensible to develop a name which clearly differentiates the product from its less interesting and competitive competitors. Even if the new product is not particularly innovative there is frequently an opportunity to set it apart from competition by means of an interesting and distinctive brand. Some companies link to some non-profit organizations that have community activities. You can be a sponsor on their fundraising ideas, like giving away fundraising calendars with the picture of your new product in it. These fundraising calendars can be one of your great fundraising ideas that will give you immense assistance in promoting your new product line.
Second, is the new product likely to be an international brand in the future? Strong international brands normally have certain common key characteristics like: the same brand name in all countries, common pack designs, a broadly similar target market in all countries and similar formulation.
Too often brand management is either not aware of the plans to market a product on an international scale; or it does not consider if it is sufficiently important to include in a brand name strategy. When this consideration is not taken into account, it can later result in loss of time, considerable extra costs, and possible embarrassment and failure of business.
Third, is the new product likely to produce line extensions, or become part of a range? Line extensions and ranges of products are frequently more effective and less costly methods for introducing new products than adopting separate brand names for each individual product. Through the use of a common brand name, the costs of packaging design, brand name development, launch advertising, promotion, and distribution can be sharply reduced. Again, this is an approach which must be carefully considered early on in the development of a naming strategy.
Lastly, what is the nature of the protection which can be afforded by the brand? If your new product is made by a proprietary process which competitors will be unable to imitate, or if you enjoy a monopoly position, there may be a little prospect of competitive brands appearing on the market and therefore, descriptive. Thus, largely unprotectable brand names may be acceptable. If, on the other hand, there is a powerful competitive response, an inherently strong and protectable brand name may be essential.
You should know how to answer these questions especially when you are a neophyte in the business area.