Naming a new product is one of the most critical tasks for marketers.  It can be a major factor in success or failure.  Even the best companies lay an egg once in a while.  A recent Marketing News article by Christine Birkner, “What’s in a Name?”, provides some fresh insight into the strategic thinking that should be apart of a sound naming process.  I’ve summarized the key takeaways here.

It’s important to understand that coming up with a name usually takes some work.  Proceeding within this framework should improve the process:

-          First, decide what you want the name to do for you.

-          Create a naming brief.  Start with a large amount and filter down.

-          Decide on a real word or a made-up name.

-          Choose between a descriptive and an abstract name.

-          Conduct proper trademark screening.

The three factors that are most important in a good name are:

1. Difference – The name must differentiate a product

2. Relevance

3. Customer Engagement

A Powerful Name Can Help You:

• Separate yourself from your competitors

• Demonstrate to the world that you are different

• Reinforce a unique positioning platform

• Create a positive and lasting engagement with your audience

• Be unforgettable

• Propel the brand through the world on its own, becoming

   a no-cost, self-sustaining PR vehicle

• Provide a deep well of marketing and advertising images

• Rise above the goods and services you provide

• Completely dominate your category

Bill Duffy is an Account Executive at Mirage Advertising, an award-winning creative communications group specializing in graphic design, web design, video production and event staging.