Naming a Product

Wednesday, September 04 at 08:45 AM
Category: Business Banking

So you've created a new product and are ready to give it a name. Selecting a name for a new product can be one of the most important (and difficult) aspects of the entire product management process. With the huge number of products and services constantly being introduced by competitors, it is critical your product name help accomplish your goal — selling it.

Here are some ideas to keep in mind:

Clarity — If at all possible, select a name that is descriptive of what you are selling. If you have a new rugged bicycle, which name is more descriptive — Mountain Climber or Model 3Z?

Memorable — Buyers and consumers should to be able to remember your product. Finding a name that is unique, yet creates a lasting impression, can help you differentiate your product and keep top of mind awareness with prospects. With almost all products or services, the customer controls the timing of the purchase decision. You want your prospects to think of your product when they are ready to buy.

Ease — Along with being easy to remember, your product name should be easy to spell and pronounce. With more and more people using the internet to investigate products, search engines will miss a product with a name that is easy to misspell. A hard-to-pronounce name can create some reluctance for potential customers to ask questions. No one wants to be embarrassed by mispronouncing a name.

Familiarity — If you expect to have multiple product "extensions," then it may be helpful to begin all your product names with the same word, or at least the same letter. Having a sense of repetition within a product family helps build awareness with potential buyers.

Protection — If you have a product name you want to protect, then consider applying for a trademark designation. The cost and time required for the trademark process doesn’t have to be huge, and the long-term benefit could be substantial. You may want to speak with an attorney that specializes in patents and trademarks for this.

Tag Lines — It is often very difficult to come up with a product name that accomplishes all of the things mentioned above. Many successful companies combine a somewhat "formal" product name with a tag line that is more descriptive of the benefits of the product.

Repetition — After you have lived through the process of creating the product and then naming it, remember that your prospects are still unaware of its existence. In your product introduction process, don’t be shy about using the name multiple times. If the name is unusual, clever or has some other special significance, then you may even want to mention how and why the name was chosen. The impression made while talking about the name will create the type and strength of perception you want.

You, along with your potential customers, share a common trait that must be kept in mind — a shortage of time. Anything you can do with your product name to enable someone to get the most accurate and lasting impression of your product in the shortest amount of time will pay off for you and your customers.

The views of this article are for general information use only. Please contact and speak with a subject expert or your banker when specific advice is needed. Find articles like this and much more in the online Arvest Biz Center.

Tags: Arvest Biz, Business Banking
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