Hot today, dead cold tomorrow — on an ever-changing market, many products suffer from a short shelf life. For many businesses, ”innovate or die” is the golden mantra. In order to stay in the forefront and to meet the market demands, adjustments and improvements are crucial. All cutting-edge companies are of course well aware of this, but sometimes they forget to update their marketing strategies along with their products and services. When it comes to naming products, services and companies, you can’t really rewind the tape. The name has to represent your future vision as well as where you’re currently at.
Don’t let your brand names limit your business possibilities
Let’s take a smaller business for example: You may sit on a game-changing idea, but you probably don’t have the resources of a larger competitor. If your product have global potential, you need to make sure it stands out in each and every way possible. Otherwise it will most likely go unnoticed due to what you’re up against. It needs to represent both your core values and speak attractively to your potential buyers. A really good brand name gives you a great advantage and the most important pitfall to avoid is to pick a limiting option.
Three solid tips on naming:
1. Survive the trend
Certain kinds of names can become very popular at a certain time. After Spotify everyone went crazy and ifyed just about everything. Trends come with a curse — they die and people lose interest.
2. Be associative
Are you manufacturing microwave ovens? Don’t call yourself the Microwave Oven Expert or anything like that. If you do well and like to expand your brand, such a limiting name will surely work against you. What if you want to include bathtubs in your offer? A too descriptive name is also very hard to trademark and will suffer from the-needle-in-the-haystack-syndrome. Descriptive does NOT equal an easy way out — it’s more of a road to ruin.
3. Think expansion
You might have a great name that suits your current market position really well. But this is where some companies make a crucial mistake. You should never go for the obvious pick without thoroughly evaluating its longterm possibilities. You will need a name that works for you globally, even in 5-7 years from now. First impression doesn’t always last.
For many businesses, the name is the only thing that actually stays intact as they go along. So to claim that it’s important for your brand value is hardly an overstatement. Many companies find that their naming processes take a lot of resources and lead to internal conflicts. Without a strategic map and the energy to create, the result won’t be as good. Be honest with yourselves and use outside help when you need it. A naming process done right will always be rewarding in the end.
CEO at Eqvarium