Yes it is one of the trickiest propositions that every marketer and company comes across. While there are no hard and fast rules for defining it, yet it is better to follow certain unsaid directions while naming it . These are:
1. Know your product– Often company as well as marketer do not really understand the product. By this I mean to imply that they tend to go for totally irrelevant brand names, compared to the product the sell. It is always better to have a related brand name.
2. Know your market– Have well defined knowledge of the market you intend to cater to. Choosing a name with which your market doesn’t associate with a sure recipe for disaster.
3. Don’t go for a family or individual’s name– Yes most companies at one point of time used to go for brands named after their families or owner. Well it doesn’t work any more. People love to relate more with a professional setup than with a family run setup (exceptions are always there).
4. Go for a catchy tagline– A tagline is as important for your brand’s success as the brand name. Go for a tagline that is unique and has an appeal to a wider audience.
5. Don’t imitate– There are lot’s of companies which imitate the names of big brands , while it does attract attention, but doesn’t lead to sales . It is similar to you visiting my blog and not viewing an article or clicking a relevant ad..
6. Keep it simple– It works wonders. Perhaps the most important recipe for success ! A simple name always helps as it make a presence in the consumer’s mind at a much faster rate !
And overall- Don’t compromise on quality of your product. It’s fine to generate customer’s attention and make them buy, the key to your success is whether they will buy it again and ask their friends to buy as well.
Food for thought- Can you think about a 7th unsaid rule for naming a product ?
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