A brand name is among the most valuable assets a business can have. For a brand name to be successful, it must be memorable, unique, and fit the image of the product or service. Deciding on a brand name takes skill, time, and effort because there are numerous factors you need to consider. Since rebranding is expensive and means lost marketing opportunities, you must be careful in deciding on a brand name that potential customers can identify with, find relevant, and recall easily.
The Research Process
To be sure you have the right brand name; you should conduct brand name testing. Qualitative research can help the business decide where to begin by highlighting the focus areas for deciding on the brand name. After the company has shortlisted a few potential brand names, it can find out which brand name appeals the best to the target audience by surveying with open-ended feedback, in addition to analysis by a specified list of criteria. The assessment helps the survey participants to rank the names according to preference.
Benefits of Conducting Brand Name Research
Better connection with the target audience:
A brand name should trigger emotion in potential customers. There is a higher possibility of brand recall by customers if the brand name connects well with them. Many companies take to organizing a naming contest to generate a shortlist of brand names. The brand name research process helps a business to understand what customers prefer and to find a brand name they identify with and love. Moreover, a good brand name unifies the product across all advertisements and marketing collaterals.
Ensure better chances of success:
Brands can discover which brand names customers prefer and the ones they dislike by conducting intensive brand name research. The survey also helps the business find out if any of the names have negative connotations or if they do not resonate well with customers. Testing the name ensures the brand name fits the product and gives it more impetus to achieve success.
The Drawbacks of Brand Name Research
Takes time:
It can take considerable time to research the brand name thoroughly to ensure it resonates well with customers. The research process is time intensive because of the numerous steps involved, like developing the research questions, conducting the survey, analyzing the data, interpreting the data, and composing the report. Companies in a rush to launch products may find the time taken irksome.
Adds cost:
The brand name research calls for a fair amount of investment in time, effort, and money for the resources, skills, and experience, usually by a specialist research agency. High-quality customized research can be costly.
Conclusion
A brand name is for keeps and is a valuable asset for the company. A correct brand name will resonate with the audience and tell them what the product and service are. According to Forbes, a brand name helps the company to differentiate its products and services from the competition. A brand name communicates vital information about the product and the business and signals product quality, authenticity, and credibility. Branding is important for memorability and permits customers to tailor their expectations of the product.
