Our NameLogic tagline, "Inspired names that make sense" is our goal for each name we develop, so we’re addressing this important topic in our first newsletter.
In the dog eat dog world of launching new products, many factors affect a new product’s success or failure. Assuming we’ve achieved distribution targets, we should consider two essentials:
1. Have we generated awareness & trial (Do they know us? Will they try us?)
2. Does our product experience deliver (Will they buy us again?)
Choosing the right name impacts trial
Choosing the right name has a BIG impact on #1. Is our consumer aware of our product, and have we convinced them to try it?
When launching a new product, the name/package has an immediate impact on consumers; it is the first thing they see or hear about a product, either at the point of sale, or in advertising/promotion. This important first impression, results in either an interest in trying a product, or not. If the name is too descriptive or generic to the category, then consumers will assume the product is uninteresting, undifferentiated from competition, and worse yet, not worth trying. These names get lost at retail, fail to break through promotional clutter, and don’t tempt consumers to try new products.
Benefit-driven names inspire
Once you’ve determined a product’s unique benefit, you’re ready to develop inspired names. Names that explicitly or implicitly communicate a unique benefit, drive consumer interest and trial. Too often, safe, generic, descriptive names are the ones launched. Unfortunately, many uninspired names contribute to poor trial, so these products don’t live to see their first anniversary. This failure bears a tremendous cost. |
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