Your company or product name is an extension of your brand. It can reinforce the value you provide, or it can distance you from it.
Your name represents your competitive positioning in the marketplace. It creates a lasting impression and differentiates your company or product from the rest of the market.
When developing a name for a business, product or service, you have a number of options:
Use the founder or inventor’s name (Hewlett-Packard)
Describe what service you provide (Southwest Airlines)
Describe an experience or image (Sprint)
Take a word out of context (Apple)
Make up a word (Google)
It’s important to decide what your name should mean and represent. For example, if your company provides business naming services, your name is a sample of your work – it should be great, right?
A great name can position you as a market leader and reinforce your value proposition. A weak or forgettable name can make it difficult for you to gain attention.
Many well established brands are best known by acronyms of their actual names. It’s important to note that brands like GE, IBM, GM and AT&T have been around for many years, and they achieved success before the use of acronyms made their names more recognizable. It’s difficult to create a quality brand from scratch with mere letters. With today’s noisy marketplace, the chances of capturing the mindshare of a market with a generic name, like General Widgets, or International Services, or American Delivery, are slim, and they’re even lower if you substitute acronyms—GW, IS or AD.
Growth Panel helps you understand naming strategy and how to evaluate different categories of names and their respective advantages and disadvantages. It helps you understand the costs of protecting your name in the marketplace, and the economic goodwill that comes with a strong name and a strong brand.
Naming Tools in Growth Panel
Evaluate Your Current Name: Evaluate your current name and the benefits and costs of creating a new one.
Create a Naming Strategy: Define the intent of a new name. Include your brand promise and business personality traits.Evaluate naming costs and the costs of protecting your name. Determine whether to use internal resources or a professional naming agency to create your name.
Generate Ideas: Conduct brainstorming sessions to generate a list of potential names.
Protect Your Name: Take the legal steps necessary to ensure that your proposed name is available, and that it doesn’t infringe on an existing name.
Select a Name: Complete exercises designed to help you decide on a new name.
You might need naming help if:
Your existing name doesn’t stand out in the marketplace
You are creating a new company or product/service line
Your name doesn’t reflect your brand promise or business personality traits
Your name is confusing or difficult to recall
A legal search reveals that your name could infringe on another company’s intellectual property
Your name is associated with a negative event
What they’re saying...
Your tools have helped me identify what questions to ask to program directors, as well as to admissions reps, and develop marketing campaigns with logics (sic) and clear target numbers behind them. Also, creative briefs are very handy when communicating with my writers and designers. They eliminate the room for confusion and misunderstandings that used to occur during the creative development stage."
Director of Marketing, The Musician’s Institute
If you’d like to sell Growth Panel licenses, we’ll share license revenue. Our distributor program is like an affiliate program, with greater upside.
We require that our distributors have a license, so step one is to set up yours.
If you’re a consultant and have quality I.P. that adds value, we’ll review it and consider adding it to our product under your own brand. That means more exposure for you, more leads, and more engagements.