Apr 01

Strategic Considerations in Developing New Brand Names

In view of the potentially pivotal role that the brand name must frequently play, we are constantly amazed at how often names are selected with little or no real consideration being given to the complex functions they have to perform.Names selected in such a haphazard fashion often turns out to be unsuitable or un-protectable in foreign countries and not infrequently in home markets, too. And this applies to company names, as well as to product and service names. Sometimes they focus too closely on one product benefit or attribute, which over time can become either less important or even detrimental. Or the name is so particular to one product that it actually precludes any form of line extension. Alternatively, the name is too easy for the competition to imitate or even improve upon.What then are the key strategic questions wh work at home ich should be asked early on in the development of brand names? Here are some ideas you can work on:First, is the new product innovative or not? If the answer is yes, it is probably sensible to develop a name which clearly differentiates the product from its less interesting and competitive competitors. Even if the new product is not particularly innovative there is frequently an opportunity to set it apart from competition by means of an interesting and distinctive brand. Some companies link to some non-profit organizations that have community activities. You can be a sponsor on their fundraising ideas, like giving away fundraising calendars with the picture of your new product in it. These fundraising calendars can be one of your great fundraising ideas that will give you immense assistance in promoting your new product line.

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