Three (3) ways to build and leverage product names to expand a business sales funnel
Building a business is a lot of work. Heck, sure you can identify with that. But the whole sweat and stress of a marketing journey can be turned into a spicy adventure when the business’ name and its product naming strategy are well-thought-out. A business or product name can set the pace for success or otherwise in the long run.
The business name is an asset. It is the same for product names. They presuppose a set of benefits which subconsciously prequalify the business’ offerings in the minds of the consumers.
The 21st century’s consumer is time-squeezed yet he or she is exposed to not less than 10,000 business pitches, through ads, each day, according to a Forbes report. Since the consumer has little time to process each line of the ad pitches, he or she subconsciously glean a few lines of benefits from every ad, and subconsciously balance it against a particular frame of needs etched somewhere in the mind. That way, the consumer carries out a latent screening process that helps him or her to ignore, store, or highlight the most relevant of the product pitches in a bid to guide against being an info-junky.
In some cases, the consumers may choose to quickly pass a judgment on the quality of the product based on the similarity the name shares with some products, events, places or persons, he or she had come in contact with in the past.
It is true that without naming a product, the product will naturally be classified as generic. That isn’t nice. More, by not naming the product right too – which is hardly a question of rhymes or letters but of reference – the product may end up as a non-starter.
The initial analyzes show that product name presupposes a set of benefits, and the product name is an important reference. To avoid being a non-starter in an increasingly competitive global or local market, here are 3 ways to build and leverage a business or product name:
A. Research selected name before throwing the windows open: Every word has a history, and so are name. That is why Etymologists are in business though. Except the product name is novel, which is most unlikely, it is important to research the history of whatever word or name is to be adopted for a business or a product. If the name has a strong negative cultural history, it is going to haunt the product and the business. Consumers who already have little time to possess info will have to assume, based on experience, what the product’s or business’ attributes are based on familiar events, place, people or history that they have knowledge of. Get that naming aspect right before proceeding to communicate the product.1
B. Emphasize benefits to build the product or business personality: The key reasons consumers use or identify with a business or a product is the real value the product or business offers. Product value is equal to the sum of the benefits derived at usage. This, in turns, forms the long-term perception, which of course shapes the personality of the product or business. A persona can be ‘credible’, ‘luxurious’, ‘friendly’, ‘convenient’, ‘cost-saving’, ‘shoddy’, ‘discomforting’, and more. On the scale of reference, each persona is conceived at contact and reinforced by constant usage. It is key therefore for businesses to tidy up the product development processes to ensure attributes that consumers treasure are built into the product. When this is done, the attributes should be communicated first to attract the curious (consumers who like to sample before making a commitment of time and money), and later the laggard (consumers who want evidence and assurance based on testimonies)..
C. Loud it everywhere while also making improvement: Time changes. Previous years product or business advantage always surely loses its lustre. As competitors improve and introduce better versions of products, the consumers automatically adjust their tastes and expectations. For any business to stand the test of the whims and tricks of a constantly transforming market, it must improve and communicate new-improved benefits and features. The journey of constant product and business improvement is the most exciting marketing journey that keeps the bond between a business and its consumers ever connected. Google, Microsoft, Amazon and Apple seem to understand that very well.