Naming And Your Bottom Line
October 29th, 2009 | 
Author: Naming And Your Bottom Line
Perhaps the question isnt whether you can afford to hire a naming professionalbut whether you can afford not to.
The threat of recession looms close some say weve already made the plunge and companies are studying the bottom line to see whats working in the marketing department and whats not. In times like these the temptation to take a doityourself approach to naming new products may be strong. Resist it. Now its more important than ever to have an evocative and unique brand name that lets your company or product break away from the cacophony of the marketplace. And it usually takes a professional naming specialist to get you there.
Is it possible to calculate the return on investment for hiring a naming expert to help create a great product name or company name? Using the traditional quantitative approach to ROI probably not. But if we apply more qualitative reasoning to the equation its clear that great brand names can return well past their initial expense. The internal naming contest may seem like a lowcost option but in this new ROI calculation the DIY approach has the potential for a much higher investment and not much of a return.
Unlike your internal naming contest a professional naming specialist will help you:
Avoid disasters
For starters hiring a naming specialist to do strategic naming can pay off in ensuring what the name wont be. A naming company would never allow Reebok to adopt a name like Incubus a male demon believed to have intercourse with sleeping women or Umbro to launch Zyklon a poison gas used by the Nazis at Auschwitz. In both cases all mention of the brand had to be removed and the product renamed while fielding terrible publicity.
Similarly working with a professional naming firm can help avoid other unquantifiable snags. Like choosing a name thats already in use by a competitor. Or a name thats awkward to pronounce in a key foreign market. A naming specialist with a solid understanding of trademark law and global linguistics screens name candidates to prevent these kinds of costly blunders.
Stand out in the crowd
Unique new product naming cuts through the clutter that consumers experience during the purchase process. A distinctive brand like Wii creates a huge buzz before it even launches. And the best part? The most effective names fulfill this role without massive advertising budgets behind them. So even when economic conditions force a reduction in expenditures a unique company name or product name will boost a brands visibility and lead to increased revenue.
Build longterm brand equity.
The better the name the better the return in longterm brand equity and customer loyalty. Trademarked brand names are among the most valuable assets of companies like CocaCola and Nike. Sure ROI on professional naming services is hard to tabulate: the investment happens in a matter of weeks or months while the return will grow over the life of the product. And even though a consumer decision is often made in a moment it can take yearseven decadesto build to that moment. Yet any calculation of goodwill on the balance sheet will give you perspective on the sizeable value of professional brand naming. Of course a great name isnt going to save a bad product and a bad name probably wont sink a really great product. But if a product can live up to its great name youre certain of a positive return on your investment in expert professional naming help.
So the next time someone in your company suggests an internal naming contest for your hot new product ask yourself: Can we really afford to do it that way? Maybe we should consult a professional
About the writer: Burt Alper Principal Catchword a fullservice naming firm that specializes in creating company names and product names that stand out in the marketplace and engage customers in fresh ways. For more information call 510.628.0080 ext.101. And check out the Catch This naming blog.
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