What makes a name drive customer preference?
Healthcare names need to do multiple jobs, whether you’re launching a product, service, or company. Thanks to extreme global competition, coming up with something unique enough to trademark isn’t sufficient—your name needs to foster engagement and encourage customer preference at every customer touch point.
Here are five key things to keep in mind as you begin the creative process:
1. Who are we as a company, and what benefits are we trying to emphasize?
Before you name anything, the values and benefits of your product, service, or company need to be clearly defined. Knowing these critical basics will give you the core of a consistent and authentic message, which your name and other branding elements should support at every level.
2. What are our competitors doing—and how can we be different?
Don’t try to beat your competition at their game. Use your name to define—or re-define—your relationship to rivals in terms that focus on your strengths.
3. Are we one of the top three companies in the category we’re targeting?
When you’re a market leader, you can create price premium. You have all the advantages that accrue to leadership because you’re the gold standard. If you’re in the “Avis” position (“we try harder”) you can be the alternative to the leader in the category. As #3 you can position your offering as a low-cost “alternative to the alternative.” But if you’re fourth or below, it’s best to use your name and branding to re-define the game by creating another category.
4. Do we need to consider any special circumstances?
No brand is an island, and nothing reveals the path to your next success better than customer-focused research. Are any consumer trends shifting toward your strong points? Is there a need your competitors aren’t fulfilling that you can satisfy? Take the time to listen to your market and you’ll be more likely to hear the knock of opportunity.
5. Is there a feature, benefit or brand experience that excites our customers?
What are your customers clamoring for? Is it the same thing you’re offering? Note that you don’t have to settle for reacting passively to the market—strong branding and consumer education can create excitement or re-define the conversation in your favor.
Want more inspiration? Download our new name-generation worksheet, featuring 19 creative prompts to spark customer preference, sales and loyalty. You’ll also find more great resources in our latest parathink briefing: Names That Sell Global Healthcare Brands: How to create distinctive brand names that drive customer preference, sales and loyalty. Click here to get it now!
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