Leverage your current standing to drive a stronger brand position.
One of the big secrets to launching a new brand—or keeping an existing one fresh—is to keep one eye on the current state of your company and the needs of your target market today, while also keeping an eye open to where your brand will need to be down the road. Whether you’re creating a new brand name or developing a larger game plan, you’ll want to consider and evaluate the potential in your brand strategy through unique perspectives like these:
Where are you in the life cycle of your product, brand or industry?
A great brand name supports and advances your positioning, so start by thinking about how your current circumstances factor into your strategy today. Do you have a new, game-changing technology, product, or service? Are you attempting to change the dynamic of your company, your relationship to your competition, or the way consumers view your category?
What assets can you leverage today and what do you have coming down the pike?
An informed knowledge of where your brand is going, preferably backed by customer-focused research, should guide the branding decisions you make today. What does the future of your brand hold? Do you need to innovate to maintain a leadership position, or are you an upstart hoping to break into an established market? Can your new name prepare customers to accept or anticipate your short- or long-term plans?
Does your brand create sub-brand or brand extension opportunities?
No brand is an island, but those with supporting extensions offer more ways to drive consumer preference and additional revenue streams. Lines of consumables, mobile applications and published books are just a few ways you can extend a brand’s reach and encourage consumer engagement. You’ll want to develop a consistent “family” nomenclature—not just a name—if your brand inspires add-ons like these.
Awareness of your competitive position can make a good brand great by ensuring that your message is relevant to your customers, authentic to their needs and aligned with your strengths. Building this understanding into your brand’s name gives you a big advantage as you work to earn or retain customer trust—and repeat business.
Want to learn more about how to create brand names that encourage customer preference? Download our NEW parathink briefing: Names That Sell Global Healthcare Brands: How to create distinctive brand names that drive customer preference, sales and loyalty. It’s hot off the press today! Click here to get your free copy.
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