Why is a good brand name so important?
Naming a brand is one of the most important aspects of a successful new product (or service) development and launch. It should provide immediate recognition of a product and its attributes. At some point it may also be significant for expansion of a current product into a new market.
How are potential brand names selected?
Ideation sessions among diverse members of a marketing team supplemented with a mix of other employees can often provide a good start. It is crucial to have someone facilitate the process by describing what the new product is intended to do and who the likely customers will be. Suggestions should not initially be judged, but merely recorded and listed. Group voting can help to narrow choices to a short list for legal vetting.
At this point, the candidates can be presented to a sample of the intended audience for their reactions. An outside market research company or one specializing in brand name creation can be used to conduct the necessary fieldwork and present findings.