Naming
Brand Name Evaluation
Brand Name Evaluation
What makes a great brand name?
Evaluating the name is critical. Skills in linguistics, marketing, brand trends and naming approaches all need to be applied creatively to develop a company name that resonates with the target audiences.
Evaluate the possibilities
It isn’t just creating a name that is the challenge. It can also be challenging to get your key stakeholders to agree on a new name. Individuals will often fall in love with a name as soon as they hear it, regardless of whether it is suitable for the business, or not. It is essential to understand the criteria which the name must meet before the process begins to help balance out the heart and head.
Some people believe that their new brand name will do all the heavy lifting of engagement and perception, but this takes time to achieve. However, having a great name is a good start. The messaging and brand experience is built up over time with the use of ongoing marketing activities. Famous brand names that have catapulted to fame initially still require continuous effort to keep them on track. Being top of mind and establishing yourself in the marketplace for the right reasons, takes time and energy for longevity.
Some people believe that their new brand name will do all the heavy lifting of engagement and perception, but this takes time to achieve. However, having a great name is a good start. The messaging and brand experience is built up over time with the use of ongoing marketing activities. Famous brand names that have catapulted to fame initially still require continuous effort to keep them on track. Being top of mind and establishing yourself in the marketplace for the right reasons, takes time and energy for longevity.
Our Evaluation Approaches
Are you looking to evaluate a new name or an existing name?
Peek’s Key Steps in Evaluating a New Brand Name
Evaluating a new or existing brand name involves a combination of research, analysis, and creative thinking. Here are some steps to take:
Define your brand values
Start by defining your brand values, positioning and key messaging. Understanding your brand values will help you evaluate whether the name aligns with your brand identity and values.
Assess brand name relevance
Assess whether the name is relevant to your brand and product or service offering. The name should be easily associated with the core values of your brand and should be able to communicate the essence of your business to customers.
Consider the target audience
Evaluate how the name will be received by your target audience. Is it easy to pronounce and remember? Does it resonate with your target audience? Will it be easy for them to spell and search online?
Check for availability
It's important to ensure the name is legally available and can be trademarked. Conduct a trademark search to avoid potential legal issues.
Consider cultural sensitivity
If your brand is targeting a global audience, it's important to consider cultural sensitivity. Make sure the name doesn't have any negative connotations in other languages or cultures.
Test the name
Once you have a shortlist of names, test them with your target audience. Conduct surveys and focus groups to evaluate which name resonates the most with your audience. This can help you identify which name is most memorable and effective at communicating your brand values.
Review analytics
If you already have an existing brand name, review analytics and customer feedback to see if the name is resonating with your target audience. Look at engagement rates, social media mentions, and other data to determine if the name is driving brand awareness and loyalty.
Overall, evaluating a brand name involves careful consideration of the brand values, target audience, cultural sensitivity, legal availability, and effectiveness in communicating the essence of the brand.
Overall, evaluating a brand name involves careful consideration of the brand values, target audience, cultural sensitivity, legal availability, and effectiveness in communicating the essence of the brand.
What about evaluating your existing brand name?
As the market evolves, it's important for your business to periodically evaluate your existing brand name to ensure it still aligns with the changing market and customer needs. Here are some steps we might take in evaluating an existing brand name against market changes:
Research market trends
Start by researching the latest market trends in your industry. Identify any shifts in customer preferences, emerging technologies, or changes in the competitive landscape that may impact your business.
Analyse your brand name
Analyse your brand name in the context of these market changes. Consider whether your name still accurately reflects your brand values, products, and services. Does it still resonate with your target audience? Is it still relevant in the current market?
Conduct customer research
Conduct research with your target audience to determine how they perceive your brand name in light of the changing market. Do they still associate your brand name with the same values and products? Are there any negative connotations or misunderstandings associated with the name?
Evaluate competitors
Evaluate your competitors and their brand names. Consider whether your brand name is still distinctive and unique in the current market. Are there any similarities or confusion between your name and your competitors?
Consider a rebrand
If the evaluation reveals that your existing brand name is no longer aligned with the market changes, it may be time to consider a rebrand. A rebrand can involve a name change or a refresh of your brand identity, logo, and messaging to better reflect the current market and customer needs.
Plan the rebrand
If you decide to move forward with a rebrand, plan the process carefully. Consider the costs involved, the timing, and the potential impact on your existing customers and brand reputation. Develop a clear strategy for launching the new brand name and messaging to ensure a successful transition.
Evaluating an existing brand name against market changes involves research, analysis, and careful consideration of the current market and customer needs. It can lead to a refreshed brand identity that better reflects the evolving market and customer preferences, and ultimately drive greater brand awareness and loyalty.
Let us help you.
Evaluating an existing brand name against market changes involves research, analysis, and careful consideration of the current market and customer needs. It can lead to a refreshed brand identity that better reflects the evolving market and customer preferences, and ultimately drive greater brand awareness and loyalty.
Let us help you.
Track Record
What’s in a Name?
Our track record in brand naming speaks for itself, but here are just a few examples of our most compelling success stories.
Read a few of our compelling success stories
Instanda
This was a flagship project for F2X. Not only did this new software challenge the way traditional insurance companies approached product development, but it also disrupted the agent-carrier relationship by making it easier for consumers to buy niche insurance direct.
Read story >
Fignum
Fignum is a leading developer of cloud-based software solutions for the financial sector, specialising in digital payment processing and the technology that powers automated lending decisions, from mortgages and loans to car finance.
Read story >
Ellex
Ellex is an internationally recognised law firm from the Baltics. We offer different legal services grounded in nearly 30 years of experience.
Read story >
Burgo
We were approached by a husband and wife team who both shared a passion for food. It had always been their dream to one day have a restaurant of their own and in March their dream came true.
Read story >
Pawa
EBS is the leading full-service provider of EPG data for platforms and channels worldwide. They are responsible for collecting all the data from the channels, platforms and publishers and writing those witty little synopses that determine whether you watch, or not. With clients including BBC Worldwide, Turner and QVC, they feed data into the likes of Apple, Sky, FreeView and Freesat.
Read story >
Brand Name Evaluation
Strong brands can charge a premium of
20%
McKinsey and Company
A strong brand can have a positive impact on your business. Rebranding can also lead to increased revenue and help attract and retain talent.
Evaluate the possibilities
It isn’t just creating a name that is the challenge. It can also be challenging to get your key stakeholders to agree on a new name. Individuals will often fall in love with a name as soon as they hear it, regardless of whether it is suitable for the business, or not. It is essential to understand the criteria which the name must meet before the process begins to help balance out the heart and head.