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.
Landmark
Find out how we built a brand reputation in to a landmark success >
Ellex
How did we help to reshape the legal market in the Baltics? >
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. This might be particularly relevant if you are considering merging a number of brands. 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.
Stephen Perse Foundation
What Helped the Best School in the World Differentiate Their Brand? >
Evaluating brand names when you’re considering a merger or acquisition
Strategic Branding in Mergers and Acquisitions
When organisations embark on mergers or acquisitions, they often focus primarily on financial metrics. However, the role of branding in these transformative processes is equally critical. Clearly defined brand strategy during a merger or acquisition is vital for a smooth transition and provides the clearest path to success. Research indicates that a significant percentage of mergers and acquisitions end up destroying shareholder value. To mitigate this risk, proactive brand evaluation becomes essential. By strategically assessing the relative value of each participating brand, organisations can improve their chances of success. Mergers and acquisitions offer a unique opportunity to clarify, strengthen, or even reinvent brands in the eyes of customers, employees, and investors.
Four Approaches to Brand Strategy
During a merger or acquisition, organisations have four primary strategic branding options:
Backing the Stronger Brand
In this approach, the larger, ‘stronger’ brand absorbs the smaller, ‘weaker’ brand. It can also work the other way around, where a company with a poor reputation acquires a smaller company with a strong reputation. The merger can be positioned as an upgrade, leveraging the stronger brand’s reputation. While this generates excitement and perceived value, it may create a winner/loser mentality and affect employee morale.
Blending the Brands
Temporarily combining both names and brands can ease stakeholders through the transition. However, it may lengthen the process. Updating the weaker brand during absorption is also an opportunity.
Brand-New Approach
Creating an entirely new brand for the merged entity allows a fresh start. It avoids biases associated with existing brands but requires significant investment in brand building.
Business as Usual
Some organisations choose to maintain separate identities without significant changes. While this approach provides continuity, it may miss the chance to enhance brand perception.
Measuring Brand Value and Direction
Disciplined branding during a merger or acquisition ensures clarity for internal and external stakeholders. It communicates where the brand is headed, what changes are occurring, and what remains constant. Beyond financial metrics, incorporating brand metrics based on customer valuation is crucial. Assessing brand health rigorously improves the odds of a successful merger or acquisition. Ultimately, thoughtful brand evaluation contributes to the overall success of these transformative business endeavours.
Commission a Confidential Brand Name Report >
Fignum
Naming a cloud based software solution in the fintech sector, find out more? >
Peek’s Brand Naming 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. To read more Case Studies please see our Clients and Results.
County Town Homes
As a member of a £100m Group, County Town Homes has trusted expertise behind it and collaborates with leading construction firms to deliver beautiful new homes. Creating high-quality homes in Staffordshire and Shropshire. They’re part of the community, and that means they’re invested in improving the towns and villages they serve and they wanted a brand name to reflect this.
How did we build a brand new name for this new regional developer? >
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.
Developing a powerful brand name for this EPG data provider was essential >
Fignum
Fignum approached Peek for help with creating a new brand name for their fintech services business. They wanted a name that would capture the essence of their new brand. 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.
Read how we crafted a new name for this leading financial sector business >
Ellex
With the ambition to reshape the legal market in the Baltics, the region’s three strongest and most highly ranked firms turned to Peek to name and brand their new alliance. Ellex is now an internationally recognised law firm from the Baltics. This transformation required new naming, strategic positioning and an understanding of the challenges the new alliance would face in the legal sector.
Creating a new legal force in the Baltics >
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. We knew that if we wanted to be able to market the product to potential customers effectively, we needed to understand it inside and out.
Read the story of how we developed Instanda's brand name >
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. Our challenge was to come up with a new name for their first restaurant to enable it to distinguish itself from amongst a horde of competitors for an audience of casual diners.
Read the story of how we created the Burgologists >
County Town Homes
How did we build a brand new name and reputation for this new regional developer? >
