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.

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 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.

Evaluate a new name

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.

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Evaluate an existing name

Brand name evaluation 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.

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