Google does a pretty good job of branding and creating names for its advertising products. Most recently, it changed Google AdWords to Google Ads, retired DoubleClick, and consolidated several others.
Branding a product or a service isn't as easy. It takes financial backing, time and lots of forethought to walk through all the possible scenarios. Some CMOs struggle with finding the perfect name, especially if the product or the service will be offered globally.
Of the 75 CMOs surveyed by Lexicon Branding, about 93% admit that finding the perfect name is becoming increasingly difficult. In fact, it’s more difficult now than five years ago, and nearly 50% expect it to become much more difficult in the next five years.
Smaller companies in the future see more difficulty than larger companies.
CMOs cite naming a product or a service, compared with positioning and advertising, as the most important element when bringing a brand to market and considering long-term success.
This process is so important and difficult that 85% will assign the task to a design or advertising firm, even if the firms lack the expertise and proven credentials.
Of the eight marketing elements the study asked about, none ranked higher in importance than getting the name correct.
The name ranks highest in importance to success at 18.7%, followed by positioning at 17.3%, paid advertising at 16%, public relations at 14.7%, social media at 12%, logo design at 9.3%, package design at 6.7%, and tagline at 5.3%.
Interesting that smaller companies with $100 million or less in revenue rank naming No. 1 in importance at 25%, compared with 12.8% for those that generate more than $100 million annually.
When it comes to bringing the product or service to market, paid advertising ranks No. 1 at 29.3% in terms of requiring the greatest financial investment. Positioning ranked No. 2 at 16%, followed by naming at 14.7%, social media at 12%, public relations at 9.3%, package design at 8%, logo design at 5.3%, and tagline at 5.3%.
Of those who participated in the study, 84% said they trust their naming methods. Some 16.2% think it’s important for the name to stand out and be likable, and 15.4% think it should be memorable.
Another major issue for those who offer their products and services globally is making sure the name makes sense and remains politically correct for all worldwide. In this case, getting traditional brand-building efforts such as awareness, positioning and messaging correct are the No. 1 priority.