Name concepts make sense
A naming strategy is thought to provide structure to the company's brand portfolio. This establishes a connection between existing names, and defines which products will receive which names in the future, and based on which name model.
Key questions in this process include: In which language should the products be named? Should products be consolidated under an umbrella brand? Or should all products receive stand-alone names? Should descriptive names be used or rather fantasy names?
The names developed in the course of a naming strategy should fit the company. Because in the ideal scenario, they are going to remain unchanged and be around for a long time. The goal of a naming strategy should always be a high recognition value and an allocation of the product names to the company or product category.
It is worth thinking about the naming strategy right from the start of a company or of a new product range. Many companies start with technical designations such as AC1000+ and later lose themselves in endless rows of numbers or very unemotional combinations of letters and characters that are no longer assignable for outsiders.
Naming systems increase brand recognition
With matching and clever product names, which also fit together best in a system, the foundation is laid for a recognizable branding. The names can say something about the products, their properties, condition, and quality and help to distinguish the individual products from each other. A meaningful name concept makes an impression and sets your portfolio apart from the competition.
With the right naming system, even technical, not particularly emotional products can develop a completely new (brand) character. It goes without saying that beautiful and melodious names are sought for cosmetic products. But even high-tech laser cutting machines get a whole new appeal if they are called "Linexo", "Expego" or "Lumion" instead of "ILS-LT" and "ILS-ST". Additionally, the new name system is outstanding in the industry.
This shows that even if the naming strategy is only reconsidered later and "old" products are subsequently renamed, it does mean a period of adaptation, but in the end, it always pays off in terms of identity and acceptance.
Names are the figurehead
The name often is the first thing an outsider hears or sees about a company or product. The customer should recognize products or brands by the name alone, without any design, trailer, advertising or logo. Anyone who manages to create a recognition value through a clever strategy that works and is assigned solely by the name - as IKEA, for example, has done with its product names - will end up having to invest less in brand campaigns and advertising.
A name is a figurehead for companies. A good naming strategy provides structure and attention at the same time. Therefore, the motto is: Let's get on with the naming strategy because this creative effort always pays off! Later, you save a lot of time, because discussions or constantly new name searches are omitted.