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How to evaluate a brand name: 5 important questions Property owners and managers are often faced with internal and external marketing challenges that require considering both existing and future market conditions. Naming, or branding, is one of the trickiest aspects of the process. Whether it be a new product offering or property name, you don’t want to get it wrong. Here are a few helpful tips to get you going in the right direction.
1. Is the name distinctive? A great brand name is unique yet comfortable. To test the distinctiveness of a brand name, compare it to the competition. Create a list of all your direct and indirect competitors. Is your brand name following a trend, blending in or standing out?
2. Does the name support your positioning? The wrong name can stunt your brand. Evaluate your brand name through the lens of your customers. How do they relate to the brand compared to alternatives in the market? How do they identify with your product or property? Does the brand name reinforce that experience?
3. Can the name stretch? A key benefit of a functional brand name is that it clearly describes the product. Shredded Wheat is shredded wheat cereal. USPS is the United States Postal Service. Challenge your brand name. Would the name still fit if your company entered a new market or launched a new service?
4. Is the name easy to pronounce, and easy to spell? A great brand name should be easy to pronounce and easy to spell. Focus on words that are simple. A good test is to ask a group of 10 year olds to spell your brand name. If they struggle with it, look for another name.
5. Is the name sticky? Finally, is the brand name memorable? Does it stick in your customers’ minds and create a reference that they can come back to again and again? The more memorable a name, the more sales it can generate.
60 | april 20 17