Evaluate Your Current Name A great name can help your company stand out in a crowded market. It can position you as a leader, convey your culture, even explain what you do in a word or two. Conversely, a weak name can neutralize or even negate the work you do to build a brand and market position. A weak name is easily forgotten and can limit your opportunities in other markets if you plan to expand. It’s a big undertaking to change your company name; you may have years of equity with customers, prospects, and suppliers. How do you know whether the benefits outweigh the risks? This exercise will help you evaluate the market’s reaction to your name and decide whether to change or keep it. Your current name Reasons you’re thinking of changing It’s important that your name reflects your brand strategy. Enter your value proposition(s) here. [Competitive Positioning can help] Primary value proposition Secondary value proposition What are the most powerful emotional benefits you deliver? [Brand Strategy can help with these next few pages]
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What are the three things your brand should mean to your customers? [See 24 for help] 1 2 3 What are your brand personality traits and brand promise? [See 24] BRAND PERSONALITY TRAITS 1 2 3 4 5
BRAND PROMISE
DOES YOUR NAME REFLECT YOUR BRAND PROMISE? Do you know what your market thinks of your name? It helps to conduct a simple poll. You have a number of options for conducting your survey: Survey option (check the Benefits Risks option you’d like to pursue One-‐on-‐one discussion In-‐depth and personal feedback Feedback is open to with key customers Easy to launch interpretation You’ll have to tabulate responses Time-‐consuming unless you’re asking a small group
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Use online survey software like www.zoomerang.com or www.questionpro.com
Templates help you create your survey and measure your results Low cost Answers are tabulated for you Very easy for your recipients
You need to word your questions properly in order to gather accurate data
Send a printed survey via Low-‐tech may be better for your
Low response rates mail customers Takes more effort to respond You’ll have to tabulate the responses When you create your survey, make it as simple as possible. Start off with a short explanation, thank your recipients for their time and encourage them to respond. Here’s a very simple survey template to get you started. Introductory message including purpose of survey: What does the name ____________ mean to you? What do you like most about the name? What do you like least about the name? Our goal is to convey the following traits. How well do you think the name conveys each trait? (1 = very poorly, 3 = neutral, 5 = extremely well)
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LIST YOUR BRAND PROMISE / TRAITS BELOW
HOW WELL DOES THE NAME CONVEY THIS TRAIT?
Very poorly (1) Very poorly (1) Very poorly (1) Very poorly (1) Very poorly (1)
Poorly (2)
Neutral (3)
Poorly (2)
(2)
Neutral
Well (4)
Neutral
Poorly
Well (4)
Very well (5)
Neutral
Well (4)
(3) Poorly
Very well (5)
(3)
(2)
Very well (5)
(3)
Poorly
(2)
Well (4)
Very well (5)
Neutral (3)
Well (4)
Very well (5)
If you’d like to group the responses in any way, you’ll need to add those questions to the end. All responses are confidential; however, to help with our analysis, please tell us a bit about yourself. Type of question you can ask List any questions you’ll add to your survey Standard demographics: Age, location, job title, industry, etc. Relationship with your company: Employee, customer, vendor, etc. Other Be sure to add a sincere thank you message at the end of your survey:
TABULATE & ANALYZE YOUR RESULTS If you an online survey service, you’ll be able to view your statistical results online. You can also download your results to Excel and manipulate them as needed.
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If you used the personal interview or mail option, you’ll need to review each response and tabulate the average ratings for each of your questions. It’s also important to document common and interesting answers to your open-‐ended questions. MOST COMMON RESPONSES TO “WHAT DO YOU THINK OF” WHAT PEOPLE LIKE BEST ABOUT THE NAME WHAT PEOPLE LIKE LEAST ABOUT THE NAME Based on the survey responses, how effective is your name in communicating your brand promise and personality traits? If your participants rate your name from 3-‐5 with positive open-‐ended responses, your name is doing a good job. However, if responses are neutral or negative, continue on and evaluate whether the costs of changing your name will outweigh the potential benefits.
COST ESTIMATE
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It can be expensive to change your name. There are intangible costs and hard costs like reprinting your corporate identity and sales literature. These next charts can help you put an actual dollar figure on these costs. [Corporate Identity can help] How much do you think it Do You Need Potential Cost CORPORATE IDENTITY ITEM will cost to reprint these to Reprint? Estimates items? Letterhead – printed Yes $1,000s Letterhead – electronic Yes Included in design Business cards Yes $100s to $1000s Fax covers Yes $100s Email templates (font, size, color, etc.) Yes $100s Email signatures (at the end of the Yes $100s message) Regular (#10) envelopes Yes $100s to $1000s Window envelopes (for invoices) Yes $100s to $1000s Invoices & statements Yes $100s to $1000s Mailing labels for large envelopes Yes $100s to $1000s Notecards / envelopes Yes $100s to $1000s Memos Yes $100s Promotional items Yes $100s to $10000s Banners Yes $100s to $10000s TOTAL Sales Literature and Tools [Sales Tools & Literature can help] How much do you think Do You Need Potential Cost LITERATURE it will cost to reprint to Reprint? Estimates these items? Company brochure Yes $1,000s to $10,000s Product / service data sheets Yes $1,000s White papers Yes $1,000s to $10,000s Case studies Yes $1,000s Reference lists Yes $100s Printed newsletter Yes $100s
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Other Presentation materials Powerpoint presentation Product demo Product sample Folders Other Templates
Yes
Yes
$100s to $1,000s
Yes
$100s
Yes
$100s to $10,000s
Yes Yes
$1000s to $10,000s
Yes
$100s to $1,000s
Yes
$100s
Yes
$100s
Yes
Yes
$100s
Yes
$100s
Yes
$100s
Yes
Yes
$100s
Yes
ROI Calculator Other
Email newsletter Company blog RSS feed Other Other Tools
Proposal template Email templates Sales letter templates Other Interactive Tools
TOTAL
Intangible Costs Here are other factors that are important but difficult to measure. INTANGIBLES
COMMENTS
How many years have you been using the existing
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name? Would a change alienate or confuse any existing customers? How much goodwill is built into your existing name?
If you were to change your name, would you lose any revenue as a result? Estimate the dollar loss (if any) over a period of one year.
RECOMMENDATIONS
After completing this section, what are your recommendations? DECISION
Change name Consider a name change; needs more analysis Keep current name
Rationale If you decide to continue your analysis or change your name outright, here are your next steps. ACTION PLAN
PERSON RESPONSIBLE
DUE DATE
Determine whether you need to bring in outside resources to help with your new name Develop naming strategy Create your name list Protect your name
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ACTION PLAN
PERSON RESPONSIBLE
DUE DATE
Select your name
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