Showing posts with label Differentiation. Show all posts
Showing posts with label Differentiation. Show all posts

Choosing a Name

Picking a name for a new venture, product. or service is not easy. It may well be one of the hardest things we'll ever do in our venture.

Picking the wrong name could prove disastrous; the right name (brand) could add many sales dollars.

The following checklist should help. However, it is unlikely that any name will meet all these criteria, and there have been many successful names that met but a few.

Good luck!

  1. Can we get the .com URL for the name we want? 
  2. Is the name distinctive?
  3. Is the name instantly recognized?
  4. Is the name easy to remember?
  5. Is the name pleasant to see?
  6. Is the name pleasant to say?
  7. Is the name easy to spell?
  8. Is the name itself confusing?
  9. Is the name easily confused with other names?
  10. Is there a connection between the name and the product, service, or business venture it represents?
  11. Does the name suggest what the business venture, product, or service does? If not, the tagline that accompanies the name may have to carry more communications weight.
  12. Is the name descriptive of the benefits offered by the product, service, or business venture?
  13. Does the name convey the proper image?
  14. Does the name fit customers expectations?
  15. Does the name reinforce customer expectations?
  16. Are there any negative connotations with the name
  17. Is the name limiting?
  18. Does the name coordinate with other names used in the organization?
  19. Does the name work in all target markets?
  20. Can the name be legally protected? Check with USPTO.gov and your state corporation commission to see if the name you want is already taken. If it is, start over!
  21. Can the name be used in other countries?

Differentiation

Every successful business is differentiated from its competition ... it could be very unique and significant, or it may be seemingly small and minor. But customers choose one enterprise over another for a reason. Following are some potential sources of value and differentiation to use as a guide when creating a competitive advantage strategy ...

ambiance ... branding ... business model ... community service ... contrived deterrence ... convenience ... copyrights ... cost advantages ... cost advantages independent of scale ... customer relations ... customer responsiveness ... customer service ... delivery ... distinct unique competencies ... economies of scale ... effective sales methods ... efficiency ... experience of doing business ... features ... functionality ... government regulation ... high quality ... image ... innovation ... intellectual property ... limited resources ... location ... low-cost ... manufacturing innovation ... market positioning ... market segmentation ... operational methods ... patents ... performance ... price ... product design ... product differentiation ... product innovation ... product selection ... product-line breadth ... quality ... rarity ... relationships ... reliability ... reputation ... selection ... service ... shopping experience ... supply chain relations ... switching costs ... trademarks ... trade names ... unique capabilities ... value