When you create a product for your company to sell to consumers, one of the most important factors is that it has potential to be a household brand name. Much like Pampers, or Pizza Hut, or Chevy, there are brand names that people can associate with certain products. Your product must have a name designed to be something that every consumer can recall and place instant recognition with. If you have a solid product but see that the market has changed, you can create a new product name to keep your product with the times in the minds of consumers.
Things You'll Need
- Creative influence
- Market research
- Consumer product testers
Define what caused the product to fail, if it did. Comb over previous ad campaigns, targeted demographics and product placement to see if the original campaign was launched properly.
Determine what your targeted consumer demographics should be. Research the demographics that your product should appeal to the most. Determine if your product has any cross-over potential into other demographics. Consider naming the product in accordance with your demographic; something with an aspect that may be familiar to them or that would encourage a mental connection to something positive or popular in their minds, while remaining tasteful and respectful.
Invite consumer product testers to your company from your targeted demographic. Place a variety of potential new brand names on the product you plan to re-introduce to the market to get their opinions on what names they like best; which appeal the most in the context of what the product is; which instills the most interest and confidence and sticks in mind the most readily. Test in this manner over a determined period of time and use the results as a starting point as to how the public will react to various name options.
Establish a potential marketing campaign for the product the tester favored the most. Work the campaign into the desired demographics your research has shown the product could be a success. You may go with tried-and-true marketing methods, or could try something new and innovative that your competition isn't doing -- or could be improved upon -- in order to stand out from the crowd. Ensure that your new product name would be memorable, for good reasons, to prospective consumers.
Re-introduce the newly named product to the market for short period of time. Utilize targeted advertising for the product on TV, Radio and in print. Allow yourself a few months to see if the new campaign has been successful or if you need to start over once again.