How to Change a Product Name as a Marketing Strategy
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.
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Instructions
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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.
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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.
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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.
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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.
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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.
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