Every business bears a trade name even from the small-scale market traders to the largest multinational corporations. However, a minority of businesses today can be classified as a brand (or a brand name). For those attuned to commerce, branding is the term commonly referred to in the field of promotion and advertising. Product branding, however, is a specific term referred to in naming a product which is manufactured or fabricated by a particular business entity. How to acquire a product’s brand name is not at all a difficult task for the small-scale business. But for the multinational business, it requires years of intensive analysis. How it will benefit your business is a matter of strategy.
The most effective definition of Product branding is (practically inter-related with product naming) the discipline of coming up with a decision to what name a product will bear and should carry while in existence. The concept of the product is to be considered in creating its patented name. Product naming is just a critical part of product branding processes, which in all aspects include activities in the marketing field that will primarily affect the image of the brand.
Product branding has some aspects to consider, such as the right design and positioning, the business logo, the packaging of the company’s product, and of course, a name that is depictive of the benefits of a particular product. Product naming involves authenticity, a linguistic strategy and creativity to result in a product’s shorthand identity, most especially for the new innovations as technology keeps on improving in a faster pace.
Product branding tactic is one of the major components of business strategy that aims to identify a company’s product. A renowned brand name is a symbol of success when a product is easily recognizable by many and becomes a household name by a majority of people (in business term referred to as buyers, customers, clients, consumers). The process of naming a product could take months or even years to complete. It is similar to the approach of naming a particular business entity.
7 Key Steps to Product branding
1. Formulate a concept.
2. Consider the features and specifications.
3. Mention all the products benefits.
4. Name the restrictions.
5. Evaluate the proposed product name in consideration of a targeted market.
6. Work with your creativity as you name the product; originality matters.
7. Secure a patented trademark for more protection against imitators.
One common mistake that you may encounter in Product branding is committing naming faux pas. You may opt to be futuristic in effect but take note of the literal meaning of your proposed product name; it can hamper its image. Language differs even if you use the English language; you should think twice about those names bearing multiple meanings that may offend your clients, and those names with homonyms. People differ in dictions and right pronunciation; heed caution in all aspects.
Apparently, it is not a matter of being conservative; you just want to appeal to a majority of people within your target group. If the concept of the product is dedicated for the young generation, you can consider the hip-hop and all those hypes in a name, but let it be known that these minority groups are not just the ones in your target market.
Finally, take into account that your market is not just within your country. Aim high as you project international sales. Product branding should consider using the universal language in describing the product’s image. Language and culture differences may present a barrier in understanding your trademark globally. With over 380 million English-speaking people around the world, majority of trademarks were derived from English language.