As if the pressure of creating the right Brand name for a new asset wasn’t enough, there is the added stress of gaining executive buy-in to ensure the Brand will have the full support of your internal teams. It takes a significant amount of time, talent, and money to launch a new Brand, and getting senior leadership to be committed and supportive of the innovation is crucial to the success of the endeavor.
An executive’s decision ultimately comes down to analytics, assessing if it is the right choice for the business, and what are the positive and negative implications of the choice. In fact, an analysis McKinsey performed on more than 250 engagements revealed that companies emphasizing on data to make decisions improve their overall marketing return on investment by fifteen-to-twenty percent.
However, in today’s branding environment there are many moving parts and factors to consider when creating a Brand name making it difficult to clarify which data will resonate in the decision making process. Most companies see getting regulatory approval – another large hurdle in naming a Brand – and place a large emphasis on getting the appropriate analytics for the government bodies. This is a critical mistake. The regulatory approval occurs at the end of the branding process, making it worthless if a Brand does not have the analytics to support the business goals that executives need to see to ensure it fits within the overall strategy and will perform in the marketplace.
Companies need to shift this paradigm and take the time to gather analytics throughout the naming process. By gathering data – such as attribute alignment and linguistic assessments – and getting input from both their naming agency and internal teams upfront in the strategic planning and creative brainstorming, Brand teams will take better, more suitable names into regulatory approval, generating an appropriate Brand that executives are comfortable supporting.
With the data backing the Brand up, “I think…” can confidently turn into “I know…” in order to gain the confidence of executives, ultimately leading to full buy-in and Brand success.