Naming on the 2019 branding budget?
We are sure that you have (almost) finished to organize the branding and the marketing budget for the next year. You have a lot of wonderful plans and maybe in these plans you have included the launch of new brands or products.
Companies are used to budget different advertising campaigns, marketing activities and they invest a lot in the visual identity of a new launched product. In many cases, something is forgotten from this long list: The Name of the new brand or product. Sometimes because the company does the naming part of the project internally, in some situations it is left behind because the investment does not seem so urgent and in other cases...finding the name remains the last thing on the branding list and it’s not considered so important. It’s just a name. How hard can it be?
We have decided to write this article in order to share with you the benefits of taking into consideration to separately plan your naming budget for each new product or brand that it will be revealed in 2019.
- If you do not think about a naming budget, it’s very probably to let the name as the last thing on your “to do” launching list.
Why should you not leave the name as the last task on your branding list?
• Your employees will feel more engaged in working for the future launch, if the name of the brand/product already exists. It’s like you have a baby without a name.
• The name will help you to create a stronger and better brand story
• If you are in a hurry of choosing the name, it’s probably to make a huge mistake like: choosing a name which is already trademarked, choosing a name with negative connotations in other languages or choosing the wrong name for your target audience
• The Name must be created long time before the launching of the brand/product.
So, if you are planning to launch a new product or brand in 2019 or even in 2020, it would be great to take into consideration to budget this activity from now.
- Sometimes, “do it yourself” is not the best decision
Of course, there are wonderful product or brand names created by internal branding teams. You have always the option to “do it by yourself”.
Still, we recommend you choose at least for one time to work with a naming agency or a naming specialist. Think about all those moments when you had to find about a new name and it seemed that you will never finish this supposed simple task. Where to start from? It’s enough to do a brainstorming? And if my manager will not like it? If it’s already a trademarked name? Hundreds of questions and lots of hours spent on this job while you could do anything else to prove your current capabilities.
A naming agency dreams and breathes only names. It may be quicker and more efficient than you.
Also, let’s not forget about the previous point. Many times, when companies must internally name new products, we are leaving this as the last task on the list. Not because they don’t care enough. The problem is that naming is a task that looks easy (that’s why is left the last one) but it proves to be very time consuming.
- If you will take into consideration a naming budget for 2019, you will better forecast your branding costs
Maybe you will take the decision of working with a naming agency for finding the perfect name of your future products. If you don’t think about budgeting the naming services from the starting of the 2019, you will have to cut other investments in order to make “room” for this new service. It’s a lot better to mark on your budget the naming services from the moment you are defining the branding budget for the new year. Especially, if you already know that you will have to prepare product or brand launching soon.
Naming is very important task in the branding process. Don’t let the name the last on the list, don’t forget about it and most important: Don’t think it’s the easiest job on Earth and that it can be done in the last moment without problems. If you are preparing to launch new products or brands in 2019, we can have a further discussion about what the naming process involves and of course, what means in terms of budget planning. Drop us a line!
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