Naming your product

 

Business Plan Template - Product Box Shot

Business Plan Template – Product Box Shot (Photo credit: IvanWalsh.com)

Many of my clients are creating a new product. Some of these clients are brand new companies and others are existing service providers who have recently developed a product. When you are a brand new company no matter what the company name, it will require an introduction. When you are an existing company that already has name recognition, don’t change the name of your company just because you now have a product to compliment your services.

Some companies consider renaming their company to their new product name. Beyond the reasoning above, there are a few additional reasons not to do this. First, keep in mind you may end up with multiple products so you do not want the company name tied to any one product. Second, it is possible that someday another company buys one of your products but not your company. You will want the ability to separate the two.

When you name your product, consider focusing on something descriptive, something that denotes the solution you provide. Think about a sales call where you will introduce your new product. You have just introduced yourself and your company. If you are a new company, they will not have any point of reference. If you are an existing company, it is likely they will have a certain level of trust based on your reputation. With that, you need to introduce them to your product. Focus on the problem you solve so that when the potential customer hears the name, they can envision the problem solved. It will also naturally move the conversation along. Here is an example:

“Hi, I am Mike from Standard Software. We have a new product called Connection Monitor. This product is targeted at small businesses that are higly dependent on their internet connections. The user of our product can keep up-to-date on the status of their connections and program alerts…..” Upon hearing this, the customer will most likely respond with questions, how, where, to what extent, who etc.

By choosing a name that denotes the solution, you will lead the conversation to the next logical step. While the name may not seem thrilling or bold to you, it will help your customer understand what you are providing.

 

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