Naming Scorecard
Evaluating Potential Brand Names Through an Objective Framework
Choosing the right brand name involves balancing consumer insights, strategy, and creativity. We use a ‘Naming Scorecard’ to simplify this task. This approach combines consumer feedback with our expertise, assessing names based on memorability, relevance, and differentiation. This method encourages informed discussions among decision-makers, ensuring the chosen name aligns with your strategy and resonates with your audience, providing a clear path forward.
Frequently Asked Questions
What is a naming scorecard and what does it include?
A naming scorecard, which may also be called a product name scorecard or brand name scorecard, is a tool used to evaluate potential names through an objective framework. It assesses names based on consumer feedback and expert analysis, focusing on different ways they resonate with consumers. This approach results in an overall score for each name, reflecting key performance indicators like memorability, relevance, and differentiation, aiding in the selection of a name that aligns with the brand’s strategy and appeals to the target audience.
What are the benefits of a naming scorecard?
Like other Brand and Product scorecards (such as brand positioning) the naming scorecard, offer numerous benefits such as greater immediate attraction and memorability which collectively work together to increase brand equity and ultimate, profitability. By systematically evaluating names based on how well they resonate with the target audience, these scorecards help secure a competitive advantage. The use of a naming scorecard ensures that the selected brand name optimally supports the product manager in marketing campaigns, driving revenue growth and capturing greater market share by effectively appealing to the desired consumer demographics.
What are the costs associated with creating a naming scorecard?
The creation of a product scorecard for naming is an integral part of our Path To Performance™ process, which on average ranges from $25,000 to $500,000. Specific to this service, the investment ensures the development of a strong brand name or product name that is aligned for success and achievement of strategic business goals. The cost includes comprehensive market research, expert consultations, and consumer testing to validate the name's effectiveness and its potential to enhance brand equity and profitability.
What is the typical timeline for producing a naming scorecard?
Producing a naming scorecard typically takes approximately 1-2 weeks. However, it is a component of our broader Path To Performance™ process, which spans 3-6 months on average. This comprehensive process includes in-depth analysis and development aimed at enhancing product performance and effectively targeting the market.
What additional brand development and naming services services does your agency offer?
Our agency offers a wide range of brand development and naming services, including brand scorecards that evaluate your brand against competitors and retailer expectations, and innovation strategies for product development. These services are designed to enhance your brand's market presence and performance with the target market. A full list of our brand strategy, positioning, design, and consumer testing services is available at the bottom of this page.