Product Names – Their Huge Impact & 3 Naming Tips

 

Product Names – Their Huge Impact & 3 Naming Tips

By Jim Lundy

Aragon Research does strategic advisory work for clients of all kinds.

One of the things we do is provide guidance on platform, category, and product names.

This blog discusses the impact that naming a product has on buying behaviors.

We’ve got some good examples that will prove my point.

Product Names Matters

Not all product names hit the mark and the vast majority of product teams are just OK in nature.

However, increasingly a strong product name can influence the buyer.

A good example of this is Salesforce’s Engagement (formerly known as High Velocity Sales).

This product is for sales teams that have to do a lot of calling and emailing to prospective clients. It is selling well.

While I was at Dreamforce this year I spent time with one of the product managers while he was demonstrating it.

I asked him if the product was selling like crazy and he agreed that it was.

I also asked him if it was partially due to the name of the product and he agreed that it probably was.

In some cases the sales team doesn’t want to be left behind because their competitor or a buddy at another company has already deployed it.

Action Words Matter In Product Names

Another key factor in deciding product names also has to do with action oriented names.

An example here is Microsoft Power BI offering, which has done quite well.

Microsoft has leveraged that name with its new hot form called power platform and it is also doing well.

The key point is that a good product name sometimes can encourage purchasing even though the offering itself made it be average or below par.

Having A Naming Architecture Is Key

Regardless of the product names that you pick, it is important that product names have a similar look and feel.

A strong name reinforces the brand and also makes buyers feel comfortable that they are products that relate to each other.

Naming A Product: Hiring Agency VS Having a Contest

I have worked at large companies and have paid large agencies large amounts of money to help with naming a product.

However, I’ve also held contests that allowed employees to come up with product names and oftentimes the employee contest results in a better name than if an agency had been hired.

So think about that next time you’re looking for new product names.

Bottom Line

The bottom line is that great product names matter and there is more to naming than meets the eye.

As the lead analyst for go to market at Aragon Research, I’ve advised many firms on creating product names.

Consider having a product naming contest the next time you’ve got this challenge.

Also, we encourage you to talk to Aragon Research about how to strategically decide on product names.

 

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This blog is a part of the Digital Workplace blog series by Aragon Research’s CEO, Jim Lundy.

 

 

Missed the previous installments? Catch up here:

Blog 1: Introducing The Digital Workplace Weekly Blog Series

Blog 2: Application Proliferation – Building out Departmental Tech Stacks

Blog 3: Invest in Sales Coaching and Learning Now

Blog 4: The Slow Return to the Office vs the Fast Return to Events

Blog 5: The Shift to Industry Clouds is Here

Blog 6: The Race to Intelligence and Why Future Revenue Streams Depend On It

Blog 7: The Common Design Component Contributing to Apple and BMWs Success

Blog 8: The Art of Sales and Why It Is the Secret to Fast Growth

Blog 9: The CRM Market Is Now Intelligent

Blog 10: The Return to Conferences and Why You Need a Plan for 2023

Blog 11: AI Is Here to Stay! Product Teams Need to Embrace It

Blog 12: Enterprise Dilema:Employees and Customers Want More Video Experiences

Blog 13: Collaboration – Proliferation vs One Size Fits all

Blog 14: By 2025, Team Collaboration Tools Will Overtake Email

Blog 15: Hybrid Cloud Is the Way

 

Stay tuned! We publish a new blog every Thursday.