In this age of myriad financial products, voluminous financial services marketing communications and fierce competition, naming a new venture, product or service can be one of
single most important financial marketing decisions that an organization makes. A name, initial impression made on prospect’s mind, is first step in brand marketing process. With marginal differences in financial services offerings, a better name can mean a significant difference in acceptance and, hence, in success of financial services sales and marketing initiatives. Conversely, when a name is bad, it can turn away prospects before they learn anything about product or service. Now, with increased importance being placed on finding right name, financial marketing practitioners are using varying approaches. We will explore a few.
A current product branding fad is to develop contrived names. For instance, Verizon combines Latin word veritas, meaning truth, with horizon, while Lucent means “marked by clarity.” Other contrived names such as Accenture and Agilent remind us that another essential criterion for any good name should be pronounceability. None of these names give any clue to businesses they represent or benefits companies offer. And, truthfully, most of us don’t know or care about esoteric origins of names. Brand identity depends on recognition and association, not cleverness of an esoteric name.
It is obvious that creators of contrived names are betting that a substantial (and expensive) brand marketing campaign will generate familiarity needed for success. Every contrived name starts life as an empty vessel waiting to be filled with positive perceptions. We believe, however, that a mean-nothing name is a luxury that only a genuinely unique new product or service can afford.
Some firms use initials as their name, hoping to emulate some of richest and most famous corporations. What these upstarts quickly learn, however, is that while successful use of initials can validate an established brand identity, they are seldom a strong foundation for establishing a new brand marketing campaign. Think of how this works in our everyday lives. When headline reads “W Declares War,” there is no ambiguity. Companies spend years on brand marketing and advertising to help create visibility and shape perceptions before recasting themselves with their monograms of marketplace success. Just think of GE, PPG or IBM.
Near our office is Joe’s Wine & Liquor Store. While it would be difficult to think of a more pedestrian moniker, customers know what they can buy there and who to speak with if they have a problem. While larger AAA Liquors further down road probably appeals to Joe as size of store that he aspires to own, its name offers little appeal for customers. Still further along thoroughfare is a brightly-lit, inviting store with attractive displays called THIRD BASE—Last Stop Before Home! Now that’s a name that gets attention from passers-by and name’s very suggestion undoubtedly contributes to revenues.
