The better one knows the market in both a narrow and broader sense, the better one can develop one’s own naming strategy. For brand and marketing communication over the long term, which later builds on a memorable brand name and a strong brand identity, the factors relevant to marketing have to be known. The view goes in two directions — the macro environment and the micro environment. The focus of attention during name-relevant brand analysis is always on names in the competitive environment, on typical expressions, and on a specialized vocabulary, around the world.
When analyzing the macro environment, against the backdrop of the naming process, at the naming agency we essentially look at four fields:
- Social environment: Trends. Demographics. Target audiences. Attitudes and opinions. Information and communication behavior. Factors of influence. Decision-making behavior. Brands, companies, and technology images. If need be, ethnic and religious aspects or ethical questions. Geographic and cultural features. Developments in society.
- Technological environment: Developments in technology. Potential for innovation. Substitution of existing technologies and solutions. Licenses and patents. Legislation. Similar developments. Benchmarks. Jargon and technical terminology.
- Business and economic environment: Product development cycles. Product life cycles. Market cycles. Participants in the market. Competitors. Market shares, in segments and niches as well. Distribution channels. Distribution trends. Price-performance aspects.
- Political environment: Ecological and environmental-political aspects. Current legislation in the home market and relevant foreign markets. Trade policies. Lobbies.
During brand analysis relevant to the name, we concentrate at the naming agency on all fields to find out what the relevant target groups are used to, what they understand, where we will be able to take them with the choice of name, and which hurdles there will be to overcome today or in the future. In certain markets, this name-relevant brand analysis can be very short and sweet. In other cases, it is worth taking the time to more precisely analyze the market and brand environment with a view to naming. This depends on the respective company and product.
The analysis of the micro environment is concentrated on the company itself or on the product or service which is to be named. Are there standard guidelines in the company? Through which vision, mission, and model does the company distinguish itself from others? Which image does the company have in the market? What is today’s position in the market and which position in the market ought to be reached? With which products or services? Which competencies are attributed to the company and its products? Of course, everything concerning the new company, new product or new product range, or new service has to be explained.
Identifying the opportunities and risks of the market in general and the strengths and weaknesses of the company, as well as those of the competitors, enables an evaluation of the market performance in the context of brand analysis. Essential information for the naming work at the agency is derived from the market environment analysis and brand environment analysis relevant to naming, as only when the market, competition, and developments are known can ideas which stand out in the market arise.