Issue:A company that was established in food-based nutritional products was having an internal debate. Would consumers welcome their brand in the realm of dietary supplements, particularly omega-3s? Would current supplement users have a reason to switch brands? And what equity elements should they carry over from their existing lines?
If you, like me, are of a “certain age,” you probably remember going car shopping, narrowing down the brand of car you wanted, then trying to choose between the basic or premium options because those were the only options available.
Fountainhead: “Nope, We’ve Been Doing It Correctly With Great Results”
Trash talking “brainstorming” seems to be quite the thing these days. And we get it. We’ve suffered through endless brainstorm sessions where the moderator didn’t adhere to best practices, so all that resulted was a list of mediocre thoughts and demoralized participants.
That’s why we practice what we preach. If you want a productive brainstorming session, please follow these principles.
You may hear some buzz about neuromarketing, or “System 1 Thinking,” an emerging approach to marketing research that combines three well-established disciplines of brain science to give a new perspective on human behavior and give insight into nonconscious decision-making:
Neuroscience – the study of the human nervous system
Behavioral economics – the study of how people make economic decisions
Social psychology – the study of how people think and act in the presence of other people
Let’s look at one scary fact: 64 percent of American households have Amazon Prime*
And one scary quote:“I think that effectively you have a company that has conspired with about a million consumers and technology to destroy brands.” -Scott Gallaway, NYU Stern School of Business speaking at L2’s Amazon Clinic
Sixty-eight percent (68%!) of employees are not engaged in their work. That’s a huge number and comes from a study released by Gallup in 2016. This means that only 32 percent of employees are indeed engaged, which translates to the majority of people in workplaces feeling a bit lackluster and unmotivated by what they are doing every day.
Many of our clients ask for a quantitative segmentation to be done on their brand’s target audience. This almost always leads to an interesting discussion regarding types of segmentations. (Here’s where we hope some of you say, “Hey, I didn’t realize there were varying types.”)
There is no longer a question of whether or not mobile is changing how we do what we do. One of the last frontiers to be affected by the transition to mobile dependence has been market research, but our practice is now evolving at a rapid pace.
The name of your brand may be the second most critical decision that you, as a marketer, may have to make. The first most critical is whether or not you even have a product worthy of a brand. We understand your struggle. Let’s make things a little easier with these six best practices for brand name development.