“What’s in the name?”, said Shakespeare. Well, can’t say about the 16th century but in today’s business world, there is a lot in the name.
Don’t you like when somebody you hardly know, remembers your name? You do, right! Well, everybody does. But it is difficult sometimes to remember people’s names and it becomes an embarrassing situation for both parties.
But have you noticed that you remember some names almost involuntarily? You might have found it unique, interesting, or maybe it just had a nice ring to it. Well, it is not restricted to the names of only people but also applies to companies.
What is a Brand and a Brand Name?
The brand comprises anything and everything that is included in the aspect of your business or company through which your customers or potential customers recognize your company. It generally includes the name and logo of your company along with other things.
Initially, most businessmen or entrepreneurs give a name to their companies out of emotional or personal connections for the sake of it. However, this name given to the company goes on to become the Brand Name. Hence, it is important to put proper thought and time while naming your company to distinguish it from the competitors.
What is a Brand Name Testing Survey?
Brand Name Testing Survey is the process of conducting a survey to find out how people in the target market react to the potential brand name or names. This survey can be conducted both online and offline. It is a smart move to conduct a Brand Name Testing Survey because it gives the business owner the most suited brand name which definitely has an edge over upcoming businesses which skip this process.
In case you were also going to skip the process because you also feel it is a daunting task, then we have good news. There are professionals in the market research companies in India who are experts in conducting surveys and can give you results without you having to the mammoth task.
Advantages of Brand Name Testing Survey
There are multiple advantages of a Brand Name Testing Survey. It gives you the name that your customers would approve and readily accept which is a sure-shot advantage over others in the long run.
- Brand Name Testing Gives you the Confidence to Go with your Choice.
If you are hooked on a name but are not sure whether it is the right choice and if everybody feels the same way you do, the results of Brand Name Testing can give you confidence and you no longer have to take a decision doubtfully.
- It Helps Clear the Confusion.
In case you are confused between two, three, or several names, the way out is to ask somebody else. And what is better than asking someone else is asking several other people, i.e., conducting a survey.
- You Get an Idea about the Demographic
While analyzing the survey output, one can notice which names are approved by which group of people that includes different categories- men, women, children, adults, old age people, etc. This is important information that can play a huge role if you know what your target market is.
How to Conduct a Brand Name Testing Survey?
Brand Name Testing Survey is a crucial part of the overall Market Research before one starts to implement the business model physically. Brand Name Testing Survey can be conducted online as well as offline. One of the best methods is to use a Likert scale and a well-thought questionnaire.
Before making the questionnaire one important thing to decide beforehand is whether you want to conduct a monadic survey or sequential monadic survey.
Monadic Survey is a survey design that uses a single stimulus to conduct the survey. In the Brand Name Testing Survey, it would mean that the survey asks questions only about one name.
In the Monadic Survey, you will have a shorter questionnaire which results in a better survey completion rate but you will need a large number of respondents in order to achieve the desired results.
Sequential Monadic Survey
In Sequential Monadic Survey, we use a design that asks questions involving multiple stimuli. In the Brand Name Testing Survey, it would mean that you can ask questions about more than one name.
In this kind of survey, the number of questions will be greater than the Monadic Survey, but you will need to survey a smaller number of people which means that you can manage with a little less completion rate.
While designing the survey, one other thing you need to decide is the metric you want your name or names to be judged on. You need to know what you need to find about your name and what you actually want to accomplish with your brand name.
Here are a few metrics you can base your survey on-
- You can ask a question to find out how appealing your brand names appear to potential customers.
- Helps you decide whether the customers already have heard or seen brands with similar names or not.
- Purchase Intent. Determines whether the name has the quality to pursue the potential customers to buy or at least check out the product or service.
- To find out of the name actually represents the product, services, or values of the company.
- Tells how easy or difficult it is to pronounce the brand name in order for the customer to remember it.