Positioning the battle for your mind

The act of naming a product is arguably the most pivotal marketing decision a company can make. This choice alone has the potential to dictate the product's future success or failure in the marketplace. The name serves as the foundational positioning hook from which a company can build its brand. In the consumer's mind, there exists a mental hierarchy for each product category, with the brand they regard as the market leader perched at the top. The goal of a positioning strategy is to carve out a niche on this mental ladder for one's own brand.

In earlier times, when the market was less saturated and competition for consumer attention was less fierce, product names could be selected based on whimsical or obscure reasons. For instance, Chevrolet was named after a French race car driver, Mercedes was named after the daughter of the company's Paris representative, and names like Coca-Cola, Kodak, and Xerox were invented with no clear connection to their respective products. While invented names can be effective if the product is the first of its kind in the market, such scenarios are exceedingly rare. In most cases, a more prudent and reliable strategy is to opt for a descriptive name that clearly positions the product.

Names are crucial as they represent the initial interaction between the marketing message and the prospect's mind. A well-chosen name can significantly enhance the impact of subsequent marketing communications. Conversely, an ill-suited name can obstruct communication efforts, making it more challenging to effectively convey the product's features and benefits.

Historically, companies have shown a preference for using initials in both product and corporate names. However, as a general rule, this practice is ill-advised for new companies. The human mind operates on an aural basis rather than a logical one, with most individuals learning to speak before they learn to read or write. When they do begin to read and write, they subconsciously convert written words into their aural equivalents. Over time, as reading and writing skills develop, this aural translation becomes more rapid and often unconscious. However, initials lack any inherent aural or mental significance, failing to conjure any useful auditory or visual imagery that can be leveraged in promotional or advertising campaigns. Instead of fostering awareness, initials tend to create confusion. When it comes to selecting names for product lines within a corporation, there are two distinct methodologies:

Crafting a positioning strategy for a business requires careful contemplation and analysis before devising a solution. There are six key questions that must be addressed before developing a positioning strategy.

Firstly, it is crucial to understand the current position your enterprise and its offerings hold in the minds of prospective clients. Engaging in conversations with potential clients or customers is essential to gain insight into their perceptions of your company and product. This step helps identify the starting point and explore existing perceptions that can be leveraged.

Defining the desired position in the consumer's mind is imperative. It is unrealistic to cater to everyone's needs, so specificity is key. Determine the position you aspire to occupy in the consumer's psyche and, more importantly, a position that you can successfully defend in the competitive market.

Identifying your competitors in the quest for your preferred position is often the most challenging aspect. Analyzing the situation from your competitor's viewpoint is just as important as analyzing it from your own. To position your product effectively, you may need to reposition one or more of your competitor's offerings.

Positioning theory, traditionally used in marketing, can also be effective for enhancing one's professional trajectory. This approach requires modifying and refining personal career goals. Instead of emphasizing the breadth of professional experiences, positioning theory advocates for a focused strategy. It suggests adopting a singular, definitive positioning statement that encapsulates one's professional identity. Unfortunately, many professionals overlook this and either waver indecisively or passively wait for external validation. This passive approach relinquishes control over one's career trajectory to others who may not have a vested interest in long-term success. To counteract this, it is imperative to proactively define a personal positioning statement, such as declaring oneself as the premier lawyer in Los Angeles, the foremost small-business CPA in the greater Chicago area, or the leading advertising copywriter in New York.

Avoiding common pitfalls is crucial in this process. For instance, the 'wrong name trap' refers to when an individual's name does not accurately reflect their professional brand, suggesting a name change as a potential solution. The 'no-name trap' warns against the anonymity of using initials in professional settings, advocating for the consistent use of one's full name to enhance recognition. Similarly, the 'line-extension trap' cautions against diluting one's personal brand by naming offspring in a manner that suggests a versioning of oneself, as this does not add value and can lead to confusion.