According to one survey I read online,
nearly 70% of new products failed last year. In past studies {which I don't have the links to anymore} it was an estimated 40% failure rate of new products. If we are talking about new brands, not just a company launching a new product--the stats are up to 80%-90% failure rate. Any successful business will keep close tabs on the life cycle of a product, especially a new brand. Not only do you need to keep tabs, you need to plan accordingly.
Most brands are identified by a name or a symbol. The very first thing to do when starting a new venture is coming up with a name. I will tell you in all honesty that the name
Tres Couture was a bad decision. Here's why:
1) Tres is actually Très and I can't tell you how many time people say Tres like it is Three in Spanish. It's a french word...
2) Très is not a common word, it is easily forgotten. People usually tell me "Oh your the girl who makes the um, something Couture stuff, right?
3) Très Couture literally means Very high-fashion designing and dressmaking...it's a bit much for a kid's line
So, why did I choose it? Well, because I liked it and it was my first time making this type of decision and I just kind of wanted to try it. I know now that there is so much in a name. It has to make sense, it has to be something easily remembered. A brand name is easily the most used and most recognized form of branding.
As I mentioned about what people would tell me when they seen me...other people that I meet who ask me for a card, when I give it to them and they see "Très Couture" they look at me and have to ask...so what do you do? You don't know what I do from my business name.
Très Couture is changing to Très Couture Mama and will re-launch sometime this Fall 2009. It is going to be for women and will start off with my line of wallets with some new styles. I am also working on some cute maternity wear for the brand. {Just an FYI} I am going to keep making children's clothing and accessories and the new name for that will be Petite Trendsetters which is the name I have been using for the clothing. See how "Petite Trendsetters" makes more sense?
Now,
Cupcakes & Couture: Deliciously Glam & Sweet being that I have "learned my lesson" I wanted to name this line something fun, sweet and memorable. I love the word COUTURE and although for now Cupcakes & Couture is tees, I knew that naming the line something funky--it gives me so much room for growth! I really do plan to have a couture mix in all the funky stuff. There is "brand potential" and the name suggests the characteristics of the brand--fun, sweet & glam.
When it comes to graphics for a brand it definitely needs to be something recognizable and memorable. Even if it is something totally small like General Mills, when you see a box of cereal you can easily recognize if it is a that brand....just by seeing the teeny little "GM". This is something that I am working on for Cupcakes & Couture. Take your time with this element.
How do you pick a perfect brand name then?
~I have been taught that it has to pass the "easy" test of
easy to say, easy to spell, easy to read and easy to remember.
~As I already kind of said, make it something that distinguishes your brand...it doesn't need to necessarily describe it. If it is overly descriptive it could limit your growth and show a lack of creativity.
~Research!! You have to look into the name and parts of the name to be sure you are not stepping on someone else's territory. TRUST ME on this one, I have been there and it is not fun to fight over a name. You will save yourself so much grief if you simply Google search your name with parenthesis to see all the results that come up. You will also want to do a trademark search which we will talk more about later.
~Keep it brief...when it is so long that people have to abbreviate it, you risk loosing control of your brand and your brand image.
~Talk about it with family and close friends. Ask them what they think when they hear the name? This was a big eye opener for me.
If I would have known better when I first named my clothing line Tres Couture, I would have avoided the time it took to have a steady following. As I started to keep tabs on my various advertising and where the sales were coming from, I saw that there were changes that needed to be made and mainly, it was in the name. With that said, I hope this encourages you to reflect on your brand name and how it is working for or against you.