MBA1912 How to Name a Product + Free Ride Friday

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Visit Dell.com deals. Heyo. Welcome to the Hundred Dollar Mea Show Business Building goodness every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of Webinar Ninja, an independent software company I started with my co founder back in 2014 and today's episode is Free Ride Friday. On Freeride Fridays we give away a membership to one of our programs. We're giving away access to our 30 day challenge called the Automated Webinar Challenge. If you want to automate your leads and sales with automated webinars, you're going to love this 30 day course. Over at webinar ninja.comawc you can win it for free by just leaving us an Apple Podcast rating and review. And listen in on Friday just like today at the end of the episode to hear who won this week's free ride. It's that simple to get yourself a free lifetime membership to the Automated Webinar Challenge. In today's lesson you will learn how to name a product your business might be developing, several products you might be selling an online course, a new widget, a new plugin, a software, a book. And in the process of creating these products, you're going to have to give it a name. So in today's episode. I want to share with you my golden rules when it comes to naming a product. These are the rules I use every time we have to name any anything we produce for our company. This could be something as small as a one pager that we give as a lead magnet to a live event we pull off, or even a brand new sister product. There's a lot in a name and you want to make sure you get it right so that its name helps you and doesn't hurt you in getting more business. Speaking of business, let's get into it. Let's get down to business.

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How important is the name of any product you produce? Well, in my book it's actually quite important. But in what sense? Choosing a really good name for your product can really help you get the word out, spread the word about your product and really get found by the masses. So I want to share with you my rules when it comes to choosing a product name. In my personal experience, I found that the best products are easy to remember. The name just sticks in your head and mostly because it's simple. Think about the brands that you are familiar with. Yes, they're big brands and you know them because they are everywhere. But they didn't overcomplicate their names. They kept it simple. Whether It's Apple or YouTube or Macaroni Grill, part of an easy to remember name is a few things. Number one, it's easy to repeat, it's not hard to pronounce. It's simple, like I mentioned. But also in my experience I found that when you choose a name for your product that is descriptive, it really makes it super simple for people to remember. And also find you A good example of this is YouTube. It's you on quote unquote TV or video. Another great example of this is Netflix. Another example of this is Google Drive, right? It's descriptive. It's like a drive, a hard drive in the cloud and it's run by Google. Google Drive. Another reason why A descriptive product name is a good idea is that the keywords of that product is within the name. So when people search that on Google, for example, the keyword is a part of the name of the product. For example, my webinar software is called Webinar Ninja. So when somebody searches webinar software, I am more likely to be found on Google if my SEO is decent because the word webinar is in the name. Another rule I want to pass on to you is when you're naming your product, don't try to get too cute right? Or too clever. If people need to think about it too much, it's hard to remember, it's hard to repeat or even pass on. Don't use something that could be understood in two different ways because they might misspell or misunderstand the product name. For example, a product that's called Know how, most people would spell that with a K. But if that product was trying to be too cute and decided to call it Know how with no, people would often not get the message that that's how it's spelled or they would forget and it'd just be too much of a hassle to find the name product. Remember, if you can't remember it, you can't tell other people about it. So you want to make sure it's memorable and easy and it's not confusing. Another great technique for this is to think about how the words of the product name roll off your tongue. Is there a musicality to it? Do the syllables have the same length? So for example, like Dropbox or Netflix? Another great little tip is to use a common phrase for your product. For example, my buddy Michael Poor, who is a New York Times best selling author, wrote a book called Steal the Show. This is a common heard of phrase. And to name your book after something like that, it's easy to remember and easy to share. Some people, they want to be unique, so what they do is they kind of merge two words into one to have a one word brand or they even make up a word so that it's catchy and memorable. A good example of this is Spotify. Now this is not a bad technique. I actually think it's quite a good technique. But my advice is you need to double check that your made up word doesn't mean something negative or strange or offensive in another language. Remember, you're going to be launching to the world potentially, if not from day one, then in the future. So you want to make sure that your brand is universal. Your product name resonates with people other those who speak the English language. It has happened several times to many big brands where they changed their name or they launched a product where they made a word and they thought it sounded great. And then when they launched it to the world, some of their community members said, hey, this is super offensive for people of my culture or my background, so do a bit of research before you start making up words. But one of my golden rules is you should always be branding as much as possible. You want to keep your brand reinforced. So if you have products of a name with a certain type of branding, keep it aligned and name your future products your next product with the same type of branding. I mentioned Google Drive. Well, Google does the same thing. Google Home, Google Meet, right? This is how they brand to keep the Google branding strong. Apple does this as well. AirPods, AirDrop, iPad, Air. This allows one product to promote the other just by the United branding. You see this also in apparel like Nike, they'll create a product with a new technology like for example their soles that are made from Zoom technology. So they'll call this shoe is called the Zoom X and this shoe is called the Flyknit Zoom. This promotes the technology. They invested a lot into one product to be able to be used in other products. And it's easy to remember because hey, if you like Zoom, then you're going to like these other products that has Zoom.

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Wrap up today's lesson on naming your product, one last golden rule. Research the name that you have shortlisted on Google, find out there are other products with this name. You don't want to have to compete too much, at least on SEO on differentiation. And you want to make sure that at least people know that you're not this other product. You are your own product, right? So one of the rules I like to say is, hey, if you're not in the same market, for example, let's say you have a product called Wonder Wheel and it's a toy for children and you do a Little research and find out there's another product called Wonder Wheel, but it's in the construction industry. Then I would say you're not in real competition. Obviously, if somebody's looking for a toy, they're not going to really be interested in construction equipment, so you should be fine. It's going to be hard in today's day and age on the Internet to have a totally unique name for a product. But if you do find out there's another product with the same name in the same market offering a similar product, I would steer clear. I would try your best to have the only product with this name amongst your competition. Thanks so much for listening to the 100 LMBA show, but today's episode's not over. It's Free Ride Friday. Let's see who won this week's Free Ride. And the winner is. Ldo Yan from Canada. Jan says, my business has grown so much with this podcast. I absolutely love this podcast. It's been a breath of fresh air. I've learned so much from Omar's knowledge and his guest teachers. Five stars. Thank you so much, Jan, for that review. Your mission is to email us over at omar00mba net so I can hook you up with the lifetime membership to the automated Webinar Challenge so you can automate your lead growth, your sales growth through automated webinars. Retails for $99. But you just won it for free. If you want to win a free ride, just leave us an Apple Podcast rating and review just like Jan did, and you enter our weekly random draw call Free Ride Friday. Listen in on Friday just like today to see if you won. It's that easy. Thanks so much for listening and leaving us an amazing review. Yawn. Before I go, I want to leave you with this. I love putting myself under a deadline when coming up with choosing a name for a product. I need to go through all these exercises and all these rules within a time frame. For me, it's usually about a week or so.

I like to sleep on it a.

Few times, how it feels in the morning. But if you don't give yourself some sort of time constraint, you will go on and on thinking of new names and new names and new names and it's going to take you forever to decide. So you need to kind of cap it with some sort of timeline or some kind of time restraint so that you don't go on and drive yourself crazy. Thanks so much for listening and I'll check you in Monday's episode. I'll see you then. Take care.

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