The Power of Product Naming

I just joined LifeLock recently--you know, that much-hyped membership that's supposed to protect you from identity theft? After years of being a freelance copywriter, I finally have an identity someone (not very picky) might want to steal. But as much as I love the thought of not having my credit wrecked by some malicious stranger—I also just love the name.

LifeLock.

Man, what a great name! It says exactly what it does: protect your life from being ruined (which is exactly what happens when someone steals your identity). Don’t believe me? Ask Dateline NBC,

Ideally, a product or company name should do three things at the least:

1. Explain what the company does
2. Convey what makes the company different from its competitors
3. Be memorible and have a certain appeal

In my estimation, the name "LifeLock," does all of those things--and all with a catchy alliteration. Naming a business is hard. Trust me, I've been a part of it from small Mom and Pop's to major public entities. I don't know which agency or person came up with the LifeLock name (if you know, pass it on), but I do know the basic steps you can take to name your company the next time it comes up:

1. Figure out what your business excels at
2. Determine who you're competing against
3. Decide on a position that exploits competitors' weaknesses
4. Create a name that promotes and parallels that position
5. Make sure the URL and trademark are free for the name
6. Test it
7. Launch it
8. Drink scotch, repeat as necessary

Check out this great article on naming from naming specialist Igor International: http://www.igorinternational.com/process/company-product-names.php

P.S. For more on identity theft, see the U.S. Federal Trade Commission http://www.ftc.gov/bcp/edu/microsites/idtheft/