Please describe the scope of NameStormers’ work.
We had developed some names internally that we thought were good. NameStormers took those and then augmented that list. They first wanted to understand what we did in the marketplace, what our concerns were, and what products and services we offered. Once they had a grounding in that, they developed a whole range of name options for us to look at. We had three or four potential names to start, and they probably developed another forty or fifty names, without regard to ownership rights or trademarks at first. We then sorted through those to see if some of those were available, and some of them weren’t. We reduced that list from 50 to about 15 or so for consideration. We went through an internal process with our leadership team and their researchers to whittle the choice of names down further to five or six. We did an analysis of the pros and cons of those.
We then asked NameStormers to help us quantify the relevance of those names with three key client groups: Homebuilders, consumers of housing-related products, and housing product manufacturers. We wanted to understand and quantify the degree to which each of those key constituencies for us liked or didn’t like the name, and why they felt that way. We tested those names relative to our current name and each other among the three client groups. When the research was done, the data was just overwhelmingly clear that the name we have now, Home Innovation Research Labs, was the name that resonated best with all three client groups.
What was your process for selecting NameStormers with which to work?
I asked the head of my market research for help finding somebody to do this. He identified five or six companies, and we interviewed three of them. They were just overwhelmingly the best choice, and our management team was unanimous in selecting them. I liked several things about them. Number one, the primary thing they do is provide expertise in brand names, and that was impressive to me. They were very specialized.
Number two is that they had done a lot of work within the housing industry. Some of the work they had done was for companies that are well-known within our industry, and that gave me a great deal of confidence that they understood the intricacies of our industry. They also had some very notable big brands they had done work for, which was very impressive to me. So, they had clearly demonstrated expertise and a lot of experience, which I didn’t think was necessary but was helpful.
Finally, they were very cost effective. They were affordable, very efficient, very straightforward, and businesslike. So, they were just easy to deal with and quite cost effective.
Can you provide a sense of the size of the project with a general cost or work-hour figure?
We spent around $25,000.
About how long did the work take, and when was it completed?
I think we did this in a three-month period. We officially changed our name in late 2011.