So I read a fascinating article yesterday about how a lady - Janelle Shane - in the US has used AI to generate possible new names for craft beer, paint colours and guinea pigs (yes, you did read that correctly). And it made me start to think whether Janelle was onto something, could AI replace brand naming agencies in the future?
A carefully curated brand name can bring inherent power to a brand. It can be the 'calling card' that generates consumer trial or consumer mockery. For many brand managers, it is the part of the innovation process in which months are spent discussing and researching the merits of one name versus another. And once you've finally settled on a name, all too often enough, a trademark search shows that someone else has already taken it! Having been through the process myself, it can be painful, disheartening, time and budget zapping.
If AI allows us to generate new names for a specific category quickly and cost effectively, why should this not have a role in the future of our innovation process? I would certainly consider giving this a trial on my next naming challenge. And given that a study in 2016 by the Bank of America Merrill Lynch predicted that the artificial intelligence market will be worth approx $153 billion within the next five years, AI is very much here to stay. Let's not be shy, let's embrace some of the new technologies along with our traditional methods. Who knows what the future might be called .....
And the names which Janelle created for craft beer, there are some good ones in here: