At the inception of any verbal branding effort, you must first stand back and ask yourself, "Exactly what needs to be accomplished with this new (name/tagline/product naming system)?" The answer to this question provides a basis for defining the strategic branding objectives that should drive the endeavor and for establishing relevant criteria against which to evaluate alternate verbal branding solutions.
To establish this strategic framework, the most important thing to keep in mind is that all successful branding efforts are externally focused. You must keep your target audience's needs in plain sight, and be able to delineate what it is they need to know and understand about your brand in order for you to achieve your strategic purpose.
Sometimes the shift from internal to external perspective can be more difficult than it sounds. When you're ensconced inside the belly of the beast, it's tempting to assume that its species and nature can be readily understood by all others. Branding exploration exercises like the following can help you make this critical shift, reach consensus about what will need to be communicated in order to advance your business goals, and ensure that verbal branding solutions speak to the target audience in a relevant, credible, and compelling manner.