Here "name" represents honor or reputation. Alternate translation: "in honor of our God" or "for the reputation of our God" (See: [[rc://en/ta/man/translate/figs-metonymy]])
"we will raise victory flags." They would do this to show that they were praising God because he gave their king victory over his enemies. (See: [[rc://en/ta/man/translate/translate-symaction]])