Colored item names in Minecraft

setblock ~ ~1 ~ standing_sign 0 replace {
	Text1:"{
		text:\"\u00a7bClick Me!!!\",
		clickEvent:{
			action:\"run_command\",
			value:\"/give @p diamond 1 0 {
				display:{
					Name:\\\"\u00a7bTHIS ITEM IS COLORED!!\\\"
				}
			}\"
		}
	}"
}