Picking the right brand name can be a tricky endeavor, one that has a huge impact on your business. The name you choose will be one of the first things customers learn about your company, and it will stay with them long after they’ve forgotten your product or service.
A great brand name should be easily remembered, spellable, and pronounceable. It should evoke the feeling or image you want customers to associate with your company. And, if possible, it should be distinctive enough to help you stand out from the competition.
One of the most common pitfalls when selecting a name is believing that there is only one way every business should approach brand naming. Huge agencies tend to lean toward selecting offbeat and modern one-word names like Uber that tend to be intriguing. However, this isn’t always the best strategy, especially if you are a small company or startup.
It’s much more important that your name works for you and that it is aligned with your brand identity. Whether that means a descriptive name that states what your company does or a one-word name, it is the most suitable for your business.
Why is your brand name important and how does it reflect who you are?
Your company name is the first element of your brand that your customers come into contact with. Your name must be distinct, authentic, enduring, memorable, and resonate with your target audience. This will make sure you remain in their mind and give you the chance to build and maintain a healthy trust with your brand.
Lets look at three reasons why a brand name matters?
The words you use in your brand name are important. They have the ability to connect with people on an emotional level and create a sense of trust. If they are difficult to pronounce or remember, you run the risk of losing customers.
Your brand name is your identity and outlasts other brand assets:
This is the one asset that will be with you forever. It outlasts your logo, your website, and even your product. So it’s important to choose a name that is timeless and will stand the test of time.
The costs of rectifying or changing are exorbitant
Your brand name is the cornerstone of your identity. It’s what customers will remember and associate with you. So it’s important to get it right the first time. Making changes down the line is costly and confusing for customers.
A good brand name is like a fine wine, it gets better with age. It will become more valuable to your company as you build recognition and equity in the name. Therefore, choose your name carefully and make sure it has staying power.
Your name does not really need to say what you do. You can use taglines, headlines, imagery, and other design elements to showcase those things. In fact, it might be better if your name is more abstract and represents the feeling or essence of your brand rather than a literal description.
What kind of brand strategy should you have before you start the naming process?
Since the name is the identity and extension of your brand, it is important to have a system or strategy in place before you start your naming process:
Do you need to hire someone to help with the naming process:
If you are starting a business from scratch, it might be helpful to hire someone who specializes in branding to help with the naming process. A branding specialist will help you create a list of qualities that are important for your brand name to reflect and then come up with a list of potential names.
Generate plenty of potential names:
The goal is to come up with a list of as many potential names as possible. Try to think outside the box and be creative. This is not the time to be practical. The more options you have, the better.
Evaluate your list against the criteria:
Once you have a list of potential names, it’s time to start evaluating them against the criteria you came up with. The goal is to narrow down your list to a handful of names that you can then further consider.
Test your name and arrange safeguards to protect it:
You’ve probably heard the saying, “There’s no such thing as a bad idea, just a good idea that needs to be fleshed out.” The same is true for names. Just because a name sounds good in your head, doesn’t mean it will work in the real world. The best way to find out is to test it out.
Protecting your brand name means trademarking it to protect yourself from infringement.
What are the different types of brand names?
There are four main types:
- Descriptive: These names describe what the product or company does or what it is made of. Examples include “Baked by Melissa” and “Mulberry Silk.”
- Evocative: These names evoke an emotional response or mental image. These are often abstract, like “Nike” or “Apple.”
- Foundation: These names are based on the company’s name or founders. These include “Ben & Jerry’s” and “Rebecca Minkoff.”
- Location-based: These names are just what they sound like: brands named after their location like “Austin” or “Boston.”
Apart from these four main types, there are a few others:
- Clever: These names are often play-on-words or puns. They can be difficult to trademark because they are so unique. Examples include “I Can’t Believe It’s Not Butter” and “Taco Bell.”
- Acronyms: These are often used for companies with long, complicated names like “3M” or “NASA.”
- Pragmatic: These names are a type of descriptive as it states what a company does but presents it in a way that establishes a connection. Examples include “Dollar Shave Club” and “Blue Apron.”
What makes a good brand name?
A good brand name should be distinctive and not confused with other brands. It is important to be clear of the competition, stand out, and be unique. it is completely different from differentiating from a different brand. For example, Adidas is completely different from Nike. What they focus on is being unique in the mark et, and not just being different.
A good brand name should be short and sweet. It should be easy to remember, spell, and pronounce. For example, Google is a perfect example: simple, yet effective.
A good brand name should be memorable. It should be easy to say, spell, and remember. The best ones are those that are easy to remember, and that stick in people’s minds.
A good brand name should be authentic. It should reflect the values and mission of the company. Consumers want to engage with a brand that accurately and authentically describes its vision, missions, and core values. For example, Nike is an authentic brand name because it represents the Greek goddess of victory.
A good brand name should be enduring. It should stand the test of time, and be relevant for years to come. One that is evergreen will not only survive changes in the marketplace but will also thrive. For example, Coca-Cola is an enduring brand name that has been around for over a century.
A brand name should be defensible. This means that it should be unique and not easily imitated by competitors. A strong name will give a company a competitive advantage. For example, Google is a defensible brand name because it is nearly impossible for competitors to copy.
A brand name should be relevant to the products or services that it represents. It should be clear and concise and convey the key benefits of the product.\
How to create a great brand name?
Source: YouTube (Brand Master Academy)
There are a few aspects that you must consider when you determine what kind of brand name your business needs.
The one you choose must have a story that you can relate or connect to. This requires you to articulate your brand heart. This means that you need to establish and make clear your purpose, vision, mission, and, finally, your values. These aspects influence everything you do, particularly when you are choosing a name.
To grab a foothold in any market, you need to know and understand what your competition is and who our competitors are. You need to find a way to differentiate yourself from them and keep them in your mind as you are going through the naming process.
Eliminate and narrow down:
The brainstorming process should help you to come up with a long list of possible names. Once you have your list, it’s time to start eliminating. The key here is to be ruthless. If a name doesn’t meet one or more of your criteria, get rid of it.
Associate the name with your brand:
Once you have a shortlist of names, it’s time to start testing them out to see if they fit with your brand. The best way to do this is to create a quick visual of your brand using the name as part of the logo or design. This will help you to see if the name works with the look and feel of your brand.
Once you’ve assessed how well the names fit with your brand, it’s time to get some feedback from others. Ask friends, family, and even strangers what they think of the names on your list. See if they can pronounce them easily and if they have any associations with the name.
Choose the best:
After you’ve gathered all of the feedback, it’s time to make a decision and choose the best name for your brand. Keep in mind that you may need to make slight adjustments to the spelling or pronunciation of the name to make it work better for your brand.
Creating a great brand name is important for any business. The name should be something that is easy to remember and pronounce, and it should have some meaning or association that is relevant to your brand. Follow the tips above to come up with a great name for your business.
Influence of a Brand Name On The Consumer Decision-Making Process
Source: Beloved Brands
This is undeniable. In fact, in many cases, the name is the first thing a potential customer learns about a new product or company. Research says that in modern society, brands not only represent the product or the company but also have a strong association with a consumer’s lifestyle, perceived quality,and even social class.
The influence that a brand name can have on a consumer or society as a whole, especially during the decision-making process, is undeniable. Creating a great is essential for any business, big or small. The right name can make all the difference in the world. However, about 46% of people think the brand name is very important attribute when deciding to purchase a particular product while just 11% think it is not important at all.
For this reason, it’s critical that entrepreneurs spend time developing a name that will set their product or service apart from the competition and resonate with their target market.
Why is a brand name important for start-ups?
There are a number of reasons why having a strong brand name is critical for start-ups, including:
Helps you stand out from the competition
In today’s competitive marketplace, it’s more important than ever to have a brand name that sets you apart from the competition. A great one can help you build customer loyalty: If customers have a positive association with your brand name, they’re more likely to be loyal to your business.
Builds trust with potential customers
A strong brand name can also help build trust with potential customers. If your brand name is associated with quality and positive customer experiences, it will be easier to win over new customers.
Having a great brand name can also generate word-of-mouth marketing, which is one of the most effective forms of marketing. If customers have a great experience with your brand and tell their friends about it, you’ll be able to reach new audiences without spending any money on advertising.
Help make your marketing more effective
A strong brand name can also make your marketing and advertising more effective. When customers see a familiar one, they’re more likely to pay attention to your message and be interested in what you have to say.
If you can create a brand name that’s memorable and relevant, it will make your marketing efforts more successful and help you build a stronger relationship with your customers.
Helps increase the value of your company
A great brand name can help increase the value of your company. If customers see your company as a leader in your industry, they’ll be more likely to invest in your business. And if you ever decide to sell your business, a strong brand name can make it more valuable to potential buyers.
Prominent Brand Names:
There are numerous titan brands in the world. Let us look at few of them:
It all started with two Steves in a garage. Today, Apple is the world’s most valuable brand. The name “Apple” was chosen because it sounded fun, friendly and not too serious – perfect for a computer company that was shaking up the stuffy world of business.
The Armani brand was founded in 1975 by designer Giorgio Armani. The name was inspired by the designer’s first initials (Giorgio ARMANI) and his desire to create a simple, elegant and timeless brand. Now, the Armani brand is synonymous with luxury, style and quality.
Nike is named after the Greek goddess of victory. The name was chosen to reflect the speed, power and agility of the company’s products.
Google was originally named “BackRub” because the algorithm used to index websites was based on the number of backlinks they had. The name was changed to “Google” – a play on the word “googol”, meaning a very large number – because it reflected the company’s mission to organize the world’s information.
Paypal was originally named “Confinity”. The name was changed to “Paypal” in 2001, before the company went public, because it better reflected the company’s core mission of simplifying online payments.
There are many factors to consider when choosing a brand name. Most businesses will want to choose a name that’s memorable, relevant, and unique. Keep in mind that your brand name is one of the first things customers will notice about your business, so make sure it’s something you’re proud of.
If you need someone who deeply understands the relevance of a great brand name to promote your business, and you don’t mind working with a small but efficient team, then look no further than Pixel Street. Trust me, as a branding agency, we don’t underestimate the importance of a great brand name! If you can create a name that is memorable, relevant, and unique, you’ll be well on your way to building a successful business. If you need advice or assistance on deciding your brand name, feel free to contact us.