“Your brand name is only as good as your reputation”
– Richard Branson.
This statement from one of the most prominent business names holds to most industries and companies worldwide. Marketers exactly know the importance of correct brand naming and how it can exactly affect the success of a business. A business strategist also has these branding tools to effectively build a brand and put the business ranking in the market. Have you not realized that many brands surround us, and their names have become a natural part of our daily living? You might not notice that you are using some of the biggest brand names as if they are a part of a speech.
What is a Brand Name?
A brand’s name is one of the foundational elements of brand identity that helps maintain a product’s unique presence in customers’ minds. That is how powerful a brand name is. It differentiates and highlights a business to its competitors, thus giving its identity.
Naming or renaming your brand is not an easy task. There is a lot to consider and to think multiple times before you come up with the best name that stands for your company. A brand name is no use at all if no one can remember it, except the business owner, of course!
“When people use your brand name as a verb, that is remarkable.”
– Meg Whitman
Some companies offer free name generators to help start-ups name their brand, but be wary of the pros and cons that accompany this easy naming way. I suggest only using the proposed names as an idea, but not as a name for your company.
5 Things To Consider in Choosing a Brand Name
Your brand name is the extension of your business, and that is why choosing it right and wisely means reinforcing the value that your company provides to your customers. So how are you going to know what is best for your business?
Here are some of the things that you should consider when naming your brand.
- Make your brand name Remarkable.
Your brand name is what holds your business personality. It needs to be memorable and a unique and attention-grabbing name that will hook every customer’s mind. One way to make your brand memorable is to use short and repetitive words. Many psychological experiments show that our short-term memory can only hold up to 7 plus or minus 2, separate items depending on the individual.
- The brand name must be meaningful.
Do you agree that you are willing to do everything to protect something or someone who has meaning in your life? Well, this also applies to when you are naming a brand. Meaningful comes in different definitions when it comes to branding. Still, meaningful brand names can communicate the brand’s essence, cultivate a positive emotional connection to the customers, and produce an image that will mold the brand.
- Your brand name should be future-proof.
Who would always want to change their name? Changing brand names can be risky and might affect your business, A LOT! So, when you name your brand, make sure that your brand name can stand the test of time. It means that it can grow with your company and maintain its relevance and adapt to varying products and brand extensions.
- It must be accessible.
One of the essential factors of brand insistence is Accessibility. The Accessible brand ensures that brand preference is well-converted into brand purchases. How cool is that, right? So when you are thinking of a name for your brand, make sure that people can say it, understand it, and Google it even if it is so bizarre. You can also do the Radio Test to know your brand names’ Accessibility.
- It can be translated into visual.
Creating designs and logos for your business is one of the crucial parts of branding, and sometimes, these problems arise because of the brand names that are difficult to convert into images. Several studies prove that there is indeed a power of visuals in sticking longer in an individuals’ brain. Visuals do stick in the long-term memory and can transmit messages faster.
Why a Good Brand Name Matters?
More than useful products, services, and logo, a good brand name increases its value and provides direction and motivation to its employees. As a result, acquiring new customers is more effortless.
A brand name is also a way to connect emotionally with your customers. Good names, just like good logos, can evoke a strong passion for your brand. On the other side, a bad reputation can bring distaste or indifference. A great and accessible brand name can be a substantial and competitive advantage of your company, especially when companies have the same features as yours.
A brand name is the brand’s value that showcases what it offers its customers in the long run and must convey uniqueness. So why does a good brand name matter?
Leave your thoughts below on why do you think that a good brand name matter in business building. For brand and domain names, you check us out here at www.bigdad.com.