Importance of Brand Names
What is a brand name?
Brand name is the ambassador of your business. A brand represents your product, service and values of your business. A brand helps your target customers to distinguish your product or service from your competitors. So brand name is more than a name.
According to Wikipedia,
“ A brand is a name, term, design, symbol or any other feature that identifies one seller’s goods or service as distinct from those of other sellers. Brands are used in business, marketing, and advertising for recognition and, importantly, to create and store value as brand equity for the object identified, to the benefit of the brand’s customers, its owners and shareholders.”
In this article, you can learn why a brand name needs to be treated as much as you treat your product or service.
So why are Brand Names this much talked about?
Humans are very advanced when they sense something. They have five basic senses: touch, sight, hearing, smell and taste. The sensing organs sense every touch, sight, sound, smell and taste around us and send that information to the brain and by advanced analytical methods the brain identifies those signals and helps to understand and perceive things beyond the human body.
Perceiving things through the eyes is a more advanced process and one of the most important things. Humans are visual learners and they react according to their previous experiences. When humans are getting started to speak and understand a language, they do it by implicit-association. Words and meaning of that were described according to their personal experiences. The psychological effect of a word and a sound make a significant impact on the human mind. This effect can be used to make your company name a memorable brand in the society.
When Startups are challenged with the task of constructing brand names for new products, they undoubtedly face a complex and difficult situation. Most of the time people disagree with the fact that the brand’s name could make a huge impact on the success of a brand. In fact, one notable example is the Ford Edsel Failure. Edsel is an automobile marque that was released for the model year 1958 to 1960 by Ford Motor Company .Company spent $250 million on the Edsel project for its development, manufacturing and marketing. But in the end of the project, it never gained popularity among contemporary American car buyers. Public considered the model to be unattractive, overpriced and overhyped . Public view of the model made a huge impact on selling and the company lost most of the money invested on the project Edsel. The name of the car ‘Edsel’ is cited as a major reason for product failure because of the name Edsel made a negative impression on the car. This example shows how a name could impact on the success of a brand. Human mind and the sound of the brand name have a direct association. It was scientifically described as Sound Symbolism.
Sound symbolism is a concept that refers to a non-arbitrary relation between sound and meaning which conveys a meaning apart from its actual definition. Further studies show that distinct sounds resulting from different combinations of letters are associated with the concepts such as size, weight, speed and hardness. This concept can be used to communicate information about the product. For instance its size, speed , strength and weight etc.
For example front vowel sounds(such as the [i] vowel sound in pip) ,are related with the concepts such as smaller, brighter, or feeling of harder things. Front vowel sounds are described as which tongue is positioned toward the front mouth. Back vowel sounds which the tongue is positioned toward the back of the mouth are corresponding to concepts like larger, slower, darker and softer. Similarly other sound patterns have associated with the different perceptions on the human mind.
People tend to recognize others by their name likewise Brand names are also important to make a company disguising from each other. Recognition comes from the fact that how strong your brand name is promoted in the market. Recognition makes new customers easily. Brand recognition is mostly influential in emerging markets. Statistics show that more than two-thirds of market respondents (68%) say that they prefer to buy new products from brands they’re familiar with, compared with 57% in developed markets. In addition, more than one-fifth of developing-market respondents (22%) say they purchased a new product because it was from a brand they like, compared with 17% in developed markets.
Branding is a marketing practice in which a company creates a name, logo and selecting theme colors to identify a company and disguises from each other. Marketing is all about engaging with the customers. Marketing expertise uses different strategies to market a brand. If you fail to convince them about your brand, it will not get sold and expand in the competitive market. Good Product or service is the key, but that alone can’t help you until you get into the real business, marketing it. When it comes to marketing, brand name plays a major role. People remember the name, not the product or the service itself. They identify your brand by its name. Thus, finding the best brand name for your company is a crucial decision to be made.
Reputation is created with the fact that how strongly you have branded your product or service. Your brand is what people say about your company and the perception that customers have of your business. Reputation leads to more advantages other than recognition.
When an employee works for a well branded company they would be more satisfied with their job and have a higher degree of pride in the work they are doing in the company. This will create a more positive advantage on your company much more than you think. Working in a reputable company makes workers more satisfied with their work and it makes them work enjoyable and fulfilling.
Communication with the outside attracts new potential customers to your business. This communication starts with the name of a company. People tend to talk about your company by using its name. Your company vision can also be communicated through the Brand name. Businesses may need a website if you wish or not, since the world has been accustomed to do business through the internet. For that it will require a domain name which is essentially your web address on the internet. It can be similar to your brand name or not. Unfortunately, if both are not identical, no options left rather than changing it. Here are the most important things you should know before choosing a domain
Protect your brand name
It’s important to protect your brand name to the appropriate degree. If you choose a name that violates another company’s trademark, you could face a legal problem and will end up receiving a cease-and-desist letter. Consequences would be worse if you have to face the court or change the name after years of use. By protecting your brand name, you gain the ability to prevent future competitors from using it. See more on step-by-step guide for Trademark.
Choosing a brand name
Brand name selection is an important step for marketers since good brand names can enhance memorability, create favorable images, and increase preference for products, and they are an important component in building brand equity.
Choosing a brand name is not a hard thing, but there would be a small chance to find an effective name. There are some methods to find good brand names. But There is no hard and fast rules which companies follow to choose a brand name. To get an effective brand name knowing the universal brand name qualities will be very helpful.
Tips to shape your brand name
Almost all the successful companies in the business industry have a very simple and attractive business name with them. Simplicity is the most important factor to the way of success. Make your business name short and with an ideal character count of 4,5 or 6 and also check how easily it can be spelled and pronounced. You can check the simplicity of your brand name with the help of a vocabulary score. A brand name with a high vocabulary score can be identified as a simple brand name.
Memorability is a must for a successful brand name. A company has no existence in the business industry without a memorable brand name. Choose a brand name that can be easily memorized at first glance. The phonological loop values define how easily a brand name will stick into the human brain.
95% of successful companies in the world have a meaning behind their brand name. It may come from an old ancient world, a creative word made out of a phrase, a foreign meaningful word, etc. Choose a brand name that has a meaning to be creative and unique.