Some of the world’s top businesses can attest that building a memorable brand requires years of strategy, planning, and money. For a modern business, a unique brand name and logo are equally crucial to making a lasting impression on customers and igniting their passion.
One of the most important and challenging things about beginning a company is deciding on a brand name. To build a brand identity, you must first understand what a brand name is and how it impacts your business. Read on to learn everything you need to know about brand names.
What Are Brand Names And Their Types?
People are notorious for giving almost anything a name to help them remember or distinguish it from something else. When they hear the brand name, they anticipate various brand values, connotations, images, placement, and so on.
The brand name is an essential part of any marketing or branding strategy. So, brand naming or picking a memorable and unique brand name distinct from the others is critical for every company.
Following is a list of a few types of brand names, along with examples of good brand names:
- Descriptive names: Hotels.com, Bank of America
- Names based on origin: Ford, John Deere
- Emotive names: Apple, Nike
- Playful names: Moonpig, Funky Piegon
- Abstract names: Spotify, Dulux
- Compound names: FedEx, Instagram
- Acronyms and initials: BMW, MTV
- Metaphorical names: Jaguar, Gorilla Glue
5 Reasons Why Branding Is Important
We know everything there is to know about the products we use because of their brand names and logos. It serves as a bridge between the company and its customers. Here are five reasons why your firm needs a strong brand, whether you’re a small business, a partnership, or a corporation.
- Conveys A Clear Message
Your company’s name, logo, website, products, and services are all part of your branding strategy. Ensure that your marketing tactics and messaging are uniform across all platforms. Customers, potential partners, and competitors will see this as a unified front.
A business name changes the entire outlook of a brand. That is why many brands even change their names for the sake of rebranding.
- Proclaims Your Brand’s Promises
A brand name is a sort of proclamation of your brand’s promises. By signing up for a brand name, you certify that you will fulfill your obligations to the business, both verbally and in writing. The company’s values should be communicated throughout the entire organization.
Otherwise, there will be a disconnect between the company and its clients, who will become perplexed and possibly even alienated. Don’t make unfulfillable brand promises if you want to present a solid image of your company.
- Builds Customer Loyalty
A loyal following of consumers will be produced through effective branding. Your loyal consumers will be there for you in both good and terrible times. Those they contact will hear a message of hope from them. Their impact will bring more people into your organization.
- Creates A Connection
Customers feel a stronger connection to businesses that have established brands than to those that do not. People will never forget the relationships that their favorite brands make with them, full of happy occasions and fond recollections. This connection is purely coincidental and cannot be structured in any way.
- Stands As Your Company’s Collective Resource
A brand can be considered an asset. What you show the general public makes up a significant portion of your enterprise. The value is proportional to both revenue and sales. A lot is riding on this outcome, including money, creativity, and precious time.
When it comes to revenue and sales, branding will determine whether you go into debt or liquidation.
5 Tips For Coming Up With An Effective Brand Name
Considering the importance of a brand name, we’ve compiled a list of ten things you can do to make your brand name more effective. Here is how to come up with a brand name.
- Be Familiar With Your Current Clients
The present is a gift that cannot be taken for granted. So, choose a brand name that reflects your current target audience’s beliefs and perceptions. You do not need to worry too much about the clients you will get in the future because your image will be based primarily on your current image and the connections you have established.
- Identify Your Mission, Vision, And Values
These are the three most common elements that appear in branding campaigns time and time again. They’ll help you come up with a name-brand concept and keep you on track with your approach, so enlist their assistance!
- The ‘raison d’être,’ or underlying purpose, of your organization, is its mission. Everything it does and everything it aspires to do revolves around this one issue.
- To achieve your company’s objective, you must have a clear vision of what you hope to accomplish. What do you hope to achieve by completing your mission?
- What’s crucial to your company is defined by its values. A company’s values reveal its goals and drive its decisions.
- Don’t Overcomplicate Your Brand Name
Your startup’s name should be short, concise, and easy to pronounce. It’s best if it’s a two-syllable word because people tend to remember and associate them with your brand easily.
It’s common for a startup to have a wide range of items, so it’s best to avoid being too particular when naming your company.
- Take Input
Participatory web tools can be used to gather ideas from a variety of people. Seek the input of those around you on your brand concept. Your company’s identity will be conveyed by the name you choose, and they can assist you in making that decision.
One thing to remember is that when you ask for support from others, they will never be truthful with you. So the concern is that you’ll make a lousy judgment based on this erroneous input.
In other words, you can consult those in your immediate vicinity for advice but keep in perspective regarding their feelings because those feelings might cloud their opinion.
- Consider Utilizing Terms From A Foreign Language
You may also want to try utilizing non-English terminology as an additional alternative. When naming luxury items, people from the romance languages like Spanish, French, and Italian seem to have a leg up on the competition.
Wrapping Up
A company’s name is one of the most critical decisions in building a brand. Brand names are an essential part of ‘distinctive memory structure’. They identify, convey, preserve and legalize the brand. As a result, the company’s name is rarely altered and serves as a focal point for effective marketing and capital investments.
The strategies in this guide will help you come up with a good brand name that will boost your brand identity.
