2 Reasons Your Brand Name Is Very Important (Part 1)
It is common to see many entrepreneurs belittle the importance of business names. They believe choosing a name for a business is not a big deal.
After all, what matters most at the end of the day is getting your business up, attracting customers and making sales. Isn’t it?
But why, then, do established brands take their brand names seriously by hiring naming companies to specially develop names for their products and services?
For instance, below are a few of the brand names that global brands hired brand naming experts to develop for them:
• PowerBook (for Apple) by Lexicon Branding
• Dasani (for Coca-Cola) by Lexicon Branding
• Pentium (for Intel) by Lexicon Branding
• Swiffer (for Procter & Gamble) by Lexicon Branding
• Sprite (for Coca-Cola) by Lippincott
• Milk (for Samsung) by Lippincott
• Zoetis (for Pfizer) by Lippincott
• Infiniti (for Nissan) by Lippincott
• Nintendo Wii by Tanj
• Verizon by LippincottHaving given you a few of the popular brands being named by naming experts, let’s now consider the first of the 2 reasons your brand name is very important.
Your brand name introduces your business to your target clients!
Have you ever seen a business without a name? People mention your business by its name. In fact, you can’t be CEO or Founder or Co-Founder of nothing. That means your business name is very important.
Also, since your brand name introduces your business, that makes the name carry a lot of weight. In other words, your brand name is the embodiment of what your business stands for.
Even if you have many departments in your company dealing with different areas of the business, all that is loaded into your brand name. Now you can see why you should pay much attention to the name you give to your business.
A lot of entrepreneurs have given their potential clients a distorted view about their brands through their brand names. Why? As stated earlier, they think a business name is not that important.
Your brand name tells your target audience what your business offers. Your brand name convinces your target audience how and why your brand is different from your competitors. Your brand name indicates your brand positioning in your industry or niche.
Did you know you can actually disrupt your industry by having an effective brand name developed for your brand? So, a lot goes into your brand name.
How far do you want to go with your business? Your brand name should reflect that. That’s what such brands as Google and Amazon did right with their brand names. They incorporated how far they wanted to go into their brand names right from the outset.
Do you know what Google means? Do you know what Amazon means? They are not generic names; rather, they are names with definite meanings.
What lesson can you learn from these tech giants? You should have a clear and definite purpose for your brand name when developing it. That’s because an effective brand name will always spur you to achieve your business goal(s) and take your brand to the next level.
There are four major types of brand names:
1. Descriptive brand names: They describe what a business or product does.
2. Experiential brand names: They relate the experience of using a business or product.
3. Evocative brand names: They try to evoke emotional responses.
4. Invented brand names: They are catchy, coined words that evoke people’s curiosity and attract their attention to the brands’ uniqueness.
With any of the above types of brand names, you can develop an effective brand name for your business, depending on the nature of your business and how you want to position it.