What Makes A Great Brand Name?
One of the most important parts when starting a business is choosing the right name for it. It’s no exaggeration to say that a wrong brand name could sink your company before it ever has a chance to grow. While a good brand name can play a vital role in establishing a strong brand reputation.
But why is a brand so important? And how to come up with a great name anyway? We will help you find the answer.
What is brand name
First, to understand the importance of the brand name, we need to understand what a brand name is, and what it does.
Brand name is the name given to a brand, company, or even a product/service for recognition and differentiate it from others. It is often the first element of a brand that customers will encounter. It should stick in their minds, create and sustain customer trust, and stay important as your business grows.
“The need for good brand names originates with customers, and customers will always want convenient ways of identifying, remembering, discussing, and comparing brands. The right name can be a brand’s most valuable asset, driving differentiation and speeding acceptance.”
Marty Neuemier - The Brand Gap.
Why you need a good brand name
A memorable, catchy or intriguing name will capture the attention of customers and stick in their mind, make your brand stand out and make people want to learn more about your brand. Otherwise, a forgettable one though can see you buried among the pack.
First impressions count after all. So that’s why every business needs a perfect brand name.
Qualities of a great brand name
Choosing the right brand name could be a daunting task. An effective brand name is distinctive and memorable, but that also means it is not as easy to come up with as you might think. You can’t pick a name just because you think it will look cool on your business card or is fun to say. Here are some qualities of a great brand name that will communicate something to customers.
It conveys your brand's essence, creates an image of your brand, and fosters a positive emotional bond. You may prefer a name that has some kind of relevance to your business, but avoid using a name that’s too bland, or too generic. But it’s not always necessary to use a name that describes exactly what your business does, a “meaningless” word can still make for a great brand name, if carefully chosen.
It is necessary for a strong brand to have an unique, memorable name to stand out from your competitors, and avoid confusion among your target audiences. Remember that there is a difference between the distinction and differentiation: Brand distinctiveness is standing out with impact so that buyers can easily identify and recall the brand. While brand differentiation is setting yourself apart from the competition by highlighting the benefits and value that your brand brings to customers.
Let's take a look at some famous brands: Nike, Amazon, Apple, Ford,... all these brand names are very easy to say and spell, and you will want your brand name to be like that. Remember, if you want your brand name to be memorable to customers, make it easy-to-access.
Authenticity has never been more important than it is now. Consumers like brands that reflect their mission, vision, and core values accurately and authentically.. If your brand name doesn’t accurately represent what your brand stands for, you may dampen your reputation. You will risk damaging your brand's image if your brand name does not accurately reflect what it stands for.
Break the rule
After all, a great brand or business name is determined by various factors, and there is no such thing as a one-size-fit-all strategy or a magic formula for selecting the right brand name. So when you know how to choose a brand name that follows these tips above, it’s time to be flexible and break some rules. Creativity is also important for the process of naming your brand or business.