5 Reasons Why a Brand Name Can Make or Break Your BusinessThe theme for my blog posts through February is “branding”. Just like people need to have names in order that they be identified and known in the world, so do businesses and their products/services. Selecting a brand name is an activity that demands careful thought. Here is why a brand name can make or break your business…
First Point of Call
Like a person’s name is his/her first point of call with the world at large, brand names are the first point of call between a company and its customers and for this reason wield a remarkable amount of power. Your brand name is how customers and competitors know you and this is precisely why it should say something about you and your product/service. “Purple Swarms”, a company that promotes group buying uses the word “swarms” in its brand name to indicate groups. Had the company used the word “groups” instead of swarms it would have failed to strike a chord with people simply because groups would be more run of the mill.
Creating memorability perhaps is the most important objective of branding. You name your company or products and services simply because you want people to remember you. Choosing a brand name that has high recall value is the way to go. The existence of some of the most enduring brands, Coca-Cola, Colgate, Kellogg’s and Kodak all established in the 1930’s and which even today remain at the pinnacle in their respective spheres proves well coined brand names are the ones that stand the test of time. Keep its simple, short and steer clear of tongue twisters.
Stand for Something
Growing consumer awareness and rising concerns for social and environmental issues simply means that brands that stand for something tend to do better than those that simply stand for profit. “Rehwa”, the brand that has revived the art of weaving the Maheshwari sarees, “CRY (Child Rights and You)” or “Turtle” the shirt brand that contributes towards protection of turtles are just some brands that stand for a cause. A brand that is associated with a cause has better chances of reaching out to people.
Feel Good Factor
A brand that makes people feel good about themselves or signifies a pleasurable experience is bound to have a better impact than one that is simply about the business/product/service. “Just around the Corner” and “The Honey Bee Bakery and Pizzeria” are names that exude the warmth and bonhomie that one expects to find at a cafe, a place where people would like to spend time socializing and eating. “Ananda”, a spa nestled in the Himalayas stands for “happiness/wellness”, something that people seek when they undergo spa treatments.
Man is a creature who loves his share of intrigue. If you have a name that arouses the curiosity of people you will definitely succeed in drawing more people towards your products/services. “Yolkshire”, a small eatery that has all sorts of egg preparations on the menu, “Mango”, a premium apparel brand, “Post 91″ a restaurant that was named after the economic reforms which were initiated in India in the year 1991 are examples of brand names that are intriguing. When people read/hear about such brands they want to know more about them and this sometimes is the reason why they remember such brands better.
In my next post… 10 brand names that sell and why.
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