Name & Nomenclature
A brand name forms the very foundation of your brand. It is something that stays with you forever & is one of the most crucial elements to consider while setting up a new business. After all, your brand name is how consumers will identify the product / service you provide. Your brand name is intangible yet your most valuable asset.
In its simplest form, a brand name is as much about human behavior as anything else, because brand names hold the power to represent the intangible, a set of perceptions and feelings about a product / service, or even a set of values.
A brand name can be anything – right from using initials of the founders of the company, to something that is descriptive of the product. It could be a foreign word, alliteration or even a rhyme. Practically, it can be anything under the sun!
The ideal brand name though, should be easy to understand & memorize, unique, memorable & one that is likely to invoke an emotional connection with your target audience. A brand that implies consistency & trust is what consumers prefer since they feel they are getting the best value.
Many may wonder, what’s in a name after all? Practically speaking, a brand name is required for the same purpose as a person requiring a name – identification. Why then, is the process of thinking & choosing a brand name so important? Truth be told, the name simply lets consumers identify the product. The “brand name” & reputation of the product is a gradual process that is built with time. The power of the brand after all is in the product & its positioning.
That said, there isn’t really a need to put in much effort in the brand name selection process, right? Nope!
This is where most upcoming brands make a mistake. Product & positioning are key elements to success & performance; however, choosing a brand name is how you represent the product. The positioning of your brand too, resonates from your brand name, thereby making it an important consideration at all times.
Often, having a unique, out of the box brand name makes your product appear to be unique from all others in the market; and you can then use this unique attribute to establish a similar positioning in the minds of the consumer.
A good brand name comes with many more advantages for your company. Setting up a strong brand name right in the beginning stages of the business makes launching new products in the market easier in the long run. Once consumers start recognizing your brand name with a positioning that helps consumers associate trust & positivity with it, all you’ll have to do to name the new product is define the variety under the same brand umbrella.
As a society, we have trained ourselves to look for deeper meaning in brand names. We even create identities around the brands we purchase, consume, wear & even flaunt at times. At Foolish, we believe having a brand name that sets you apart from the crowd (read competitors) isn’t enough. What you need is a brand name that embodies that one thing which is unique only to you & your business.
But, be sure you don’t exploit the power a brand name holds. Yes, a brand name represents you, makes positioning easier & in the long run adds value to the business, but, a “name” can’t be chosen to be your business’ brand name just because it sounds good. The brand name has to sound good, but should also be relevant to your product / service.
Simplicity is, more often than not, the key to being a well-remembered brand name. Consumers have a very short memory span. The key for us is to occupy a space in the consumer’s mind without having them to work hard. On the same lines, don’t choose a boring descriptive name. Basically, don’t describe your product, instead, distinguish it. Choosing a brand name that suggests that essence of your business as well as your product / service is the way Foolish adopts.
What Foolish does best is bringing in logic & science to creativity & emotions. Our name & nomenclature process begins by digging deep into the very existence of the company & brand. Why does it exist? What consumer need & gap does it fulfill? What value does it add to the consumer’s life? And most importantly, what does the company want to do in the industry?
This process helps us narrow down on names that resonate the company’s essence, thought process & purpose – everything that establishes an emotional connect with the consumer.
Next, we look at the industry & the consumer. As mentioned earlier in the course of this piece, a brand name is something that stays with you forever. Hence, evaluating the industry & consumer to gain insight on whether or not a particular name will stand the test of time is essential.
A brand name to us is not just an identification tool. It is a weapon that you can use to leverage impact if used strategically. Foolish, helps you turn this tool into a weapon of competitor destruction!