A name is more than just a combination of letters; it is a brand’s identity and its products. Creating the right name for a brand or product is crucial for success in the marketplace. But, how do you do it?
Your company’s name is typically the first aspect of your brand that customers come across. Therefore, having a name that is unique, genuine, memorable, and long-lasting will resonate better with your audience. Aside from the elements that help give it meaning, the name should leave a lasting impression, foster trust with your customers, and, ideally, remain relevant as your business develops. A powerful name is essential for establishing a robust brand reputation, which is something that every business should aim for. (Read more here on building better brands.)
Creating a Strong Name
The name should be unique and stand out from competitors in the same industry. 72% of the best brand names/products are made-up words or acronyms. It should be easy to spell and pronounce to avoid confusion and make it easy for consumers to remember. Additionally, the name should be scalable, meaning it can adapt to future company or product line changes.
The name should align with the brand’s identity and values. Your product naming approach cannot be disconnected. The names you give your products must be in harmony with your brand’s image. A brand that values sustainability and eco-friendliness may choose a name that reflects those values, such as “GreenLeaf” or “EcoPro.” Similarly, a luxury brand may choose a name that sounds sophisticated and elegant, such as “LaVie” or “Luxuria.”
The name should consider the target audience. The name should appeal to the demographic the brand is trying to reach. For example, a children’s toy brand may choose a fun and playful name, such as “PlayPal,” while a high-end beauty brand may choose a name that sounds luxurious and sophisticated, such as “LuxeBeauty.”
Importance of a Strong Brand Name
Implementing a naming strategy is essential to ensure that your products and services accurately align with your customers’ preferences while simultaneously building brand recognition. The names you choose for your products can have a significant impact not only on their profitability and longevity but also on the future development of your brand.
Below are additional ways that a successful naming strategy can impact your business:
Elevates product appeal: Selecting a suitable name can evoke positive emotions and enhance the memorability of your merchandise. This can prompt customers to compare your brand/product to competitors’ offerings and potentially lead to repeat purchases.
Improves visibility: A well-crafted name should be memorable, especially if it uses wordplay or similar writing techniques. This visibility will help your product stand out against similar products in a saturated marketplace.
Facilitates expansion: An appropriate product name can aid in the future expansion of your product to new regions, as the name may have more appeal to international customers. A good product name can also enhance scalability by attracting new markets and target audiences.
Fosters customer loyalty: Effective product names can help customers recall details about your product, leading to repeat purchases and recommendations to their network. If you master your naming, your next release will be at the forefront of everyone’s mind. Keep in mind that you don’t purchase tissue from the store; you buy Kleenex. Similarly, you don’t buy sticky notes; you purchase Post-its.
The point made above is very true especially as brands evolve, some even into our daily lexicon. How many times have you “Googled” something or “Uber’d” somewhere? When the brand and product become unified in our consumer consciousness that is certainly a measure of success. But, when a brand or product becomes a category that weaves its way into speech to describe an action or product, that is the ultimate result of effective naming.”
– James Weiss, Big Drop’s Vice President
In Conclusion…
Your brand/product name should not be underestimated as it plays a crucial role in communicating the value and essence of your business. A good name is necessary to create an emotional connection with your customers. However, choosing the right name can be a challenging task for many businesses, often taking months to find a suitable name that accurately represents their company. Fortunately, there are solutions available to help with this process. If you’re struggling to find the perfect name for your business, consider seeking assistance from an outside company, such as Big Drop, to ensure you make the best choice.