How to choose a good Brand name
Developing a brand name for a product is very important for its advertisement. It is a very crucial process for developing your business because the brand name would be constant throughout the entire life cycle of your business.
Brand name is the identity of product of a specific company. It is related to a particular company, manufacturer and producer. The first and far most role of branding is the choice of brand name for a specific product. Brand name is used to differentiate the two similar products from each other. It is important because in the market of tough competition, it is not easy to take your place without having a good name.
1. Before choosing a brand name lot of research should be done for branding a product because the identity of the depends on the brand name.
2. Most of the business run with its family brand name used for all its products. By building customer trust and loyalty to the family brand name, all products that use the brand can benefit.
3. Have an individual brand name does not identify a brand with a particular company. There are several reasons why a brand needs a separate identity that is not related to the family brand name. The product may be competing in a new market segment where failure could harm the main family brand name. The family brand name may be positioned inappropriately for the target market segment.
4. A combination brand name brings together a family brand name and an individual brand name. The idea here is to provide some association for the product with a strong family brand name but maintaining some uniqueness so that customers know what they are getting.
5. You should avoid choosing a brand name that is generic or descriptive instead, choose a name that is suggestive of the qualities your product stands for.
6. Better choose a distinctive brand name that is unrelated to your product or service. Fabricated words can sound cool or they can sound like names that didn’t make the final cut for the Seven Dwarfs.
7. Choose a brand name with naming companies since they are specialized in helping companies to choose names. There are also websites that may help you choose a distinctive company name.
8. Choose the brand name from the category of brand that best suits your product or service. Branding is categorized into three such as:
Descriptive names are straightforward and simple to guess what the product is. The danger in choosing descriptive names is that the business sets itself up for confusion with competitors. Descriptive words are those that competitors may legitimately want to use to describe or advertise their products and services.
If you select a descriptive brand name, you will lose some potential customers because they will come across your competitor rather than you. This is why a descriptive name doesn’t help to identify brand value or goodwill.
Next is evocative which suggests the product but it cannot be guessed what exactly it is.
And the abstract name doesn’t refer to the product at all. Some experts believe that the best names are abstract. They are also easy to protect as trademark and easily recognizable in different languages, making them the preferred choice for global brands.
Initial brand names are a collection of letters with no evident connection to the product/service being marketed. This strategy is used by well-established companies and not recommended for new entries to the market
9. Brand name should be unique and different from other similar products, should be easy to pronounce. Try to avoid acronyms and state names while choosing brand names.
10. Since coined or fanciful words are invented words without any essential or real meaning. Coined words have the advantage of being easy to protect, as they are more likely to be considered inherently distinctive but however, they may be more difficult to remember for consumers and requires great efforts in advertising the products.
11. Check whether your desired brand name is protected by trademark, or if it already exists in the world by doing an internet search gives a very good idea.