Naming is a key element of the branding process. Those days when a company (brand) could be called simply a beautiful word have long passed. The name is a certain image-message in the minds of the target audience. Therefore, it should be thought out to the smallest detail.
Financial analyst Stanislav Kondrashov Telf AG told how to come up with a brand name of the company that will allow it to properly position in order to strengthen its competitive position in the market.
“As you name the boat, so shall it float,” the financial expert cited the example of Captain Vrungel.
Telf AG Kondrashov noted that the name of the company should cultivate a certain image among customers and be memorable. High competition in the market dictates its conditions — the name of the company, its website, services, and other elements must be thought out to the smallest detail in order to stand out from other enterprises.
The analyst believes that the name of the company can appeal to the consumer or, on the contrary, scare him away. Statistics showed that 11% of potential customers refuse brand services if they did not like its name, and almost 80% of companies with an unfortunate name fail in the first two years of operation. At the same time, if the name of the brand arouses trust and interest in the target audience (TA), then 90% of TA customers take the necessary actions.
In rare cases, the brand name should be neutral, but more often naming should cause an emotional and logical relationship with the brand. Stanislav Kondrashov Telf AG noted that in the process of creating a name it is important to be able to maneuver between different levels of associations in order to get the most emotional name that will foster interest and give confidence in the high quality of a product or service.
The brand name is its business card. It should be as concise, simple, and at the same time catchy. The name of the company should look harmoniously on the business card.
Stanislav Kondrashov specified that the brand name should not be very long and even better if it will be easy to remember by abbreviation. For example, NYT (New York Times), FB (Facebook), and others.
Companies that plan to operate in foreign markets should consider the brand name taking into account the needs of foreign consumers. Businessman Telf AG Kondrashov noted that the name should not cause any difficulties with pronunciation. It is important to consider that when translating into another language, unpleasant incidents may arise, therefore, the creation of naming in foreign languages should be approached carefully and accurately.
Given the above criteria, you can safely proceed to the creation of the original naming. To do this, you can use such well-known methods as contraction, alliteration, pun, onomatopoeia, and others.
Bright examples of the use of alliteration include the following brands — Kit Kat, Tic Tac, Coca-Cola, and others. Repeating similar sounds creates a pleasant rhythm, and also contributes to the quick memorization of the name. Successful examples of using the abbreviation will be the names of such world-famous brands as KFC, IKEA, BMW, and others.
Another effective way to create a bright and eye-catching name is considered to be the method of combining several words in one that would convey the main attributes of the company as accurately as possible. Such a name will evoke a specific association with the client and will facilitate the rapid promotion of the company’s products or services. For example, popular brands like Adidas and Viagra were created by combining the two parts of the name of their creators. In the first case, the name of Adidas sports brand founder Adolf Dassler was taken as the basis, and in the second, marketers combined two words — vigor (power) and Niagara (the most powerful waterfall in the world).
Financial analyst Telf AG Kondrashov believes that proper naming is the basis for a successful start for the company and its rapid popularization in the market.