Brand is something which is not built overnight rather it is a long process which takes substantial amount of time and hence famous brands like Samsung, McDonald, Microsoft, Honda, or apple were not built in a single day rather they have developed into famous brands over a long period of time. In order to create successful brand the first and foremost thing which should be looked at is its name, a good and proper brand name can go a long way in creating a successful brand in the minds of customers. Given below are some of the features of brand name –
- The first and foremost feature of brand name is that it should be one which can describe the product or service which is being offered by the company to its customers as brand name is like prologue for company’s products and customer create a certain image of company’s product or service just by listening to the brand name and therefore a good name can go long way in creating a successful brand for the product or service of the company.
- When we were students we used to remember only name of chapters and not the complete paragraph or contents of that chapter after finishing with exams, in the same way a customer is more likely to remember a short brand name rather than remembering a long one after purchasing the company’s products.
- It is not necessary that brand name should be catchy; sometime a simple name can be more effective. Just take the case of apple the company behind products like iPod, iPhone and other such innovative products, before its existence apple was known only as fruit but now people know apple for two reasons that is as a fruit as well name of a tech giant
- Brand name should not be such that it imitates the current successful brand and confuse the customers because it amounts to cheating and apart from corporate ethics issue it can also lead to legal problems for the company which in turn can even lead to closure of company as well its brand.
- Brand name should be universal because in this age of globalization brand name in local vernacular language is not an ideal choice if company is looking to expand and become a multinational company.
- It should not be kept looking at current trends and taste because we live in a world which is rapidly changing and consumer tastes and preferences change overnight and therefore a company should keep that name which is likely to remain evergreen rather than keeping that name which although sounds attractive but may become redundant due to technological change and change in consumer taste and preference.
As one can see from the above that selecting a brand name is not a simple exercise and it requires lot of planning as well as creativity and that is the reason why today companies are willing to pay any amount for a good brand name as they know the importance of brand name in success of business of the company.