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The Power of a Well-Chosen Name
In today’s crowded marketplace, where countless products vie for attention, a brand name is more than just an identifier or even a fancy label. It’s the first salesperson, albeit one that is subtle and speaks softly, whispering promises, shaping customer perception, and influencing purchasing decisions. If the question is whether a brand name really matters, the answer is a resounding yes.
A strong brand name acts as a mental shortcut for consumers. A well-chosen name instantly conveys brand values, product category, and emotional associations. Consider Dove, the personal care brand (not the candy and ice cream maker). As it relates to skin care, the name evokes feelings of purity, gentleness, and tranquility. It aligns perfectly with the product line and the target audience: primarily women. Bolt instantly ignites an association with speed and energy, perfectly aligning with the product’s purpose. This is the power of a memorable name. It acts as a mental shortcut, sparking associations and influencing buying decisions.
While quantifying the exact impact of a brand name on sales is somewhat challenging, brand recognition undeniably plays a significant role. Studies discussed by L.K. Keller in his book, Strategic Branding Management: Building, Measuring, and Managing Brand Equity, suggests that familiar brands can command a price premium, with consumers willing to pay more for products that rouse trust, command respect, and evoke emotion. Impactful brand names encourage and/or inspire.
In market research, surveys find again and again that the average consumer is more likely to choose a brand name over a generic brand. For example, customers will overwhelmingly choose a can of Campbell’s Soup over a generic tomato soup brand simply because of brand recognition and established product quality expectations. Also, not only are people more willing to choose a brand name they trust, they’ll pay more for it too. More about that later.
Well-chosen brand names are not just recognizable and memorable, they evoke emotions. Consider Tesla, the electric car manufacturer. The name, referencing the visionary inventor Nikola Tesla, instantly sparks associations with innovation, sustainability, and cutting-edge technology. This emotional connection with the brand’s values can create a loyal customer base and drive sales.
The Anatomy of a Great Brand Name
So, what exactly makes a brand name effective, evocative, and memorable? Here are some key ingredients to add and rules to follow:
- Short and Sweet – Long, complex names are hard to remember and pronounce. Aim for a name that’s easy to spell and recall. Think Kleenex for disposable handkerchief-like tissue. Onesies for infant bodysuit that snaps at the bottom. Chapstick for moisturizing lip balm. The name is short and sweet.
- Memorable – Easy to pronounce and catchy names are easier to recall. Think JetBlue or Slack. A touch of wordplay can also go a long way. Think of the playful rhythm of Kit Kat or the alliteration in Coca-Cola. Zappos is a playful and catchy name that hints at the vast selection of shoes they offer.
- Meaningful / Relevant – Names that connect with the brand’s values and offerings resonate more deeply. Patagonia, the outdoor apparel company, evokes a sense of adventure, aligning perfectly with their brand identity. Also, think Tesla for electric cars or Whole Foods for organic groceries. Red Bull embodies an energetic vibe, ideal for their energy drink product. Canva is a short, easy-to-pronounce name for a graphic design platform is both memorable and relevant.
- Unique – A distinct name stands out in a crowded marketplace. Slack, the communication platform, is a unique and memorable word that piques curiosity. Mailchimp is a playful name for an email marketing platform is memorable and also unique. Uniqueness also helps avoid trademark issues. Think Haagen-Dazs or Kodak. Similarly, Warby Parker, the affordable eyewear company, has a moniker that is quirky, easy to remember, and evokes a sense of individuality.
- Evocative / Arouses Emotion – The name should create positive associations and emotions. Think Serenity for a spa. Think Huggies and Pampers for baby products.
- Clarity – Avoid overly quirky or obscure names that leave customers confused about what the brand offers. Before it became famous, Twitter left many scratching their heads. That may be another reason Musk changed the company’s name to X.
- Test and Refine – Don’t be afraid to get creative and brainstorm different options. Test potential names with your target audience to gauge their reactions and ensure positive associations.
Beyond the Basics: Crafting a Winning Name
When brainstorming a brand name, consider these additional tips:
1. Storytelling Potential – It helps if a brand’s name comes with a story behind it to add depth and intrigue. Think “Starbuck’s” coffee named after a literary character.
2. Future-proof it. Choose a name that can grow with the brand and isn’t overly specific to current trends. Think of how Apple has transcended its fruit-based origins to encompass a wide range of technology products.
3. Be Globally-Minded. For companies with international aspirations, avoid names with negative connotations in other languages. This can prevent future expansion and marketing headaches. There are many examples of naming problems when exporting cars to other markets. The Chevrolet Nova translated into “doesn’t work” (“no va”) in Spanish. That didn’t result in lower sales. Notwithstanding, it really was not an ideal name. Perhaps that’s why the British Vauxhall Nova managed to avoid this naming issue by being sold as the Opel Corsa in the rest of the world. Another car that had a name that did not export well was the Fiat Uno. In Spanish and Italian, the word for “one” is Uno. But Uno causes trouble in Finland where it means “fool”.
4. Make it Available and Protectable. Ensure the name is legally available for trademarking and doesn’t infringe on existing brands.
Is a Well-Chosen Name Enough?
Can a brand choose a powerful name and then rest their laurels on their moniker? Is a well-chosen name enough to win and keep customer loyalty? No, even the greatest brands don’t have that kind of name power. Consider Nike. Originally named Blue Ribbon Sports, the company was rebranded Nike in 1971. Nike, the Greek goddess of Victory, symbolized the spirit of achievement that helped spur it to become an iconic brand of shoes and apparel for sports and fitness. For decades, most people willingly paid a premium for the Nike brand name over generic brands and even other well-known brands. In 1997, only Fila sneakers were more expensive than Nike. The company continued to roll out major innovations to their design, materials, and product lifespan. They also increased their marketing, which kept Nike as the brand of choice of many famous athletes. However, Nike’s status may finally be changing.
This year, retailers have been slashing prices on twice as many Nike sneakers as they did two years ago, endangering the sportswear giant’s typically strong pricing power. Analytics firm Vertical Knowledge compiled online pricing data from a sampling of eight national chains — Foot Locker, Dick’s Sporting Goods, Macy’s, etc. – and found that retailers slashed prices an average of 44% of their Nike sneakers, up from 19.4% during the comparable 2022 period. Vertical Knowledge believes this is a direct result of stiff competition from new, innovative sneaker brands. So while there is power in a well-chosen name and a powerful name brand can charge a premium for their products, it can only carry a company so far… until competitors find a new way to lure their customers away.
The Takeaway: Investing in a Powerful Name
A well-crafted brand name is an investment in the company’s future. It sets the tone for the brand experience, fosters customer loyalty, and can influence sales in numerous ways. By understanding the power of a strong brand name and considering the tips for crafting a memorable moniker, a company is able to establish a powerful brand identity that stands out from the crowd. In the business world, a name can truly be worth a thousand marketing campaigns. But that’s just step one. Then it has to compete, innovate, service and dazzle customers, just like every other company in the same space. A name is powerful but that’s just a starting point.
Quote of the Week
“The power of the brand is not just in the name but what has been invested in that name over the years.” Bernard Kelvin Clive
© 2024, Keren Peters-Atkinson. All rights reserved.
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