Here are some vital points to takeaway from this infographic…
1) Many successful companies put a lot of effort into their names.
A lot can be said in a name for example Nike is taken from the Greek goddess of victory, Lego is a combination of Leg Godt which is Dutch for “Play Well,” or Sony which is Latin for “Sound” in addition to the founding members being “Sonny Boys” which is Japanese slang for “Smart Young Men.” All of these companies tend to have a name associated with their products and/or themselves. In many cases the names reflect a strong belief in success.
2) Another key factor of a business brand name is recognizability.
While your name has to reflect who you are as a business and what your business represents it also has to stand out. Calling yourself “Joe’s Such and Such” doesn’t mean anything to your consumers. While it may advertise what your company does it doesn’t differentiate it from other “Joe’s etc.” You will also notice that all of these brands are one word. This makes marketing a lot easier as well as makes your company easier to remember when it comes time for the consumer to seek you out. Calling yourself “Mark’s anything and everything flower service and floral arrangement” lets the customer know what you do but that doesn’t mean it will be the first thing they think about where as calling yourself “Flower Plus” still conveys what you offer the customer but makes advertising cheaper and more memorable.
3) Along with an easy to remember name that conveys who you are and what you wish to do, you also need a logo.
The Nike Swoosh conveys everything you need to know about the company and has grown to be as recognizable as the name it represents. Volkswagen is another example of logo recognition. While it takes time for your company to build this kind of recognition having a logo will also help distinguish your company from your competition.
4) You have to be careful with oversaturation of your brand.
Take Band-Aid for example, while it’s a specific product from a company it has grown beyond meaning just that companies product and now covers all forms of adhesive strip. Chapstick is another example of brand oversaturation. Another thing to be careful of is negative brand association like DeLorean. This can happen for any number of reasons but can lead your company to ultimate failure exactly like DeLorean.