Discuss the difficulties in coming up with suitable
brand names and the importance they have in business.
Brand name is an inevitable element of any
brand and has a critical significance on the brand image and consequently on
the overall performance of the company. Most of the times the brand name
captures the initial central attention and therefore formulates the first
impression that is sometimes crucial for the further rapport with other brand
aspects.
By its nature the brand name is
communicating the information to the consumer in less than a few seconds (Keller,
2008). In such a short period of time this word or phrase has a responsibility
to pass a clear understandable message to the recipient, which will trigger
some memories and associations in his/her head. At the same time this message
should be able to touch upon emotional perception of the recipient. Therefore
the brand name must exceptionally effective.
Another issue is that it is truly difficult
to change the name that has already been established because it is firmly tied
to the product in the mind of consumers (Ollins, 2008).
One more challenge stands in the legal
registration of the name as a trademark. Even though it seems that there are
plenty of words available, the number of words in everyday use is substantially
less than the dictionaries provide. Also, because of an increasing flow of new
names being registered recently, the available options are not only decreasing
in quantity but also in their quality.
The criteria for a good brand name is very
high, apart from being distinctive, unique and catchy, the name must also be
simple and easy to pronounce and spell. At the same time names should be easy
to remember, discuss and compare for the general public. Moreover, the name
should be relevant and appropriate with the unambiguous idea behind it. The meaning
behind the name must also be instantly understandable and familiar to the
population of various ages and backgrounds.
Furthermore, the brand name must be also
checked against negative translations into all other languages in order to
avoid harmful coincidences.
Nonetheless, if the brand name is
constructed correctly and effectively, this aspect of a brand may be
unbelievably beneficial to an organisation by adding value and cutting costs on
marketing efforts. It may directly affect brand loyalty, demand, attracting and
retaining customers, as well as overall organisational culture and core brand
philosophy.
For all these reasons the time and effort
spent into generating a brand name must not be neglected or diminished. The
right name can be the brand’s most precious asset (Neumeier, 2006).
References:
Neumeier, M (2006) The Brand Gap. Pp.82-86.
Berkeley: New Riders
Keller, K.L (2008) Strategic Brand
Management: Builidng, Measuring, and Managing Brand Equity, 3rd ed. Pp.145-151.
Pearson Prentice Hall
Ollins, W (2008) The Brand Handbook. Pp.56-57
London: Thames and Hudson
