Header Ads

Header ADS

HOW TO CHOOSE A BRAND NAME FOR YOUR BUSINESS ?




HOW TO CHOSE A BRAND NAME…?
Choosing a brand name in the present scenario is the most important thing before starting any business. It’s quite impossible to sell a product without a brand name. In ancient time also, people were using brand names to make their product different from others. Artists were doing signature in their paintings, while merchants were crafting some designs/ marks on their products to identify them. Latter on to make their product different from others they used those symbols/ designs that we called logo today. The logo represents the brand which helps merchants to sell at a high price.
A.    There are a few basic things that one should notice before choosing a brand name.
B.    The name should be related to your product & reflect your work.
C.    That should be spoken easily, as people can pronounce it properly and can recommend it to others.
D.    Also, they will feel comfortable while remembering it.
E.    But don’t go for a generic name
F.    Make it unique.

          So always choose an easy name for your product/services. But now a day domain also plays an important role, so check the availability of domain also, because your next step will be a website.
What is a brand?
A brand is something that resides in the mind of the consumer. A brand is a name, term, symbol, sign, or design or a combination of them intended to identify the goods or services of one seller or a group of sellers and to differentiate them from those of competitors. The brand name is protected through registered trademarks.

What is branding
Branding is all about creating differences. To brand a product, it is necessary to teach a consumer the following things.
A.    Who the product is?
B.    What the consumer does?
C.    And what consumer should care about?
      Branding is creating mental structure and helping consumer organise their knowledge about products and services. The consumer should convince that there is a meaningful difference between this product and other products. The key thing is that the consumer must not think that all brands are the same.

What is brand equity?
Brand equity describes the impact of any brand in the mind of the consumer. How consumer thinks, feel, and act with respect to the brand, as well as the price, the market share, and the profitability that the brand commands for the firm. In other words, the power of a brand lies in the minds of existing and potential customers and what they have experienced directly and indirectly about the brand.

Building brand equity
Building brand equity is another crucial part of a growing business. It builds a positive impact on the consumer’s mind by providing quality products/services. It’s actually a process of building a relationship with consumers. Quality product, good service, In-time delivery, easy accessibility, unique features in comparison to its competitor helps to build brand equity.

Choosing brand elements
Brand elements are those trademarks/signs/designs that serve to identify and differentiate the brand.
There are 6 criteria to choose the brand elements.
The first 3 elements (A. Memorable, meaningful, likability) can be characterised as brand building. The latter 3 (Protectable, adoptable and transferable) are more defensive.


Ø  Memorable- How easily consumer can recall the brand. How easily he can recognise the brand. Short brand names like – Lux, LG, Taj can be remembered easily.
Ø  Meaningful- Does the element suggest anything about the product and it’s the consumer who might use it? For example- “fair and lovely”, close-up, etc.
Ø  Likeability – How aesthetically appealing do consumers find the brand element. Is it inherently likable visually, verbally, or any other way? Concrete brand names like Scorpio, Splendour, and Maharaja evoke much imagery.
Ø  Transferable- Can the brand element be used to introduced new products in the same or different categories?
Ø  Adoptable- How adaptable or unadoptable the brand element is. Ex- lifebuoy
Ø  Protectable- How legally protectable the brand element is?



01:13
01:13

No comments

Powered by Blogger.