A precise brand name should be timeless, easy to say, and learn. Its sound has rhythm, which facilitates brand extension. It sounds good when pronounced, or when written in an email, or when it gets printed in any branding material. A well-chosen name is a brand asset.
Brand names get conveyed in day-to-day conversations, emails, voice mails, websites & products. A brand requires a creative, discipline & strategic naming approach. Finding the right legal name is a challenge as it can be subject to unnecessary legal risks for a company. The wrong name for a company or a product can hinder marketing efforts through miscommunication or because people can't pronounce or remember it.
Various decisive techniques must utilize the effectiveness of a name to ensure that connotations are positive in the market served.
Qualities of an effective brand name:
Meaningful
Brand names should be meaningful enough. It carries the essence of the brand to support the image that the company wants to convey.
Distinctive
It is unique, as well as easy to remember, pronounce, and spell. It differentiates from the competition.
Future-oriented
It positions the company for growth, change, and success. It is sustainable and preserves possibilities.
Modular
It enables a company to build brand extensions with ease.
Positive
It has a positive connotation in the market served & it must not be associated with negative connotations.
Visual
It lends itself well to visual identity presentation and brand architecture.
Types of brand names:
Founder
Many companies named after founders like Ralph Lauren might be easier to protect.
Descriptive
Brand names that describe the nature of the business, like Toys 'R' Us. The benefits of descriptive naming are that it communicates in clarity the commodities of the company.
Fabricated
Brand names like Haagen Dazs, Kodak, and Xerox are distinctive and may be quick to copyright. But it requires a high level of investment to educate & communicate the name to the target audience.
Metaphor
In this type of naming, things, places, people, mythological names, or foreign words are used to allude to a quality of a company, such as Nike's brand name.
Acronym
These names are difficult to remember & to copyright. Like IBM & GE, they become well known only after companies have established themselves with a complete spelling of their names.