While there are many factors to consider when starting and running a business, one of the most important things is branding.
What is Branding?
Branding is a set of unique attributes which set a business apart from its competitors. These attributes include business name, logo, slogan, and many more.
As several considerations are put in place before naming a child, so are there for a business name. You don’t want to go above the line, steal or be too bland, because your brand’s appearance is what promotes the business in your absence. The wrong name can do worse than failing to connect with customers; it can also result in insurmountable business and legal hurdles.
How do you choose a good business/brand name? Here’s a quick guide for you.
Branding according to industry
What industry does your business fall into? For instance, if it is a non-profit organization, you may want to consider names that suggest what cause you stand for. Examples are Greenpeace, Mercy Foundation, etc.
What industry names do, is position your business automatically towards the right target audience. For example, a business with a name like Julius & Julius Legal has easily spelt itself as a solution to legal issues. For its target audience, as AI Ries says, only brand names register in the mind.
Branding according to emotional appeal
The key feature of branding is differentiation. What sets you apart from others? One way to achieve this is by appealing to people’s emotions. Use a name that stops people in their tracks. This encompasses everything. From names that mean something to you, to names coined from foreign words or other things.
A classic example is Apple. As weird as it seems for a computer company , it’s surprisingly easy to remember and relate to. The Apple company logo is a half-eaten apple. According to 1000logos, the idea goes back to the time of Adam and Eve who bit from the apple of knowledge. Thus, the image suggests human thirst for knowledge. It also deoicts that using Apple products would help people get knowledge. Also, the ‘bite’ symbolically puns with ‘byte’ – the unit of digital data.
Another classic example is Nigerian owned blockchain business, Patricia. Its CEO, Hanu Agbodje said he chose the name because his grandfather often referred to his mum as Patricia . Not only is the story behind the name endearing, it also strikes a chord. He used a common human name in this part of the world so it would always pique people’s interest.
Branding according to Domain names
In this century, choosing a business name is not only done for incorporation but also for domain address. First, when choosing a business name, you have to consider its spelling. If it’s not spelt the way it’s pronounced, this can pose a problem for people searching your business name online. Also, you have to consider its length. A lengthy name can be a huge turn off for potential customers.
In addition, do not limit your business name to one thing. If you sell clothes, you could use words like ‘wears’ instead of clothes because you could add watches, bags and shoes later.
When Piggy Bank started, all they did was enable people to save just like in a physical piggy bank. However, their company expanded and the need to change the name arose. Hence, piggyvest which is a combination of piggy and invest.
Brand names change a lot when businesses diversify and rebrand . Yours may too. However, do not hesitate to catch the attention of your audience early with a name that could turn out to be a household name.
This article is written by Sola Tales for Glazia.