What’s in a brand name
What’s your good name? The question may not be technically correct in English. However, it’s an Indianized version of asking name with respect. Generally, there is no bad name. A name is good or bad based on its meaning and attributes like catchy, creative and whether there is a demand for it or not. In the case of a business or a brand, A combination of these attributes end up becoming the deciding factors for a perfect brand name.
What if the name cost you money? Say, it cost you $10 million to keep the name of your son as “Lionel Messi” and only $10 to keep a name “Tyronpo”. Definitely, all those who can afford $10 million (so-called Rich) will keep such name of their kid. Those who can’t afford will go for “Tyronpo”. But there are people who can afford more than $10, say $10K and want a better name for their kid, they will search a name similar to “Lionel Messi”, say “Lion Mesi” or “Lio Mesii”. Another approach is to search a completely different which can be a brand, which is easy to pronounce and which has a meaning or is derived from a dictionary word.
Note: “Tyronpo.com” is available at less than $10 :) :)
This could actually happen in the real world if it cost money to keep the name. However, this is actually happening in the business world where the domain names cost you money based on their value and not everyone can afford good names for business. Does it mean, the one which comes at a cheaper price are bad names? The answer is both yes and a no. It depends on the value and attributes of the domain name. If you are looking for a dictionary word, there is high probability you won’t get it easily and then there are copyright and trademark issues for the generic name. It is better to keep a name which makes some sense and sounds like a brand. Eg. Paybitsy for bitcoin/cryptocurrency related payment products or services or Finvisory for financial advisory services.
How to name a Brand name?
Let’s understand the thought process of naming a newborn baby in India. In India, people believe in astrology and numerology and have religious sentiments attached while searching a perfect name for a newborn baby. Every name has a meaning attached to it and often the name is on the name of some God. say “God of water”, “God of Sky” or “God of Land” etc. We create the name by joining “God” and “Land”. As both words have synonyms so there will be many names having the same meaning. This is one of the ways to create a name. There are other factors which need to take care of while creating a brand name, like the length, importance, ease to pronounce, memorable, high recall rate, catchy etc.
Do you know, “fund.com” is sold at $9.99 million in 2008?
How businesses or startups find a good name (brand name)?
There is a process for building brand and business. It starts with an idea, then you work on the idea and prepare a business plan and finally execute to build the business. Remember, you still don’t have a brand. So, you need a name which sounds like a brand. A lot of efforts, search and knowledge is required to create or curate such brand name. Here are some points to remember while thinking of a brand name
- 1. Unique: The way every business idea is unique, every brand name is also unique. Find out that unique factor of your business and search a brand name on that uniqueness. Remember, it should not lose its meaning or value.
- Short: Look for a short name, which can be easy to pronounce. Remember it should not be so short that it sounds like an abbreviation.
- Meaning: It should have a meaning which can be related to the type of your business.
- Catchy: The brand name should be catchy. It means, it should be easy to recall and should be on the top of the mind of your customers.
- Long-term: Think of a long-term perspective of your business and then look for a name so that you don’t need to change your brand name after a decade.
- Brand-able: The brand name (domain name) should not be restricted to a website link. They should be brandable.
A brand name is an asset not just a website link
There are instances where the business didn’t earn money for the founders but the brand name did at the time of selling the brand name. So, a brand name is also an asset to the organization. To build an asset, you need to invest money and if you are lucky enough to get a good asset, its value will be appreciated over the years, unlike the physical assets whose value often depreciates. You should relate the brand name to real-estate, where you are buying a property. Over the years, it will become a big asset for you.
So, there is a lot in a
name brand name
Hope you understood the value of a brand name. A brand name is much more than just a name. It is the face of your organization, it is what which connects you with your customers, it is what your employees are proud of while working with you, it is a status for all those who connect themselves with this brand and last but not the least, it is not just a name, it is an asset for your organization.
Finding a brand name is not so easy as they are not easily available. You need consultants or brokers for real-estate, you also need help from experts to find a perfect brand name for your business. Brandcart is a brand experience consulting company providing services from domain names (brand names), website designing, graphics & infographics designing, and Branding consulting.
Contact us to find a better brand name for your business