Here’s Why Your Brand Name Matters
How often have you associated with a brand just because of its name? Think Apple and the imagery of simplicity it reflects. Businesses use brand names in similar ways to attract consumers and market their products. Nike is associated with winning, while Facebook communicates the brand story. Therefore, the right name forms the essence of the company. This means that it can make or break your brand. Confused about why a thing as simple as a name matters thus much to a brand? Here are 5 core reasons why the right business name is important.
It’s The First Impression
Your business name is the first thing people see. They will either remember it on account of its creativity or just forget about it. Similarly, investors also collaborate and invest based on first impressions. While brand strategies and performance are important, the brand name is what investors notice first. Most of them will likely base their decisions on how the brand is marketed through its name. Moreover, customers decide whether they want to move forward with a company by first studying its brand name. This is because it reflects the organization’s culture and identity.
Creates a Target Audience
Names are important because they are directly involved in building your target audience. Customers see a name and then decide whether they want to associate with it or not. Therefore, different segments of society will react differently to your brand based on your name. But everybody reacts positively to Spectrum internet packages. A target audience is created based on age, social class, gender, or lifestyle. For instance, Nike targets athletes or people with an active lifestyle. Similarly, Gucci attracts people from upper social clauses. US supermarket chain Whole Foods Market targets people who are health-oriented and can pay extra money for organic fruits and vegetables. Here are a few examples of companies that have succeeded in creating a target audience for themselves.
- Apple- for business professionals
- Soundcloud- for musicians
- Addidas- for athletes or people with active lifestyles
- Procter & Gamble- for housewives or mothers
- Uber- for students and office workers
- JetBlue- for low-budget travelers
- Zipcar- for millennials
- Tik Tok- for teenagers and younger generations
Establishes the Brand’s Identity
A company’s name reflects its identity and culture. It establishes everything a brand is about and what it stands for. For instance, brands can choose names that might come across as racists, sexist, or just problematic. This, then, becomes a clear reflection of the brand’s identity. Therefore, in an age here getting canceled is super easy, your name must be well thought. Some certain values and beliefs are associated with some of the big brands like Facebook and Spotify. For instance, you think of Facebook and you instantly associate it with Mark Zuckerberg and Artificial Intelligence. Similarly, Apple makes you think of design, simplicity, and innovation. People also associate class and money with the brand name.
Gives You a Competitive Edge
It’s easy to gain a competitive edge when your name reflects a unique set of ideals, values, and beliefs. When your company successfully creates a target audience and establishes its brand identity, it will organically be more successful than its competitors. This means that consumers will keep going back to the brand because of what it represents and what it stands for. Here’s a list of the companies that have successfully gained a competitive edge through their names and the ideals they represent.
Netflix- by bringing new, trendy content on the smallest screen
Spotify- by bringing fans closer to new music
Instagram- by showing the latest content
Slack- by making workspaces virtual and accessible