If you’ve ever made a judgment about a brand based on name alone, you’re not the only one who’s done it. In fact, Bill Schantz explains that this is a common trend in society – to want to possess something that looks and sounds unique enough to set people apart from others.
Because brands are now a major part of customers’ daily life, the impact a brand’s name can have is huge. That’s why picking the right brand name is very important.
How a Brand’s Name Can Affect Business by Bill Schantz
Brand name is a very valuable asset that plays a major role in any business’s marketing strategy. In fact, not only does brand name affect customer decision making, it also affects how well customers and potential customers are able to remember the brand itself, and how much they feel like it is unique in its offering.
Some brand names also have the illusion of premiumness attached to them, just because of how they sound. With all of these, Bill Schantz explains, brand name is able to generate profits and thus affect how well the business does financially.
Bill Schantz Explains How to Choose Brand Name
A brand name has certain qualities that makes it appealing. It should be meaningful and distinct, while also easily accessible. You want people to remember your brand and be able to find it easily. You want a brand that you can use in the long term, and that you can communicate through visuals like logos and colors.
Who Are You?
To name your brand, you have to articulate who your brand is. What is the purpose of its existence? What is your offering? Where do you want to go in the future and how do you guide your own behavior?
All of these will affect how you run your business. According to Bill Schantz, because your brand name is attached to every aspect of your business’s activities, it’s important to understand this first.
Differentiate
To stand out from the crowd, you want to find something that’s different about your brand. What is unique about your brand that you wouldn’t find in others? Sure, who ‘you’ are will make you unique, but there should be other things as well.
Look for a great name, but it shouldn’t just be great in isolation – it should be a name that’s great for you.
Brainstorm
The tough part of picking your brand name is the brainstorming. You could try any method to find the right name for yourself. Starting with adjectives to feelings to even free word association games. Bill Schantz explains that you can also use names based on things like founder, made-up words, metaphors or even acronyms and portmanteaus.
This step will take some time because finding the right name for yourself isn’t easy. Brainstorm until you have about ten words that sound like they could be you. Then, test them out one by one on yourself and see how well they fit.
You’ll know in your gut when you’ve found the right one. If it resonates well with you, it’ll resonate well with your audience too.