How Much Is Your Brand Name Worth?
By: Bugz @ Net Intelligence Agency
What's in a name? Everything. It's that simple. And that complicated. Few acts associated with a new business startup or product launch are as critical to success or failure as the trade name. The name can make or break you.
The first law of brand names: When everything else seems equal to a consumer, best name wins. This is especially true in a crowded market niche where most — if not all — products seem alike.
A name is more than a label on a package. A good name is compelling, all by itself.
A good name is poised confidently at the intersection of creativity and business practicality.
Good names are not accidental. They rarely pop into the mind in some mystical flash of inspiration. No, there is method behind such madness. Good names emerge from technique and keen analysis. Good names are built. From the ground up, bit by little bit.
A good name delivers your message. Talented namesmiths create words that make money. But brand names don't have to be about money to make money. Internet marketing brand names don't have to be about internet marketing to make money.
The brand name is the container that will carries ideas, promises and brand characteristics into the marketplace. The message will evolve over time, weaving an ongoing story that ultimately becomes larger than the brand itself.
Sometimes the task of crafting a name must focus more on the name's long-term message-bearing potential than on whether the name is instantly understandable. Who knew what a Google was before Google showed us?
Google is a fabricated mimetic word that dances with the word googol, a term coined by a 9-year-old mathematician's son. The definition of Googol is "the number 10 raised to the power 100 (10100), written out as the numeral 1 followed by 100 zeros."
The brand name Google conveys a sense of fun — a corporate temperament and personality — and all while managing to suggest mathematical infinity and limitless potential.
Google is an example of an exceptionally successful fabricated name. To be successful, a fabricated word must travel well through the community. The well-traveled name is memorable, contagious and has a high Talkability Quotient.
In a nutshell, a brand name must…
- Hit the target. In other words, your market. The name must communicate with the specific market you're aiming for. Markets engage in conversations. Your communication goal is to start a dialogue, not deliver a monologue.
- Be distinctive, differentiating you from the competition. Distinctiveness is sticky. A distinctive name sticks in a prospect's memory and it sticks to your dialogue in the marketplace.
- Motivate prospects to choose your product.
How much strength does your brand name have in the marketplace?
This quick self-quiz will help you assess the marketing strength of your brand name. (Try to answer the questions objectively. If you suspect that you're in denial, quiz a friend about your brand!)
- Does your name stand out from every other name in its field? Is it easily confused with any other brand in its field?
- Is your name memorable? Will people remember it next year? Next month? Next week? Or even tomorrow?
- Does your name evoke feelings…images (IMINT)? Motivate prospects to investigate?
- Does your name go beyond merely describing your product or company benefits or characteristics?
- Does your name communicate a message? Capture the essence of your brand?
- Is your name a good concept fit for your field?
- Does the language fit the vocabulary of your target market?
- When people experience the name, do they smile…compliment the name?
If you answered Yes to all 8 questions…chances are, you've chosen a good name.
If you answered No to one question…a slight name tweak is advisable.
If you answered No to two - four questions…a name makeover is in order.
If you answered No to five or more…we regret to inform you that euthanasia is your best bet. Do not resuscitate. Kill it and start over.
Read the Entrepreneur Advisory review of N.I.A. Fingerprint Kit ⇒
About The Guest Author…
Bugz is a co-founder of Net Intelligence Agency, developer of N.I.A. Fingerprint Kit™, a foolproof, start-to-finish brandcrafting process. N.I.A. Fingerprint Kit™ will teach you how to differentiate your products and company, develop a brand personality that builds personal relationships with customers, and manufacture a distinctive brand name. Download our free N.I.A. Black Paper to assess the marketing value of your brand name. Free newsletter.
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