Whenever you think of buying a phone, laptop, new shoes or television, there are probably certain brands that immediately spring to mind. These are of course subjective, however, the point is that these brands have made a certain impression on one’s mind and have remained there for a reason or host of reasons. When it comes to business, the brand name is what give the whole structure flesh. How it is represented, how it puts itself forward is what attracts consumers as today’s society is quite caught up on labels and what they represent. They are in fact willing to pay the extra amount to secure the label so a solid name is quite important today.
Having a brand that is unique means it will easily stand out in a sea of other contenders. Think for example, the tick that is Nike or the arches of McDonald’s. We recognise them anywhere we go, be it China or Zimbabwe. That is solid brand recognition… regardless of language and borders, it still represents the same thing. That is what you must strive for, especially if you are hoping to be a cut above the rest. Do not be afraid to experiment with your idea for both a name and a logo.
One of the ways in which you will be informing the public about your business is through advertising which can be quite costly if it is not done right. With proper advertising, you can trace your audience as well as the type of campaigns you should run which will, in turn, shape your brand and company. It will also help you venture out in that you can avoid too big of an audience and too less.
How many times have you heard people proudly tell you of working at a big-name company? A solid brand name is worth its weight in gold, and whilst increasing its value financially it can also account for a lot more. Employees prefer to work in such organisations not just because it is run in an orderly and efficient manner, but because it also counts for their experience on their resume to say they would have worked as a Creative Director for Prada for instance.
A business although looking for ways to maintain their current customer base is also looking for new customers constantly… if not their revenue will be stagnant and eventually deplete as those customers move on from the segment. Without a proper brand name, it can be difficult to achieve this successfully since there is not much use in a name that nobody can remember. So bear this in mind as a startup, as you need to take the long-term into consideration.