20 November, 2019
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In this era of unlimited choices, a start-up is required to build a brand that is consistent, memorable and differentiated to captivate consumers and eventually capture mind share. Beyond just a memorable logo, good branding increases the value of a company, provides employees with direction and motivation, and makes acquiring new customers easier.
So how important is a brand’s name exactly? The short answer: it is the most valuable investment for a start-up.
A brand’s name is its legal identity, it is the name that consumers remember it by, and most importantly it is the name that is the core of all marketing efforts.
The main watch-outs for brand naming are: legal availability, category relevance and a memorable name & logo. Let’s take a deeper look into each of these watch-outs.
A trademark, by its very definition, is an indication of source and a guarantee of quality of goods or services. With GST consolidating the national market, the role of trademarks as such becomes even more important. If trademark rights are not enforced properly, it will result in widespread counterfeiting and infringement, indicating an influx of goods of compromised quality. If this happens, the reputation and goodwill of established brands will inevitably be diluted and this is even more true for start-ups.
Considering that there are roughly 2.5 lakh TM applications every year, getting legally validated name is not as easy it used to be 5 years back. And the benefits of trademark registration are undeniable. According to the official Intellectual Property India website,
In order to take full advantage of this, every start-up requires the assistance of professionals who help find an available, Trademark validated name. A basic Google search is not sufficient.
The second-most important watch-out for naming a start-up brand is to ensure that the name cues the category clearly. For example, brand names like Nestaway and Homelane clearly cue the category that they belong to i.e. real-estate. On the other hand, names like BlogTard or BlahDiary might be quirky or cool, but they don’t necessarily cue the category that they belong to very clearly.
It is critical to hire experts who research category and competition and arrive at a brand name that cues the business that a start-up is into with ease and simplicity.
Considering the clutter that is there in every line of business today, creativity becomes the game changer when it comes to brand naming. Look at the names like Swiggy or Ola – these names make use of creative sciences like semiotics, phonology and even colour psychology to arrive at the most unique sounding brand names that are memorable, easy to pronounce, easy to identify and build the right memory pathways in the consumer’s mind.
In sum, naming a brand is a complex task – spanning a wide range of considerations from legal validity to consumer stickiness. Naming experts like ourselves, WinnerBrands, have designed our entire business model around bringing the sharpest skills to the task!