What's in a name?

Any marketer will tell you that a company will not be successful without the right branding, but what does that mean? The American Marketing Association defines a brand as a “name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers.” In other words, you have to make your product or service stand out. Maybe you create a one-of-a-kind image, catchy slogan, or dazzling name. Better yet, maybe you use a combination of those elements.

The name, slogan, or symbol is not the most important aspect of branding, though. The most important thing to remember when branding your product is that you must attract your target consumers, and your branding strategy should cater to their needs. Branding, in many ways, is about perception. According to marketing expert Seth Godin, “A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.” As you can see, Godin’s definition does not directly mention name, design, slogan, etc.; his definition is more focused on the image and reputation of the company and how that affects consumers’ purchases.

Reputation is a key factor in determining whether or not a customer will buy or use your product or service. A recent Forbes article written by Andrew Klausner states the importance of branding in regard to your company’s reputation. Although the article specifically discusses financial services firms and banks, the lesson can be applied to any industry. Due to the declining economic environment, many financial firms have cut marketing costs. Most of the firms, however, agree that branding is essential to a successful business because you can utilize it to uphold your company’s reputation. Your company may get some bad publicity, which is the case for many financial firms, but upholding a strong brand image is key in deflecting negative attention.

If you want to make a name for your company, all of the aspects of branding should be applied. First, decide what your company will provide your customers. Next is the creative part. Come up with a name, slogan, and/or symbol that your customers will easily identify as your company’s. Finally, make sure to build a strong reputation and brand image to help your customers perceive your company in a positive light.