After you have built your business, branding is very important to help you move forward and enable you leave an impression in the minds of your customers. Similarly, there are different ways on how you can choose a brand name for your business depending on your line of products and how you want to serve your users in the marketplace.
Below you would find different brand name strategies to choose from:
a) Blanket Family brand name; – where the company name is used for all of your company’s products, like LGs TVs, LG cookers or LG home theater system. This strategy is used when the company has good will attached to the family brand name.
b) Separate Family names: – this involves using separate names for the different products by the same company or in the same family. This is mostly suitable when you have different categories of products. For example Nigeria breweries uses this strategy for the category of its products – Star, gulder, heineken, goldberg and star lite.
c) Individual brand names: – These don’t identify a brand with a particular company. Instead, each product has its own identity and name. For example, Proctor and Gamble doesn’t use the company name on their famous brands – Ariel, Fairy, or Pampers, each product has its own separate, unrelated identity.
d) Company trade name with individual product names: – where you combine the company name with individual product names. Such a strategy is used when you wish to legitimize your product by capitalizing on the reputation the company already has. Microsoft is a good example of this with Microsoft Word, Excel and PowerPoint.
Criteria for choosing a brand name:
1) It must evoke positivism
2) Short concise and easy to pronounce
3) Harper on the benefit derived
4) Transfer-ability and easily identifiable in other culture, religion and location
5) No infringement on existing brand mane of other companies.
Brand name should be continually tested for impairment, if an organization discovers that it has suffered a major problem with its brands name, the value of goodwill have to be impaired to that level. A good brand name would generally leads to increase market share, sales and profit.
Although the process of building a successful brand is no small feat, once achieved, your company will see great benefits in terms of premium prices, easier distribution, high and stable sales and increased profits through brand loyalty.