How to create a brand name?
The most important branding decision you will ever make, is how to name your product or service. In the short term, a Brand needs a unique idea or concept. In the long term, a unique idea disapears. All is left is the difference between your Brand and your competitors. For example, the difference between Coca-Cola and Pepsi, or Domninos Pizza, Little Ceasars and Papa Johns, if we talk about sports Adidas, Nike and Under Armour, or in the car industry, Porsche, Ferrari and lamborghini; All these brands compete in the same categories and every single one of these brands create a clear image and positioning in your mind and different from each other, you might not know what it is but you feel the difference for each one of them.
Once you have a name, you need to come up with a shape. A logotype is a combination of: Trademark (symbol) and the name of the Brand set in distinctive way. Logotypes comes in all shapes. Round, square, oval, horizontal, vertical. But all shapes are not created equal to the eyes of consumers. The ideal shape for a logo is horizontal in most countries, due to the way we read and to maximize impact. Equal importance to shape is legibility and pronouncing; Typefaces come in thousands of styles and weights. However, customers are only dimly aware of the differenece. Make sure you do not exagerate to a level that is not readible and like David Ogilvy said “No woman says, I would have bought that detergent except they had to go and set the headline in futura demibold".
Once you have a brand name and a logo, in order to create that image that becomes so important, you need to define your positioning and strategy. With that definition, it is very important no to violate the rule of consistency for your brand. As a matter if fact, a Brand can not get into the mind unless it stands for something and throughtout time remains specially in your consumer target segment. Markets may change. But Brand shouldnt. If you have a strong positioning and you are adding a value differentiation to your target consumers, then keep your promise and maintain your message to create the brand image you want for your product or service. In order to create your value proposition bare in mind these 5 aspects:
1. Identifying target.- Stepping Stone for developing a marketing strategy, tone of message, imagery and everything that is realted to your brand.
2. Developing a value proposition.- benefits and cost of the companys offering and postitioning that formulates the primary reason for customer to choose the offer, what makes your brand different than the others.
3. Company value.- creating shareholders value by managing revenue, share and profit.
4. Collaborator Value.- Identify entities that work with the Company to create value for target consumers.
5. Competitive analysis.- identify key current and potential competitors, evaluating competitive intensity of selected target market, and develop a competitive advantage. Specially, in a changing world and environment that we are facing currently.
If you start with these simple rules, you should be walking towards a good branding developmnet.
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