What’s in a name? Well almost everything
An Apple iPhone without its logo on the case is just another phone. A consumer will not pay that much money even if it does all the functions of an iPhone. Just think of a Chinese make. Why do consumers pay so much for a logo or for a brand?
A brand is an embodiment of a promise. That’s why customers pay higher price for a branded apartment, branded clothing or shoes. When it comes to marketing, sales or share value for your company, your brand name really matters.
J.K Rowling author of the Harry Potter series has sold over 450 million copies. But when she wrote a novel ‘The Cuckoo’s Calling’ under a different name of Robert Galbraith, she sold only 1,000 copies. When the word got out that J. K Rowling wrote it, the book made it to the bestseller list; it sold over a million copies in just few months. What was important, the book, which is the product or the author, who is the brand name?
One school of thought says that if we have a great product, we can win the market but another school says that if we have a great brand we can win the market. But the fact is that we need both: a brand that embodies a promise and a product that can fulfill that promise.
Branding is purely perception. It’s an embodiment of a promise that customers can rely upon. Its how we choose to see distinctive value in something over other things. There are no superior products, since the perception of superiority is relatable and debatable. There are only superior perceptions in consumers’ minds.
Bottom line your brand lives in the minds of your consumers. So whatever it is that they retain about you as they go about their lives, whatever it is that they think of when your name is mentioned – that is your brand. Brands can evoke a feeling, a light emotional response and sometimes a strong one especially whenever we hear their names. It’s in these emotional associations rather neuro-associations; customers make their subconscious choices and buying decisions.
So what’s in a name? Almost everything. The Mitsubishi Pajero had to be renamed to Montero in Spain and Hispanic America, since Pajero is a Spanish slang term for one who masturbates.
Häagen-Dazs ice crème sounds European, and you might think it originated in
Denmark, Germany or Sweden. It’s an American ice cream born in Bronx, New York.
How apt names help you build better brands? Give us your opinion in the comment section below.