Going through the brand development process while determining the right name for your business can be one of the most important exercises you undertake when establishing your company.
Brands are long-term assets that over time can contribute significantly to the success of your company while being possessions that you cannot put an exact dollar value on.
In B2B it is very important that your name conveys your company’s service/product offering while tying into the brand you want to develop. As a business owner, sometimes you are so close to your concept that it is difficult to take a step back and be objective.
Here are a couple of things to keep in mind when you are exploring the development of your company name.
1. Have a look around.
Ensure your business name conveys an industry appropriate image for your target market.
Determining what your market is accustomed to is a good place to start. Chances are a frame of reference has already been established in your industry and trying to launch with a name that is far off from that reference may not make sense to your audience.
2. Determine the most important attribute for your brand personality.
Exploring whether or not you need to build awareness, emotional connection, distinction, credibility or motivation with your brand will help your decision process and ensure you develop the personality that will yield the greatest return.
Just remember, taking the time to carefully consider your brand strategy upfront can have a really powerful impact on your company for years to come. For a list of today’s top brands and their worth check out www.brandz.com for their annual 100 Top Brands list.