As consumers, we do not really think about the importance of branding. We tend to go with the flow of brand names that have become transparent with our daily living (which is exactly what business (s) want to see). However, branding can drive your business significantly.
I like to drink "Coke". And there are a lot of people who also like to drink "Coke".
"Coke" is a brand, and the company Coca-Cola has been extremely successful on embedding their brand in our daily lives. The results? Huge profit. I do not need to tell you how successful they are. You know it. That, is the power of branding. Other huge companies that are successful in their branding strategies include McDonalds, IBM, Microsoft, Nike … etc. Basically, all major business (s) have their own brand.
When you are considering the name of your company, you need to remember the importance of branding. Deciding a name for your business should be a well thought out process. You need to consider various names and their meanings.
Your brand must be simple and unique. Simply put yourself into consumers' eyes; consumers like simplicity so they can remember easily. You business name should also be unique so they will remember you when people refer to your brand, not other companies with similar names. It's also very useful to inject positive value and characteristics to your brand. Consumers like products to which they can associate positive qualities.
Proper branding creates loyalty. For example, when people ask me what I drink regularly, I reply "Coke". When people ask me where I usually go for gas for my car, I reply "Petro Canada". Now when I reply to people with all these brand names, I am also marketing these business (s) to them. That, is the power of branding.
Branding is what will help you the most in the most effective marketing strategy – word-of-mouth marketing.
Defining your brand is not an easy task; it is sort of a journey of business self-discovery. Previously mentioned your brand has to be simple and unique. However, more importantly is the meaning behind your brand. Ask yourself the following questions:
What is your company's mission?
What's special about your company's services or products?
What qualities do you want your customers to associate with your company?
Your brand can be your business name; it is actually recommended if it is the same as your business name. Once when you have created the name for your brand, design a logo and think of a tag line. Then be true to your brand and be consistent on injecting your brand into your market. Your goal is to make your brand deeply embedded in your market and become transparent to people's daily lives.
Now the question is, What is your business' brand?