Brand is the personality that identifies a product, service or company and how it relates to key constituencies. A brand which is widely known in the marketplace acquires brand recognition. When brand recognition builds up to a point where a brand enjoys a critical mass of positive sentiment in the marketplace, it is said to have achieved brand franchise. One goal in brand recognition is the identification of a brand without the name of the company present. Consumers may look on branding as an important value added aspect of products or services, as it often serves to denote a certain attractive quality or characteristic. From the perspective of brand owners, branded products or services also command higher prices.
The task of developing that killer name has become quite complex. For years, business owners and management named their offspring. Then creative service firms and ad agencies jumped in, often with a sprinkling of college talent. Finally, the general public added their wisdom in naming contests. I'm sure all have produced their share of brilliant names as well as some very scary ones. Now this field of art, science, skill, and luck has gone professional. Naming brands is big business and can come with a big price tag. Hire a professional naming company and expect a bill of $10,000-$100,000 or more before the graphic execution or production.
Once you've completed your basic criteria or framework, you can proceed with the grueling task of a name dump of endless possibilities.
Should a name be literal and descriptive or obscure and emotional?
My tendency tilts toward obscure and certainly emotional, primarily because I'm a strong proponent of distinctive brands. However, I also believe each case is unique and sometimes brand names get passed down and changing them would take an act of Congress.
An obscure or unfamiliar word can be a brand home run
Consider Apple, Nike, Google, Fubu, and Yahoo. They all have visibility and frequency, brand storytelling communication, and brand performance. They are all hugely successful brands but started as small companies.
Although not my favorite, literal and descriptive words can work in some brand naming situations. Generally, though proceed with caution because they can be more easily copied or imitated, leading to buyer confusion. Such confusion usually defeats the purpose of a sound brand.
Humor has also helped them leap over one of the most arduous of all hurdles a marketer can face: Race. No one is looking at the spokesperson thinking, “That commercial is or is not directed at me because of the color of the spokesperson’s skin.”
Weird for weird sake will just leave the customer scratching his or her head in bewilderment of moving on in indifference. Bold, engaging names will create the desire to know more, and that's where you need to be ready to tell the story. The name then becomes a segue to a larger story. It starts with the name and tagline and then continues to the: 15 second elevator speech and beyond.