By Darpan Munjal
A survey was recently published, which became a trend topic in large news agencies and social media channels. The unscientific survey found that 38% of Americans would not buy Corona beer because of the corona virus. While the accuracy of this survey is questionable, retailers and audiences have taken up the story, claiming that the common name of our now global pandemic is affecting beverage sales. While it was almost impossible for the brand to predict such a coincidence, Corona is now receiving additional criticism for publishing ads with poor timing in this highly sensitive time.
What Corona has to do is an example of a negative name connotation based on world events. A name can have a significant impact on the company's results. In fact, the researchers found that stocks with easier-to-pronounce names outperformed stocks with more difficult-to-pronounce names. These are real consequences of untested or misinformed name choices. A brand name is the guiding principle and the first impression in one. It is important to have a name that immediately captivates customers and asks them for more.
Developing a permanent name for your brand is one of the most challenging parts of the creative process. While you can't predict the next news cycle or global health crisis, there are four ways to pick a name with meaning in the precarious times we live in.
What's in a name? Everything. The first step in choosing a long-standing brand name is to understand name constructs. The vast majority of brand names fit into one of five styles: classic, smart, pragmatic, emotional, or modern. The style of your brand name determines the tone of your brand, which in turn affects your company's perception of your audience.
Each style has different advantages depending on your company and the preferences of your target group. Look at each category carefully, as styles that work well for some brands perform catastrophically for others.
If you use a naming style that represents your business and values (classic, clever, pragmatic, emotional, modern), you can go in a clearer direction. You can also immediately take ideas off the table that do not fit your business model, goals and strategies.
Permanent names often come from productive brainstorming. It may be that the "good" names have already been taken. After all, over 627,000 new stores open every year. Choosing a quality name can seem too competitive and almost impossible. Do not be discouraged by this – let yourself be motivated to be innovative.
Brainstorming is the first part of the naming process. Instead of picking a word or two that summarizes your entire brand, product, and values, focus on capturing a single essential element. This can mean that you look beyond your product or business model and at your brand attributes, values and customer experience.
Try to start with an idea or picture, and then create different versions of that idea or picture under different names. Involve your team in this process. This not only promotes collaboration and team building, but the variety of thoughts will also trigger new name ideas that you would not have imagined on your own. The results of the brainstorming session will make creative juices flow, from visual descriptions to compound phrases to word games and other idioms.