Okay, this really sounds weird, isn’t it? That brand name doesn’t really matter! Sure you have enlisted 100,000,000 points to counter this argument. Okay, wait for it! Who knows, maybe you would have had a change of opinion after reading through this article. Without much ado, let’s jump on it, let’s clear these three myths that make you think brand names matter.
- Consumers buy because of brand name
- Brand name itself attracts talents – You say what?
- Brand name increases sales – Fat Lie!
Consumers buy because of the brand name – Don’t say that again!
Does someone sending their child to buy toothpaste and insisting on a particular name, means they are buying because of the name? Well, no! If you are in doubt? Answer this simple question. Do you buy Cocacola because the name is Coca-Cola? Fine, in some cases, you like the name, but that’s never enough motivation for purchase. The truth is, people buy a product not because of the brand name, but because of their familiarity with the brand name. Also, they do because of their experience while associating with the brand/product. It is this experience that gives birth to brand loyalty and translates to a good brand name at the end.
People buy GUCCI because of the story they’ve heard or experienced; exclusivity, luxury, not really the discernible meaning of the word GUCCI. But it can be easily miss interpreted that people buy it because of the name. Click to learn Deep Mindful Strategies to Build Your Small Business.
Brand name itself attracts best talents – You say what?
When the indigenous people say a good name is better than gold, perhaps you misinterpreted it. Wake up! They didn’t mean Laura is better than Lawrence. What they are basically referring to is the deeds of the bearer, not the name per se. The same as for a brand, talents will be attracted to a brand not really because of the name, but because of its personae. Most importantly, talents are drawn to work with your brand based on the story they have heard about your brand.
In some cases, they wish to work with the brand because of the experience they have had with the brand too. An urban person is most likely going to like to work with a brand that creates urban feelings/experiences. Experience for a consumer could be; exclusivity of a brand, luxury etc. While the story could be; expensive or cheap, quality or fake etc.
Brand name increases sales – Fat Lie!
People don’t pick up items on the shelf and buy them because of the name. Don’t get this twisted, a name is very important, I mean, it’s the first thing anyone will hear about a brand. Also, it is possibly the last thing they will hold on to. But the question is, do people buy a product just because of the brand name, which will then translate to increased sales? Think about it! There are many variables that bring about increased sales but the name surely isn’t on the top 5 of the list. Check out 3 tips to make more sales for your online business in Nigeria.
The top factor is the consistency at which the brand delivers its promise to the user. Thus, creating a good user experience and sending a good story about the brand out there. Remember, word of mouth is the most powerful form of advert, and it’s also the cheapest. One of such good stories is a brand being sustainable. Learn how to Create Sustainable Routines To Grow Your Business here.
What should be your concern!
As an entrepreneur, you should be more concerned about the experience, story and personae of your brand, and not the discernible meaning of the name. Big brands don’t joke with this, and that’s why they keep investing in improving user experience around the brand, in order to insure brand loyalty they have gained. However, we align with the school of thoughts that you should keep the name simple, memorable, and creative. Also, be aware of the culture, ideological profile of your target audience before giving your brand a name. Most importantly, refrain from a name that restricts your business to one product. What happens when you wish to diversify. As a matter of fact, it is not important for the brand name to directly reflect the product you offer, ask yourself is ‘apple’ selling apples?
What you should never forget from this article
The key message of this article is that you should focus more on creating a good story, great product and experience around your brand. Focus less on the discernible meaning of your name! Why? People who buy a product remain loyal to the brand because of their experience using the brand. Some decide to buy because of the story they have heard about it. The story could be excellence, premium, or organic product, and the experience could be exclusivity, luxury and longevity.
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Thank you for reading to the end.