As a brand strategist with a few years of Work Ex in this field, I have come across several young entrepreneurs who require branding advice. Many of these entrepreneurs have misguided impressions regarding the activity of branding, its importance in any market and stages in the branding exercise.
In this article, I am putting down basic branding information related to naming a new business/start-up which every entrepreneur should heed.
“What’s in a name?” – this is a well-known extract from a poem by the even more well known William Shakespeare. Sadly, brand strategists and young entrepreneurs ( And in some cases both roles are fulfilled by the same person) do not share the creative liberty of Shakespeare. The name of a business or product indeed has a great impact on how your target audience will think about you.
Let’s take an example –
PayTM and Freecharge. Both are startups (or were) and both exist in the same niche space of payment gateways. Now just imagine you are someone who has not heard of these brands. What is your thought process? Would you break down PayTM into Pay + ATM? Thus automatically relating it to payment (broad based) and storage (storing place) of money? What about Free Charge? Did you start breathing heavy at Free? Charge in my mind is associated with regular expenses like electricity charge, phone recharge etc and thus making my mind categorise it as an app that enables me to pay my regular expenses for free ( The author of this article does not fall into the typical miserly stereotypes).
So based on their name, the public uses PayTM to make a wide variety of payments while FreeCharge is more often than not used for mobile phone recharging. Guess who leads the Payment App industry in India?
So prospective business entrepreneur! Take care when you are naming your business! Make the name easy to remember and make sure that the scope of your business clearly reflects in the name that you choose. Your success as a business entrepreneur for your start-up may well depend on your decision.
If you have any queries regarding Branding or choosing a name for your business, any further thoughts, or ideas please write them in the Comment Section below!
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