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For parents, one of the biggest decisions in their lives is choosing their child’s name. But choosing a name is a complicated process. If parents keep a common name then their child would find himself lost in the crowd. To get their child noticed, if they try to come up with a unique name, then it should be easy to pronounce and should have some base for justification. If they choose an old-fashioned name, then there's a chance that the kid could be bullied in school and later in life.
A startup is no less than a child for the founder(s). And that's why, choosing a name for a brand is complicated. A brand name can be regarded as one of the most important assets that businesses need to survive, launch products, pull talent, attract customers and differentiate themselves from their competitors. It's important to come up with a name that is sticky enough to recall.
Every entrepreneur wants a magic wand that could create names that are memorable, pronounceable, unique, creative, interesting and relevant. Unfortunately, such a magic wand doesn't exist.
There is no one right or perfect way to come up with a good brand name, but based on learnings from a few successful brands, entrepreneurs can plan their approach. A few of the components that could be helpful in creating a brand name are as follows:
1. Family name:
One of the most natural ways to come up with a brand name is to use the name or surname of the founder. A few of the successful brands based on this strategy are Disney, Ford Motor Company, Estée Lauder Companies Inc., and others.
Though this approach sounds straight forward, there is a catch. The name should be uncommon and should connect well with customers. As shown in the movie ‘The Founder’, Ray Kroc felt that the name McDonald is glorious, limitless, beautiful and better sounding than the name Kroc, so he preferred to acquire McDonald’s instead of launching a new brand.
2. Associations:
Associations are helpful in relating something unfamiliar with something familiar. Familiar things may not directly relate with business, but evoke a feeling or mental image. Associations can be done with people, animals, flowers, rivers, mythological names, and so on.
For example, the brand name Amazon.com is based on the Amazon River, which is considered as the biggest river in the world. One of the most popular mythological brand names is Nike. In Greek mythology, Nike was a goddess who personified victory. Similarly, Puma is based on the name of a Puma cat, which embodies the characteristics of speed, strength, suppleness, endurance and agility.
3. Words with powerful meaning:
Uber means an outstanding or supreme example of a particular kind of person or thing. In Korean language, the word Samsung means three stars. As a caveat, the meaning of the word should be checked in different languages as sometimes a word could have positive meaning in one language, but negative in other language, leading to perception challenges during international expansion.
4. Blended words:
Blended brand name can be formed by combining parts from different words. For example, the brand name Microsoft is formed from blending of initial part of two words: Microcomputer and Software.
5. Fascinating stories:
People listen and remember stories; they are very powerful tools to connect with others. A popular story with universal appeal can amplify significance of a name. For example, the brand name Alibaba is based on the Arabic story “Alibaba and the Forty Thieves”.
6. Place of origin:
Place of origin acts as a strong component of brand identity. Initially, the place of origin can help a brand become popular, but when a brand becomes global, it can help its place of origin to become popular. One of the interesting examples of a brand name containing place of origin is Kentucky Fried Chicken (KFC), which was started as a roadside restaurant in Kentucky, US, and became one of largest global fast food chains.
7. Coined words:
Coining a new word can help a brand stand out. For example, the brand name Google is a play on the word “googol,” the mathematical term for a 1 followed by 100 zeroes. Another interesting example of a coined brand name is Xerox that became a synonym for photocopy.
8. Ingredients:
In this approach, an ingredient of a product or service is brought into the spotlight as the image of ingredient could have a positive influence on the consumer. For example, in the name Coca-Cola, the first half in the name refers to the extracts of coca leaf and the other half represents another ingredient - the kola nut.
9. Movie or book characters:
Movies and books can open up a new world of names. The characters in a movie entertain us and sometimes left a lasting impression through their role or their names sound very catchy. One of the popular brand names – Starbucks is inspired by the name of a character – Starbuck in a whaling novel and movie - Moby-Dick.
10. Descriptive words:
A descriptive name is self-explanatory. A few of the examples of self-explanatory names are Shaadi.com and Naukri.com. Along with creativity, coming up with these kind of names require luck and focus. Luck for availability of domain name and trademark, and focus as self-explanatory names can be applicable for specific niches.
11. Link of generic words:
Interestingly, meaningful and memorable names can be created by linking common words in the right order. For example, the brand name Facebook links two common words face and book. Similarly, the brand name MakeMyTrip links three common words: Make, My and Trip.
12. Business attributes:
In some cases, brand names are also based on the attributes i.e. characteristics of a business. For example, 7-Eleven, the world’s largest convenience store brand was named after its store timings as the stores were originally open from 7 a.m. to 11 p.m.
Picking the right brand name can be tough. Sometimes, it could be created using one of the above mentioned components and sometimes using multiple components in combination. Sometimes it can be created quickly and sometimes it could take months.
In short-term, entrepreneurs may think that rather than spending time and efforts on naming a brand, they can focus on other areas. But from long term perspective, it’s worth spending time on naming a brand as the name captures the essence of a business. When products of competitors become similar, when price doesn’t remain a differentiator, when customers get confused in making a choice, the thing that safe guards a company is its brand name.
Views expressed are author's personal and don't necessarily represent any company's opinions. Source http://www.forbesindia.com/blog/business-strategy/how-to-come-up-with-an-effective-brand-name/
“The key is to set realistic customer expectations and then not to just meet them but to exceed them — preferably in unexpected and helpful ways.” – Sir Richard Branson, 2012.
Back then, managing expectations was the key to customer success; but in today’s hyper-connected world, things have changed. The customer is now firmly in control, digitally empowered, spoilt for choice and more fickle than ever before.
‘Surprise and Delight’ remains the desired outcome, but brands need a smarter approach to remain relevant amongst consumers in Asia Pacific: Retail sales for 11 Asian economies rose from $1 trillion in 2001 to $6.6 trillion in 2016, greatly eclipsing US retail spend of $3.9 trillion. Asian millennials will have more spending power than any previous generation – estimated to be $6 trillion in disposable income by 2020.
It’s no longer a secret that businesses collect vast amounts of customer data. Customers know that their personal information and online habits are being tracked, bought and sold, and in exchange, they expect every enterprise to translate this personal data into a better experience. In fact, according to Gartner, customers still expect companies to know them well, but now have additional expectations that businesses proactively predict and offer what each individual customer needs.
Particularly in APAC, a market defined by digital, customers have come to expect seamless, personalised experiences from every brand interaction. E-commerce sales in APAC are expected to rise 300 percent to $2.6 trillion by 2020; and with APAC already accounting for 64 percent of the world’s growth in mobile social media users, mobile and social commerce won’t be far behind.
With a world of options at their fingertips and growing funds in their wallets, APAC customers will look elsewhere if a business can’t swiftly understand and cater to their needs.
Under this evolving pressure, enterprises need a new way to anticipate and satisfy customers. They need the Smarter Customer Experience (CX) approach.Smarter CX responds to rising customer demands in the digital age; capitalising on data and transforming a company’s culture to put the customer at the centre of the business.
Enterprises taking the Smarter CX approach provide seamless brand interactions offline to online across a customer’s favourite channels; hyper-personalised, AI-driven recommendations based on a customer’s past purchases, where they are and even how they feel; effortless browsing and buying, even if the business and the customer are on opposite ends of the globe; and a proactive service approach reacting to people, processes and connected things to precisely deliver in the moment of need.
If Smarter CX sounds like it requires a mammoth change within most businesses, it does – but it’s crucial to business survival. Brands that have embraced Smarter CX are both rare leaders and are pulling ahead of their competitors. According to McKinsey, customer experience leaders achieve revenue gains of 5 to 10 percent and reduce costs by 15 to 25 percent within two or three years. We expect that within five years, APAC enterprises not centred around the customer will begin to lose out to those taking a Smarter CX approach.
The role of data in Smarter CX cannot be overstated. It is the fuel that powers businesses on their Smarter CX journey; enabling everyone in the enterprise to understand and respond to the specific demands, desires and pain points of each individual customer. Indeed, with unprecedented access to a veritable gold rush of data, plus cutting-edge analytic tools built for businesses large and small, there is no longer any excuse for not knowing what customers want and how to optimise their experience. But simply having data isn’t enough. To enable Smarter CX, enterprises must make an important shift – from having data, to being data-driven. Being data-driven means recognising data as a form of capital and investing in the people and technology necessary to turn today’s gold rush of information into actionable insights. If data is like gold, then every business must act as a goldsmith – collecting as much data as possible and bringing in the right manpower and machines to process the raw material to unlock its full value. Only then can the business truly anticipate customer needs and enrich every customer interaction.
While 60 percent of brands use data from multiple sources to inform sales and marketing, data can also help companies build entirely new business models based on customer insight. Around the globe, internet-born businesses like Netflix are already demonstrating the value of incorporating customer insight into product development – and the next wave of opportunity lies with all types of businesses, in all parts of the world, that can do the same. In consumer electronics, for example, Denon & Marantz has outpaced competitors by leveraging Internet of Things (IoT) data from their connected speakers to really understand what customers want and even develop new product lines.
A Smarter CX approach can’t be built in a day, but businesses can get a head start by exploring the new generation of innovative cloud solutions. Today’s data analytic technology can help enterprises uncover a deep understanding of consumer wants and needs, while automation offers quicker data collection from more sources. Chatbots provide real-time, conversational interactions and artificial intelligence is feeding machine learning to help businesses get more value from data.
Along with best-in-class cloud solutions, the Smarter CX approach also requires a collaborative cultural mindset. Every part of the organisation must live and breathe the customer experience, which can only occur if there is a mandate from the top. When the C-suite leads a cultural shift that puts the customer and data first, the enterprise can truly transform to focus on the customer. Internal collaboration can also be strengthened by engaging outside experts to provide guidance around Smarter CX and implement new solutions.
When businesses do successfully enact Smarter CX, the competitive advantages are uniquely rewarding; and as new innovations come online, Smarter CX represents a once-in-a-generation opportunity to gain a transformative edge in customer experience. By capitalising on data and the new generation of cloud solutions now, businesses are able to put customer experience at the heart of everything they do – winning new customers, driving loyalty and return business, and positioning the brand to remain relevant for years to come.
By Brian Donn, Vice President and Head of CX Cloud Applications APAC, Oracle. Source http://www.forbesindia.com/blog/business-strategy/skyrocketing-customer-expectations-how-to-keep-up-and-get-ahead/