So, it appears that there is an unwritten law that all articles and blog posts regarding brand naming must begin with the same well-known quotation:
What’s in a name? That which we call a rose
By any other name would smell as sweet
~ William Shakespeare, Romeo and Juliet
Of course, Shakespeare's Juliet was partly correct: changing an object's name does not change its underlying properties. Any other name for a rose would smell just as wonderful. Or, at the very least, it would produce the same odor molecules.
However, names, like any other language we use to describe and categorize objects, have an impact on our views. And perceptions, not just odor molecules, dictate how we perceive our surroundings. That is why Antarctic toothfish, sometimes known as Chilean sea bass, sells better.
Changes in perception can lead to vital changes in business outcomes when it comes to brand names (words used to identify organizations, products, or services). A brand name (and, more broadly, a brand identity) can affect a customer's decision to buy or not buy, or a recruit's decision to take a job or pass, much as a CEO's confidence can influence an investor's decision to buy or sell. Perceptions matter in business, as they do in life.
But how significant is naming? After all, most brand names are only a few letters long, and some of the most successful companies and products don't appear to have given much effort to theirs. General Motors and BestBuy are as dry as they get. Bluetooth and Snickers don't appear to have any meaning. Yahoo sounds careless, and Diesel sounds stinky and bad for the environment. Couldn't anything function as a brand name if these brands succeeded?
Maybe. Unfortunately, names, like many other marketing elements, suffer from attribution issues. How much of a brand's success can be attributed to an excellent brand name? If a company fails, how much of that loss can be attributable to a bad name? We can't readily give value to a good or terrible name in isolation because every brand is the total of its integrated pieces. Nonetheless, it seems prudent to avoid the branding equivalent of toothfish if possible. It's preferable to have a name that opens doors rather than one that opens a can of worms.
Because of the ambiguity surrounding the significance of obtaining the proper brand name, a brand's first responsibility is frequently to explain the necessity of branding (and, in some cases, justify the cost of a naming process). When faced with this difficulty, I emphasize three points: language is powerful, naming is difficult, and a good name is an investment.
Language is Powerful
Language, according to famous psychologist and linguist, Steven Pinker, is "one of the wonders of the natural world," a uniquely human ability to "shape events in each other's brains with exquisite precision." And everyone who has been affected by a novel, inspired by a powerful speech, or tormented by emotional song lyrics understands the power of language to not just describe events but also to elicit feeling.
Language's effect has also been objectively explored. In 1974, two scientists set out to discover how language influences perceptions. They showed students videos of car accidents and asked them to estimate how fast the cars were driving at the time of collision. The researchers, however, framed their question somewhat differently for each set of pupils. When asked, "How fast were the cars going when they smashed?" participants claimed speeds of above 40 miles per hour. Those who were asked how fast the automobiles were driving when they collided estimated speeds closer to 30 miles per hour. The psychologists were able to change participants' impressions and memory of the accidents by changing only one verb.
Not only with Chilean sea bass, but with products ranging from canola oil—née rapeseed oil—to dried plums—the fruit formerly known as prunes—the food sector has showed a knowledge of the power of words to influence consumers. Politicians, too, have effectively exploited (and abused) language, framing and reframing issues with terms like pro-life, death tax, and gun safety.
The brand name is an excellent opportunity for businesses to use language to convey meaning and evoke emotion.
Naming is Hard
Without a good naming process, a lot can go wrong. Just ask the individuals responsible for names like Boaty McBoatface, Consignia, and Tronc.
In fact, some of the best clients for naming and branding businesses are those who had previously attempted to do it themselves—they phone, agitated, and say that no one on the team can agree on anything or that all the good names have already been taken.
That's because, unlike naming a pet, naming in a business environment entails agreeing on objectives, taking into account legal and cultural ramifications, and generating consensus around something that, despite efforts to bring rationality into the process, can ultimately feel like a gut choice. The procedure, according to a 2011 New Yorker article, "can be arduous, and often comes down to a combination of instinct, abstract reasoning, and the client's idiosyncratic demands."
And that's before the name has even been released. As I go into more detail in my book, poorly chosen brand names can lead to product recalls, wasted money, and legal issues, not to mention embarrassment.
A Good Name is a Good Investment
The modern definition of brand is somewhat unclear. Definitions range from pithy—"what people say about you when you're not in the room"—to formal—"any name, term, design, symbol, or other feature that distinguishes one seller's good or service from those of other sellers." Far less contested is the notion that a strong brand—one that is instantly recognizable, emotionally resonant, and consistently expressed—can assist a company in meeting its objectives, which range from raising awareness to gaining market share.
If you believe that branding will help your company reach its goals, the significance of brand names cannot be overstated. The name is the most important marketing decision that brand owners can make. The brand name has survived ad campaigns, website updates, and logo redesigns.
And, when compared to other marketing initiatives, a good name is a low-cost approach to stand out in a crowded field. Consider the automobile industry: In a sea of drab, meaningless, or both names—Volkswagen, Toyota, Ford, GM—a name like Tesla sticks out, awakens curiosity, and quickly conveys more meaning than most of its competitors' multimillion-dollar advertising campaigns. As previously said, it is hard to say whether Tesla Motors would have been as successful under a different name. But Tesla CEO Elon Musk spotted the name's potential and spent $75,000 to obtain the rights to use it.