By Haden Edwards and Kevin Tracey

The identity "trinity," consisting of name, symbol, and slogan, is central to building a brand's value. We begin this three-part series by focusing on the brand name.

There are two basic approaches to naming. The Juliet Principle - allows for names that don't mean anything. It doesn't matter what your name is because, as is written in Shakespeare's Romeo and Juliet, 1594: "What's in a name? That which we call a rose by any other name would smell as sweet." Such names are much easier to trademark but are more expensive to establish. Examples include Exxon, Kodak, Verizon, and Starbucks. The Joyce Principle - states that the sound and content of the name are absolutely essential to build the brand. These types of names are much harder and more expensive to trademark but are easier to establish. Examples include Bank of America, General Motors, and Toys 'R' Us.

"A Little Trick with Nick" The mid -1960's era hit song "The Name Game" by Shirley Ellis highlighted the fun one could have with a name. But the name game in commerce is serious business. Creating a company, product, or service (CPS) name is a difficult task best left to professionals. One of the key factors in the successful launch of a brand is a great name - one that clearly stands out. Only one in six new products succeeds, according to research by Information Resources, which followed the fortunes of 2,250 launches during one recent year. Key success factors include widespread distribution, early promotion and choosing the right name.

Creating strategic awareness starts with the brand name. Being known is not enough. Being known for the right reasons (relevance) that will help grow the enterprise and bring a CPS success over time is the key. For example, quality, freshness and reliability have always been the cornerstone attributes of Kellogg's. The name Kellogg has developed this strategic awareness over time. So strong is their brand equity in this regard that approval ratings for corn flakes increased form 47 to 59 percent when customers were told that the product was Kellogg's.

Among the three equity indicators of name, symbol, and slogan, name is the most important because a name is used as a word identifier in voice, print and virtually all other forms of communication. Furthermore, a name projects a compound image that may include perceptions of quality and other desirable characteristics.

A name defines a company and, therefore, should reflect the mission, vision and character of the CPS. It should reflect the brand personality and be distinguishable in the marketplace by demographics, psychographics and, most of all, from the competition. Because of these reasons and others, naming should be the last major task completed before launching a brand. Too often marketers start with the name, only to find that it does not fit with the CPS's goals, image and so on. This "cart before the horse" approach usually leaves the communications tactician with the challenge of retrofitting the communications for the CPS to the target market.

Once the important internal and external elements have been outlined, brainstorming and the creative process of naming can begin. Other notions to consider and questions to ask when playing the name game follow:

• It should be memorable (Sharp, Apple Macintosh; iPod).
• It should be easy to pronounce, preferably with no more than three syllables (Aspirin vs. acetylsalicylic acid).
• It should be timeless. It has to survive the life of the product. (American Telephone & Telegraph had to be shortened to AT&T. Kentucky Fried Chicken became KFC).
• It should be legally strong (more than 125,000 trademark applications are filed each year).
• It should be appropriate globally or at least within your market (Coca-Cola).
• Should it have a suggestive meaning (Linksys, Q-tips, Dunkin' Donuts, Word)?
• Should it be someone's name (McDonald's, Harley Davidson)?
• Should it have a strong association with the nature of the product or service (Home Depot, Toys 'R' Us)?
• Should it be provocative and attract attention to arouse interest (Victoria's Secret, Obsession perfume)?
• Should it express benefits (Healthy Choice Foods, Best Buy)?

 

Our next issue will be devoted to the symbol (logo) piece of the identity "trinity." Anyone driving down a major roadway searching for his or her preferred fast food, gas station or specialty store knows that a logo is a very powerful identifier. Long before the words on a sign can be made out, the familiar shape and colors of a logo tell the driver that what they seek is just ahead. We will also feature an overview of TEO's highly successful, market-proven Power Branding Roundtable. Stay tuned!