The creation of a unique and outstanding brand name requires more than brainstorming and random divinations. PHERO™, StrategiCom’s proprietary methodology in creating names, offers the prudent alternative – being a systematic method involving both logical name creation and validation processes. The steps include competitive analysis at a linguistic and semantic level, elucidation of parameters, name creation from morpheme generation, and validation.
The significance of a good name lies in the fact that the marketplace is becoming increasingly saturated with competitors, especially ones with similar products and services. Xerox was the first company in the world to produce photocopiers, but competition soon arrived with Ricoh, Minolta, Panasonic, Toshiba, Sharp, Konica and Canon. The challenge for any company then lies in ensuring that their brand name is clearly distinguishable from that of the multitude of imitators serving up similar products and services on a silver platter. Today, Xerox is still associated with photocopiers. The word ‘xerox’ is synonymous with the word ‘photocopy’ and the words are used interchangeably despite the fact that the company no longer produces copiers, according to an article in Reuters.
Competitors with similar offerings necessitate the creation of a unique and outstanding brand name to serve as the first memorable differentiator; one which is also easy to pronounce. A name that is based on these principles will enable a brand to remain differentiated in the minds of the target audience in the long run. According to a Newsweek article, although Huawei is ranked on BusinessWeek’s list of the top 10 most influential companies in the world alongside Apple, Wal-Mart, Toyota and Google, it is the least recognisable name on the list. Robert Fox, the chief branding officer of Huawei’s wireless-product line admits that even Huawei’s staff outside of China have trouble pronouncing the name, serving as a good case study of the importance of getting a name right. A brand name also has another objective - to become the single most important intangible asset that an organisation can own.
Massive amounts are spent by conglomerates on research and development, not just in the field of innovation for products and services, but in the selection of a brand name. A name can be worth billions of dollars. In 2008, it was reported in the Triangle Business Journal that IBM’s brand value was $59.03 billion, moving past Microsoft to claim the number one spot. This serves as a clear testimony to the critical process of christening your brand with a name that is able to ingrain itself into the minds of your target audience, create a lasting resonating impact, and circumvent the competitive arena – all to reach top of mind recall.
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