Lexicon News
Discussion of the Week - David Placek, Founder and President of Lexicon Branding
Forbes.com
August 17th, 2010
Q: What is the secret to creating a memorable, enduring name for a company?
A: The name of a company is the first thing a consumer experiences. It has to be engaging, remarkable and memorable. A corporate or product name also represents a singular opportunity to tell the consumer something of importance about the new idea. The best names will capture the personality of a brand or company with enduring enthusiasm.
Apple, Google and Starbucks are wonderful examples of names that are successful on multiple levels. They each succinctly communicated a distinct point of difference. They all generated word-of-mouth interest, even excitement. They each created personalities that are sustained and enhanced with every new product launch.
Names don’t have to be clever or overly creative. We think it’s more important to develop a name that’s strategic--one that helps to tell the company’s story and underscores its idea.
A corporate name should have:
- Focus--Just a few letters need to be combined to create a distinctive impression.
- Purpose--It has a clear role. It has to do something really well.
It should be:
- Enthusiastic--It is never boring or dull.
- Simple--It is not a speech, a statement or a position.
- Relevant but unexpected--this is an important one. Somehow, when linked to a message, the idea becomes relevant in unexpected ways. Amazon is a good example. The company wanted to quickly telegraph that they were about to become "The world’s largest bookstore."
- Competitive--it is precisely what every other competitor is not.
- Enduring--It is the one element that should not change over time and it is the one thing that competitors cannot take away.
- Un-frivolous--In the words of David Ogilvy, "people don’t buy from clowns."