Business Review - Name Power
Darpan Munjal, emphasizes the value of a brand's name and offers insight on creating a distinctive and memorable business identity.
IN THE WORLD OF BUSINESS, THE POWER OF A NAME CAN'T BE UNDERESTIMATED. DARPAN MUNJAL, CEO OF SQUAD HELP.COM EXPLAINS THE HIDDEN POTENTIAL BEHIND BRANDABLE DOMAINS, THEIR CONNECTION WITH THE AUDIENCE, AND THE SECRETS TO CRAFTING A LASTING IMPRESSION.
“There are some studies done that indicate that almost 23% of company’s overall value is allocated to the actual brand name that the company is built on. The right brand should draw in your audience, and there should be a connection that people feel when they think about your brand.
SINGLE-WORD MONIKERS FOR SMALL BUSINESSES CAN BE PRICEY. NEVERTHELESS, MUNJAL PRESCRIBES STRATEGIES FOR BUSINESS DISTINCTIVENESS STARTING WITH DITCHING THE INDUSTRY CATEGORY FROM YOUR NAME.
“Let’s say you are a restaurant that is focusing on Italian food. You could call it something like Italian something.com. But often times having a little bit of intrigue and not directly associating yourself with the genetic industry can set you apart. And then think about either combination of words or transforming words. You want people to have that easy recall, easy to pronounce and hopefully a connection using some of those words and techniques that can really bring them back to your brand.”
“Brands should tell a story, should build some kind of connection with your audience, using words, using visual imagery, using metaphors that actually make people think of you and your promise when they think of their company name.”
BUSINESS REVIEW IS A PRODUCTION OF LIVINGSTON AND MCKAY AND THE HANKAMER SCHOOL OF BUSINESS AT BAYLOR UNIVERSITY.