It has never been clearer that in this shrinking world, countries and regions and cities have to compete with each other – for tourism, for inward investment, for aid, for membership of the supranational groups, for buyers of their products and services, for talent. So there’s hardly a place left that isn’t thinking hard about its brand image, and most are in need of clear, realistic strategies for communicating and promoting themselves, their culture, their exports, their acts of policy and their contribution to the global community.
A strong brand is the most valuable asset of many successful companies. Brands are assets because, when properly managed, they provide a secure stream of income for the business. But what about your own brand, is it delivering its full value?
Brand Names
There are three basic categories of brand (or corporate) name –
- Descriptive name – A name which describes the product or service for which it is intended, e.g., TALKING PAGES.
- Associative name – A name which alludes to an aspect or benefit of the product or service, often by means of an original or striking image or idea, e.g., VISA.
- Freestanding name A name which has no link to the product or service but which might have meaning of its own, e.g., PENGUIN
The following are also helpful –
- Abstract name – A name which is entirely invented and has no meaning of its own, e.g. ZENECA Abstract names are a sub-set of freestanding names because they also have no link to the product of service.
- Coined name – Any name which is in some way invented. Coined names can be descriptive (CO-CREATE), associative (IMATION) and freestanding/abstract (ZENECA).
- Niche Marketing – Marketing adapted to the needs, wishes and expectations of small, precisely defined groups of individuals. A form of market segmentation, but aimed at very small segments. Niche marketing characteristically uses selective media.