Extrinsic and Intrinsic Quality CuesĮvery brand name gets its values from intrinsic and extrinsic quality cues.Īs you might have guessed, intrinsic cues are inherent to a product. This is why it’s important to understand where brands get their value from. What works for a clothing retailer might not work for a car accessories manufacturer. More: How to Reflect Your Brand Personality in Your Emails: 10 Examples The Two Pillars of Brandingīrand names don’t exist in isolation. You can get the same benefits by truly understanding how brand values work. Major brand consulting agencies such as Igor or A Hundred Monkeys will charge you upwards of $1M for it. It’s about testing creatives, surveying potential customers, analyzing competitors, and most importantly, understanding what gives brands their value.
This is why Sean Parker advised Mark Zuckerberg to drop the The from Facebook your name is far more important than you realize.įinding a brand name that works is more than just a matter of brainstorming over a weekend. However, consumers perceived greater risk if the store’s own brand image was weak. One study concluded that brand names of products sold in a store had no impact on consumers’ risk-perception while shopping.Another study found that consumers are more likely to pay more for a store’s own brands if they have a positive perception of the store brand itself.A joint study by the University of Miami and California Polytechnic Institute found that store name and quality of merchandise are the two biggest contributors to a store’s perceived image.(Imagine saying just Lycos it - doesn’t quite roll off the tongue, right?)Īs a number of studies have shown, brand names have a marked effect on how customers perceive your business: For a company that sells an activity (searching), that’s a big plus. Unlike its competitors at that time - Lycos, AltaVista, etc. - it can also be turned into a verb. It’s short, quirky, pronounceable, memorable, and easy to write. Google’s name had a not insignificant hand in the search engine’s success. What’s in a Store Name?Ĭan you imagine saying why don’t you BackRub it?
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