Every brand wants to establish eternal bonding with their audience. So, they have to resonate with the audience to the maximum. Strategic brand names are the best way to resonate with the audience quickly. Your brand name must be attractive enough to remain in the audience's mouth and heart, which will eventually change into customers.
Four essential strategies will help you create a brand name:
- Individual Branding
- Blanket Family Branding
- Separate Family Brand Name
- Company Name Combined with Individual Name
1. Individual Branding
This strategy says you can use different brand names for various products offered by a single company in the market. Thus every product will get a distinct image. But this strategy is expensive. Therefore, only a few firms like Reckitt Benckiser follow this strategy. Reckitt Benckiser has given different brand names to its products like Cherry Blossom, Robin, Lizol, Colin, etc.
2. Blanket Family Branding
This strategy refers to the use of the same brand name for all the products. It is an economical and straightforward strategy, and brands like Samsung, BPL, LG, etc. follow it. As the new product has an established name during its launch, it will be easily recognized.
There isn't any need to spend significant amounts on building a brand name. Sony is an excellent example in this regard. When they entered the mobile market, they had the privilege of an already established reputation.
3. Separate Family Brand Name
The companies that follow this strategy classify their products into separate families and give different names. Mostly, the companies which produce products of other sectors use these names. The system uses an individual brand name for each category.
Aaditya Birla Group and its products are an excellent example of this category. They use Grasim for their textile brand, Ultratech for their cement, and others like Hindalco and Graviera. Another example is HUL, which uses names like Lakme, Brooke Bond, Kissan, etc.
4. Company Name combined with Individual Name
This strategy combines the pros of corporate branding and individual branding. Tata is the most prominent example of this strategy with names like Tata Salt, Tata Indicom, Tata Safari, Tata Tea, Tata Indica, etc. for their products. Britannia is another example with Britannia Marie, Britannia Bread, Britannia Fifty Fifty, etc.