What’s in a name? More than you might think, especially if you’re building a luxury brand from scratch. Coming up with the right name can be an arduous process, but one that must be done correctly to create the aura of exclusivity you want your luxury brand to have right from the start. When naming your brand, don’t make these common mistakes because that could mean the difference between success and failure—or worse, mediocrity.
What Makes up a Luxury Brand Name?
Choosing a luxury brand name should be thought of just like choosing an actual person’s name. Most parents spend lots of time thinking about names that fit with their family dynamic and sound right for their little boy or girl. Similarly, when building your luxury brand, you want to put lots of time and consideration into picking out your brand name. It needs to match your company’s mission and vision, but more importantly, it needs to encapsulate who you are as a company. When naming your luxury brand, think about how it will sound aloud; you want something that sounds elegant and refined rather than cluttered or busy.
Ensure your logo reflects your Brand’s Personality
A logo is arguably one of an entrepreneur’s most important branding tools, and it can easily become a retail name. Consumers often see your logo and instantly connect it to your company and its products. Ensuring that your logo reflects your brand’s personality is crucial. Before selecting a retail name, take some time to really think about how you want consumers to feel when they hear or see your logo or business name. Are you trying to create an established brand with cachet and finesse? An edgy, innovative brand? A youthful, hip brand? Only after considering these elements should you start brainstorming potential names for your luxury brand.
What makes up Luxury Brands Retail Naming?
Three main components make up a luxury brand name. First, there is going to be either one word or two words in your brand name. Next, you have to think about if you want to have any numbers in your brand name. After that, you need to decide if it will be a compound or a single word brand name. So when building a luxury brand from scratch, here are five things to keep in mind before naming your retail company. These five questions will help you build a luxury brand: How will your new retail company stand out in today’s increasingly crowded and noisy marketplace? How is your product or service different from others on the market, and why should customers care about that difference? What does your future brand stand for—and how can it impact people’s lives through value, connection, culture, design or sustainability? Who are you creating your new brand for, and what kind of lifestyle do they lead? Are they high-net-worth individuals with big budgets and fast-paced lifestyles, technology-driven trendsetters; an aspirational middle class of aspiring luxury consumers; or Millennials interested in frugality and authenticity?
How Consumers perceive luxury brand names?
Several studies have been done to gauge how consumers perceive certain brand names. In particular, luxury brands with names that include words that are perceived as luxury-oriented, such as beach or silk, may be interpreted differently from those that don’t contain such words. In one study, researchers showed participants two identical objects – one with a brand name incorporating a luxury word and another with an identical product name but no luxury word – and asked them to make a purchase decision. When given a choice between one of these products and an alternate item labelled as economy version for less money, participants said they would choose the product without the luxury word.