Selecting a brand name
One of the key decisions when bringing a new product to market, particularly if it is going to be under the umbrella of a new brand, is the brand name selection.
There are two approaches to brand name selection.
The first approach is to have a brand name that is somehow reflective of the benefits or unique features of the product. The second approach is to create an unusual or distinctive brand name, perhaps by even creating a new word, with the intent of building brand awareness and brand equity over time.
Relationship Of Brand Name And Age
Is it true in the case of Brands, Brand Name such as Apple, Amazon, Coca Cola etc. Is it true that old people stick to their old brands, even when competitive brands have come in market? Does the relationship of brand changes with the age. Is it the same brand when you are old?
Somewhere I read that brand following is like “U”, means, age group of 35 to 65 follow the same brand throughout this age bracket.
Age Group Of Generations
For the sake of this article, I will be focusing on four different age group generations:
1.Generation Z, or iGeneration (Teens & younger)
2.Millennials, or Generation Y (18 – 34 years old)
3.Generation X (Roughly 35 – 50 years old)
4.Baby Boomers (Roughly 50 to 70 years old)
There is some evidence that the use of brands does not change with age which appears to be untrue in the modern world.
Let us take the example of coca cola. One of their old ads says” it is family affair” showing the taste of old and young. Following is what I found on their website
“Coca-Cola touches the lives of millions of people each and every day. From special occasions to exceptional moments in everyday life, Coca-Cola is there. The brand has become a special part of people’s lives.”
In 1985, Coca-Cola Company announced a change to its nearly century-old secret formula.
The new Coke was smoother, sweeter taste — similar to Diet Coke, but sweetened with corn syrup. Market researchers and pollsters were sure it’d be a hit.
But what happened ?. The old age group disliked the new taste and wanted the same old taste. The consumers, old or young started to shift to another upcoming brand “Pepsi’.Similarly, the old generation jumped the fences from bata shoes to other brands with changing times.
Theory of “U” is not true in this case study.
In the present with the rapid pace of changes in the habits of consumers, the brand has to keep moving with the latest needs of consumers. In this competitive new world, a brand needs to be agile enough to be in the relationship of customers and keep studying the changing patterns of their needs. What, I conclude “A brand once established does not survive if they can not change their products according to prevailing requirements.
Brands need to be authentic, consistent and clearer than ever, about their core purpose to be able to win the attention of new consumers and also retaining old one, to continue to build relationships for a long time. Brands need to have clear and consistent values, as well as creative ideas that are flexible and easily delivered, without straining the overall integrity of the brand.