Naming your brand is always a hard task as you know that it must be unique, simple to understand and meaningful. There are a variety of strategies followed by companies to name their products and services. Here are some successful brand naming strategies and advantages and disadvantages of them.

• Brand naming with simple meaningful words/phrase like a name, phenomenon, popular thing, feelings, etc. This strategy works well if your product corresponds to the name/phrase, is easy to popularize. The demerit is the brand name will be less unique, and sometimes may need too much advertising and marketing; and is also hard to tell that it is going to work or not.
• Brand naming with simple but unique words/phrases (often from other languages). Advantages involve easy popularization, less advertising costs and good first impression. But this strategy has high failure rate, never works without advertising and hard to find these new names.
• Using acronyms to name the brand. This strategy is getting widely popular now, acronyms doesn’t need a meaning (if a meaningful word then very good), easy to remember, easy to design and identify, are unique, and can be handy with foreign-language speaking peoples. But need too much promotion and is not so favorable with small and medium businesses.
• Extending your existing brand name. This is probably the cheapest strategy and works really well if your current brand is a success and your company is a reputed one. But the demerit is if your new product fail it can also affect your old trusted product.