Brand strategy is important to create strong brands to market your products and services. Powerful brands are important to create differentiated products artificially to realize profits in even highly competitive markets.
Take the most powerful trademark of the world: Coca Cola. Many firms are able to produce a beverage that tastes similar or even better as the caffeinated lemonade of the Atlanta based company. Nevertheless Coca Cola is able to implement a brand premium for its major product.
You can test yourself whether you are paying brand premiums. Go to the supermarket and compare two tooth-pastes. The toothpastes have the same flavour, perhaps even the same ingredients, but one is a well known trademark, the other a less known private mark of the retail store chain. The brand premium is the maximum difference of the prices you tolerate while buying the product with the well known trademark.
Very important is the brand name. A good brand name should be easy to pronounce, to remember and to recognise.
Furthermore its important the brand name is usable in the local languages of all target markets (international usability). Some fancy western brand names have a rather negative meaning in some languages. It’s important to eliminate those risks well setting up the brand name.
It’s appreciable product names suggest the benefits of the product, suggest usage and distinguish the positioning of the product relative to other competitors.