This post was most recently updated on February 5th, 2019
As you try to come up with names for your brand, you will encounter people who believe that the business names are not worth worrying about. These people believe that there isn’t any tangible difference that a business name can make for a startup. Theses naysayers think that brand names are just frills that they don’t want you to invest your time and resources into coming up with the perfect name. However they couldn’t be farther from the truth, research has actually proven that easy, catchy names outperform boring names by up to 33% on the stock market.
Instead of paying attention to the direct monetary that can come from a solid brand name, why not consider the opposite. This is the perfect time to reflect on how a weak brand name can damage the value of your brand and hurt your presence in this modern business world? Let’s think about all of the different possibilities.
A Poor Name Won’t Set a Solid Brand Foundation :
The modern market can be incredibly competitive so you’re likely well aware that first impressions are everything. In general, your name will be the primary thing that your target audience will find out about who your brand is and what your company does. Your brand needs to encompass everything about your business including your name, logo, values, beliefs and mission. Your brand needs to cover everything about who you are and it should all come together with your name.
Fail to Capture Audiences:
In addition, another purpose of a startup name is to create a connection between yourself and your target audience while also giving your target market something to remember about your brand. For example, the giant tech company Apple has an extremely successful company name is important because all of their target audience have experience with fruit and apples. Apples are extremely basic, accessible and tangible. They are an everyday object that everyone will understand. That’s why naming a tech company after a common fruit is so interesting. The name does a great job at captivating their target audience because it sparks interest and makes people want to learn more,
Even if you have the best idea for your business, if you don’t have a name that creates a point of connection with your audience as early as possible. If your name fails to captivate your target audience, you risk losing out on potential customers.
A Forgettable Name = A Forgettable Brand :
It’s an amazing thing when one of your customers wants to remember your name. It means that they had a great interaction with your company, but if your name is too boring or too confusing, there are good odds that your customers will not remember it. When your customers or potential customers fail to remember your name, you won’t get as many sales as you could.
A great example of a name going from forgettable to memorable is when Jeff Bezos created a gigantic online book retailer called Cadabra, Earth’s biggest bookstore. The name was supposed to be short for the popular magic term “abracadabra,” but Bezos quickly found that the name didn’t catch on with the intended target audience. The name was too confusing for people to pronounce and understand, and very few people picked up on the reference to magic. Another issue was that some customers misunderstand it as “cadaver” instead of Cadabra. Finally, Bezo’s wife came up with an even better name for the company. Once the name was changed to Amazon, and the company really took off.
A memorable name is perfect for a business you want your customers to never forget. You can make sure that your brand becomes a priority for customers if you come up with a fun and memorable name. Check out some of these winning company name suggestions to get yourself a better idea of what names will work well with your audience. Audience testing is a quick and easy way to confirm that your name will do well with your intended target demographic.
Lose Referrals :
A great name should enthrall and interest your target audience, while also driving referrals so that it is even easier to grow your business. If someone can’t remember your name after having a great experience with your company, or if they find it too hard to say your name out loud, they will be less likely to share the name with your friends and family. Without a solid brand name, it is very likely that you will get fewer sales because your name was too weak to carry your brand to success.
In the end, all of the elements of your brand add up to make or break your business. A great name is worth it if your brand can get an additional piece of press coverage or a couple more referrals from customers. A startup name can really impact your business success.
When you take the time and start coming up with a business name, remember that the name can really affect your brand’s success. It establishes the foundation for your startup, and it can be an extremely helpful tool for your brand!.
Grant Polachek is the Director of Marketing at Inc 500 company Squadhelp.com, the worlds #1 naming platform, with nearly 20,000 customers from the smallest startups across the globe to the largest corporations including Nestle, Philips, Hilton, Pepsi, and AutoNation. Get inspired by exploring these creative business names.