When you as an entrepreneur are trying to come up with your brand name, you will likely encounter naysays who don’t believe that brand names are worth the time or effort it takes to come up with them. They believe that there isn’t any real value to a brand name. This is because they think that names are just add-ons and will not create success for your business.
However, these people are actually wrong on their beliefs about brand names. Studies have proven that easy, catchy names outperform boring and lackluster names by up to 33% on the stock market. Instead of paying attention to the direct monetary value of a solid brand name comes with, think about the inverse. How can a weak brand name diminish and damage your business’s presence in the market? Let’s think about all of the possibilities.
A Boring Name Won’t Set a Solid Brand Foundation
In today’s fast-paced and competitive market, first impressions are crucial if you want your brand to be a success. Typically, your name is the first thing that your future clients or customers will find out about your brand. You brand encompasses everything from your business name, your logo as well as your mission and values. It needs to encapsulate who you are and who you want to become all in one name.
Will Not Capture Attention
There is an abundance of options of businesses today for your audience to choose from Your audience is likely overwhelmed so you need to make sure that your business stands out from the competition. Even though you’re likely selling unique products or selling unique services, but if you don’t have a solid name that interests your audience, you might lose your target audience. If your brand name fails to capture their attention from the start, they will move on to the next business without examining the options you offer.
An effective business name needs to create a connection between you and your target audience while also giving them something to hold on to. For example, part of the reason why the tech giant Apple is so successful is because of their brand name. An apple is a common object that everyone has experience with. This is one of the most simple, available fruits, and it is a physical, common object. Naming a successful tech company after an common fruit is so interesting which really captivated their target audience.
Drive Target Demographic Away
As much as your name needs to get the attention of your audience, you also need to make sure that it won’t drive anyone away. Difficult, complicated, or rude names may alienate and drive away a large portion of your customer base. Make sure that you don’t select a brand name that is uncomfortable or embarrassing, as these types of names drive audiences away and send the wrong message.
Audience testing is a quick and easy way to double check that your name does well with your target demographic.
A Forgettable Name = A Weak Brand
Even if ones of your clients or customers had a great experience with your brand and really want to remember the name of your business, if your name is too boring they will not remember it. It’s important that your name isn’t too bland or too difficult to say and spell, they will not remember it and not share it with their friends or family. When your target demographic does not remember your name, you will lose out on sales.
A memorable name makes for an unforgettable brand. If you want to make sure that your brand will not be forgotten you need to come up with a snappy, memorable name that your audience will love. Go through some winning company name suggestions to give yourself a better idea of what names capture your attention.
Conclusion
At the end of the day, names are important because they can help you get an extra piece of press coverage or just a couple more few more chains of referrals. A brand name can actually have a huge impact on your business success.
When you are coming up with a business name, keep in mind that a brand name is more than just a simple word. An effective name needs to build the foundation for your brand, and it can be a helpful tool in making your business a success.
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.