When you’re brainstorming a brand name for a new business venture, you may find that certain people will tell you not to worry about your business name. They will tell you that there isn’t any tangible value to a brand name. These people believe that names are just add-ons and don’t have any benefit. They will tell you that names aren’t worth investing time and resources into.
However, research has proven that fun, catchy names outperform bland and boring names on the stock market by 33%. Rather than solely focusing on the direct monetary value that an effective brand name brings, it’s key to think about the inverse. It’s important to consider how a poor brand name can diminish the presence of your brand in the business world. Let’s think about all of the possibilities.
A Weak Business Name Won’t Build a Brand Foundation
If your name is not sturdy enough to support the weight of your brand, you risk losing potential customers. If people hear your business name and don’t understand right away what your business is about, they will move on. The name needs to invite questions about your business while also intriguing your target demographic.
Fail to Attract an Audience
Your audience is very likely overwhelmed by the sheer number of options that are available in today’s business market. You may offer great services or products, but if your business lacks a solid name that interests your audience, you may lose potential customers. If a business name cannot capture their interest right away, they will go on without checking out the options you offer, causing you to miss out on potential revenue sources.
Drive Potential Customers Away
As much as your business name has to interest your ideal audience, you must also make sure that it will not drive customers away. Difficult, complicated, or offensive names may drive away a large percentage of your target demographic. Make sure you don’t choose a business name that is uncomfortable or embarrassing, as they will probably drive customers away and send them the wrong message about your brand.
Offensive names can be very risky. If your name is unintentionally offensive to a group of people, you risk losing sales from that group and also losing sales from the people who align themselves with the group.
Audience testing is a quick and easy way to ensure that your newly selected brand name will perform well with your audience.
A Forgettable Name = A Boring Brand
Even if a customer has a great experience and really wants to remember your name, if it is plain or too confusing to pronounce and spell, they will most likely forget it. When your target demographic cannot remember your name, it is almost a guarantee that you will lose out on sales.
A memorable name makes for a brand that your target demographic will never forget. You can help make sure that your brand doesn’t fall to the wayside through coming up with a catchy, snappy name. Go through some of these successful company name suggestions to give yourself a better idea of the type of names that capture your attention.
Lose Referrals
At the end of the day, your business name needs to be captivating and catchy enough that it differentiates your brand apart from the competition. If you cannot establish a solid foundation for your brand with an effective name, you will lose out on potential customers and any referrals you could have gotten from those customers.
Referrals are crucial to driving new customers to your business, and referrals work through brand names. Investing your time and energy into coming up with a great business name is always worth it in the end because it will help you grow your brand and maximize your profits in the future.
Conclusion
Each and every part of your brand will make a big difference at the end of the day. So, if your name can help you get just one more piece of press coverage, it can make a huge difference. A brand name can actually have a great impact on the success of your business.
When you are naming your business, remember that a business name is more than just a meaningless word. It establishes the foundation for your business, and it can be helpful in driving growth.
About the Author
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.
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