When you’re choosing a company name, you could find people who tell you not to worry about a name because they believe there is not any tangible value to a business name. These same people think that names are just a waste of time and resources. However, in actuality, studies show that easy-to-pronounce, memorable names outperform unexciting names on the stock market by 33%.
If you don’t want to look at the direct monetary value a unique brand name brings, you should reflect on the inverse. How can a poor business name diminish your brand’s presence in the corporate world? Let’s consider all of the outcomes.
A Weak Name Won’t Create a Solid Brand Foundation
In today’s contemporary market, first impressions matter more than you might think. Frequently, the brand name is the first thing a likely client or customer hears about a business. Your brand incorporates everything from your name and emblem to your mission and ideals. It includes who you are, and should all be ingrained in the name
If your name isn’t strong, it will not be able to support the overall weight of your business. If individual’s hear your name and don’t comprehend what your brand it about, they will move on pretty quickly. The name must create questions about the business and interest the audience. It should condense who you are and who you will become one day.
The name is basically the personality of your company.
Fail to Capture the Attention of Audiences
Your audience is possibly stunned by the number of choices available in today’s market. You may be providing unique services or products, but without a solid name that captivates your audience, you may lose consumers. If your name does not interest them immediately, they will move on to the next business without investigating the options you offer. This means that you would lose out on potential income sources.
As great as your business may be, if you don’t have a way to form a relationship with your audience as early as possible, you risk alienating an audience. Even if the brand name catches just a few extra customers, it’s worth investing time and resources into.
Drives Customers Away
As much as your name must enthrall your audience, you must also make sure it does not disaffect your potential customers. Difficult, unclear, or rude names may lose your business a large percentage of your customers. Avoid cringey or embarrassing business names because they will likely drive your target audience away while sending the wrong message about your brand.
Rude and offensive names are even riskier than confusing names. If your name is even accidentally offensive to a group of people, you risk not only losing prospective sales from that group, but also from people who affiliate themselves with the group you offended.
Audience testing is a quick and easy way to certify that your name does well with your specific target demographic.
A Forgettable Name = A Forgettable Brand
Even if a customer wants to share your brand name with family and friends, if the name is too ordinary or confusing they undoubtedly will not remember it. If your audience cannot remember your name then you will lose sales and revenue sources.
In 1995, Jeff Bezos made an online book seller named Cadabra, Earth’s biggest bookstore. It was supposed to be a shorter version of the magic word “abracadabra,” but Bezos found that the name was not easy to say or remember. It was too hard for his audience to understand, and many simply did not pick up on the reference to magic. And, some people would mistakenly hear “cadaver” instead of Cadabra when they were in a loud room. Finally, after thinking of replacement name possibilities with his wife, Bezos renamed his company name to Amazon, and then the company really took off.
A great name makes for a memorable brand your audience will never forget. Ensure that your business does not fall to the wayside by coming up with a creative and memorable name. Browse some extremely effective brand name ideas to get an impression of what names interest you the most.
Referrals create more business, and referrals work through solid brand names. Devoting your time and resources into your brand name will be worth it in the end because it will escalate your profits in the future. Every small aspect of your brand adds up in the end, and if your name helps you get a few more chains of referrals and additional different, then it makes a difference and is worth your time and effort.
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 winning company name ideas.