When you’re thinking up with your brand name, you may find certain people will tell you not to worry about what you select to be your business name. They say that there is not any tangible value to a brand name. These people believe that those names are just frills and extras that aren’t worth investing your time and resources into. However, research actually shows that easy, catchy names outperform boring and lackluster names on the stock market by 33%.
Rather than solely paying attention to the direct monetary value that a successful brand name can bring your business, it’s important to actually consider the inverse. How can a weak brand name diminish the value and presence of your business in the market? Throughout this article, we will consider all of the possibilities.
A poor name won’t create a solid foundation for your brand
In the fast-paced and competitive business market of today, first impressions matter more than ever before. Very frequently you will find that your brand name is the first aspect of your business that a potential client or customer will learn about your brand. Your brand encompasses a lot including your business name, logo, mission and your values. It encapsulates who your business is, and where you see your business growing all rooted in the name.
Cannot effectively capture audiences
Your audience is likely overwhelmed by the sheer number of options available in today’s business world. Even though you may be offering unique services or products for your customers, but without an attractive name that interests your audience, you risk losing valuable customers.
If your name does not capture their attention right away, they will take their business to the next option without exploring the options you offer. Ultimately if you can’t capture your target audience’s demographic then you will lose potential revenue sources.
Drive audiences away from your business
As much as your name must engage your audience, you need to make sure it does not drive them away from your business. Difficult, boring, or offensive names may drive away a large portion of your target audience. Do not select any company name that is cringey or awkward, as names like these are known to drive people away and send the wrong message about your business.
Audience testing is a simple and easy way to validate that your brand name will perform well with your target audience.
A forgettable name = a forgettable business
Even if a customer had a great experience with your business and really wants to remember your name, if it is boring or too confusing to say and spell, they probably will not remember it for very long. When your target demographic cannot remember your business name, it means that you will lose out on your sales.
Jeff Bezos created the online book retailer called Cadabra, Earth’s largest bookstore. It was supposed to an abbreviated version of the magic term “abracadabra,” but Bezos realized that the name was not catching on with the audience. It was too difficult for people to spell and understand, and many failed to understand that there was a reference to magic.
Plus, some people would accidentally overhear “cadaver” instead of Cadabra. After brainstorming new names for the business with his wife, Bezos decided to change his company name to Amazon. After the name change, Bezos really saw his company take off.
Check out some of these winning company name suggestions to give yourself a better idea of what names catch your attention.
Lose out on valuable referrals
At the end of the day, your brand name should be interesting and memorable enough that it sets your brand up for success and future growth. If you cannot create a great foundation for your brand with a successful business name, you will lose not only potential clients but also the possible referrals from those valued clients.
Referrals will be the heart of your business, and referrals work through names. Investing your time and resources into selecting a business name will always be worth it in the end because it will maximize your profits in the future.
Each and every small aspect adds up in the end, and if your business name can help you get an added piece of press coverage or a couple more referrals, it makes a world of difference. A business name can positively impact your business success.
When you are coming up with a business name, keep in mind that a name is more than just a word. It establishes the foundation for your brand, and it can be a helpful tool in creating your success.