When you are thinking of possible ideas for the perfect business name for your brand, it’s very likely that you will find people who will tell you not to worry about selecting a name for your business.
This group of people believes that names don’t come with any tangible value and cannot add value to a business. They will tell you that coming up with a name isn’t worth investing your precious time and resources into.
However, they couldn’t be farther from the truth.
Research has actually found that engaging, interesting names outperform boring and non-captivating names by up to 33 percent on the stock market.
That is a huge difference!
Instead of focusing on the exact monetary value that a successful business name can add to your brand, it is also important to consider how a weak business name can devalue your brand.
How can a weak startup name degrade and damage your brand’s presence in this modern business market?
Throughout this article, we will consider all of the possibilities.
1. A poor business name won’t set a solid brand foundation
If your business name is weak, it will not be able to carry your brand throughout your future branding exploits.
If potential customers or clients hear your startup name and don’t immediately understand what your business is about, they will probably move on to the next business without a second thought.
An effective brand name should invite questions about your brand while also interesting and intriguing to your audience. It should capture the essence of your brand in addition to where you see your brand expanding in the future.
The name of your business is basically the crux of your brand. If it is not strong enough then it will fail to support the weight of your brand and cannot set the stage for your success.
Weak business names will crumble under the pressure and can ultimately lead to disaster for an up-and-coming business.
The success of your new business rests on the name so make sure that you are setting your brand up for success by selecting the best name possible.
2. Fail to capture audiences
Your target demographic is likely already overwhelmed by the staggering number of options business available in today’s modern market.
Even though you are probably offering unique services or products that your competitors can’t provide, without a successful name that interests your audience, you risk losing potential customers.
If your business name does not capture their attention right away, they will probably move on to the next brand without getting to know all of the options you offer.
This can be very detrimental for a startup and will cause your business to lose money.
When customers are disinterested by your brand name, they will not get excited to see the products or services you offer which will ultimately cause you to lose potential customers and referrals.
3. Drive audiences away
Even though the goal of your brand name is to capture the attention of your target audience, an effective name should also make sure it does not drive them away from your business.
Business names that are overly confusing to say or spell, difficult to understand, or just plain offensive could drive away a large section of your target audience.
Just make sure that you don’t select a brand name for your business that is overly uncomfortable or embarrassing because names like that are known for alienating large sections of the population and sending the wrong message to your target audience.
Audience testing is a simple and surefire way to make sure that your name will perform well with your chosen target audience.
Through audience testing, you will be able to suss out which types of names perform the best with your target demographic.
Not all people respond to names the same way so it’s important to find that out through audience testing.
For example, millennials aren’t fond of traditional and classic business names because they prefer fun and unique brand names.
Audience testing is very helpful to double check that not only you like the name but your audience will like it as well.
4. A forgettable brand name = A forgettable brand
A memorable business name makes for a brand that your customers will never forget.
Double check that your brand will not fall to the wayside by brainstorming a name that’s equal parts snappy and memorable name.
Peruse some of these winning company name suggestions to give yourself a better idea of the type of names that will capture your attention.
Set yourself apart from the competition with a unique and memorable name and you will see it pay dividends in the future.
5. Lose referrals
An effective business name not only will captivate and attract an audience, but it also drives referrals and make sharing the word about your brand even easier.
Even if you had a satisfied customer use your services or buy your products and they can’t remember your name or if they find it too difficult to say, they will be less likely to share the name with their family and friends.
This means that you will ultimately lose out on those possible sales from referrals because your business name was too weak to support your brand.
This is why it is so crucial that you, as the entrepreneur. Select a brand name that will immediately interest your audience and set it apart from the crowd.
A unique business name will help you get more referrals which will help you grow your business.
Every minute aspect of your brand adds up in the end, and if your name can help your business get a few more chains of referrals, it makes all of the difference in the world.
After all, a great business name can positively impact your business success.
When you are coming up with a business name, make sure that you keep in mind that a name is more than just a simple word.
A name should create the foundation of your brand. A great name for your business will establish a solid and strong base that will support your overall business.
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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.