The importance of a company nameNameB
When parents name their children, they determine part of the child’s future. Generally nothing life-changing, at least hopefully. Before we dwell into the otherwise interesting but not really relevant subject of philosophy, let’s spin this around and change the context. What do you think, is the naming process of your business could be equally important? Not talking about sentimental values, obviously, rather a purely business-like aspect. The answer is not simply a resounding yes, but it needs an addendum as well. It is clearly more important.
Your company name cannot change its fate
While a child can overcome basically any possible difficulties that an unfortunate first name or family name can cause, your company might not ever get that chance. It is proven that a name in business, is basically equally or more (!) important than the product or service itself. If you have an excellent service but a rather unimportant or borderline ridiculous brand name, you will have a hard time growing the business behind that product. Conversely, your service or product can be average, yet you could still able to sell the living soul out of it because of an excellent name and/or savvy marketing tactics.
How to get the company name right?
Most entrepreneurs have some kind of idea regarding the naming process of their business. That’s not to say these are all good ideas. Some will try to give their company a trendy name, totally missing the big picture. Others, of course, will get it right. The truth is that there is no surefire way of making this happen. Yes, the general rule of thumb says that your name should be short, relatable and memorable, but there are multiple examples out there that cannot really be inserted into this particular scheme. Still, if you want to start somewhere with your company name, that’s a good place for it. Being short, relatable and memorable that is.
Establish your identity in your company name
The name should enhance the identity of your business and vice-versa. If in addition to that, it can also reflect some unique qualities (be that the idea behind it or some smart wordsmithing), you will be well on your way towards developing a company name that will help your business reach the highest levels of brandability.
Advantages of company name
Your customers will identify that brand name with your product and vice-versa
Your consistency and professionalism will shine through
Branding creates a certain expectation while implying the presence of a quality service behind the product
Customers will trust your services much more willingly if your name stands out of the crowd
People will want to invest in your service because of the high standards you set
A strong business standard will help you outmuscle your competitors
A strong identity will be associated with the name
Your customers will start to market your service wherever they go and the subject comes up
There are other qualities to a great business, but if you can come up with the right name and put an effective product behind it, your chances of succeeding will increase significantly.