Many people mistakenly believe that a brand name is fluff, that it is not worth putting much time or thought into because it has no tangible impact on the outcome of the brand. However, this is simply not true. A strong business name has a concrete impact on the success of your business.
Studies show that businesses with catchy names perform up to 33% better on the stock market.
In today’s oversaturated market, a great brand name can help your business stand out from the crowd. A great name can attract your customers and boost profits. In this competitive world, any leg up is a good leg up, and a great name can set a solid springboard for your business growth.
When choosing a company name or a name for your startup, brand, business, company, or product, finding a captivating name will help propel your business to success.
1. BUILD THE FOUNDATION OF YOUR BRAND
First impressions matter. If your business name aligns with what people want and expect from your business, you are more likely to snag them as a client or a customer.
Your brand name is your identity captured in one or two words. Imagine if Instagram went by Quick Picture Sharing App. It probably would not do nearly as well, and users probably would not be as keen to download the app or check it daily.
If you manage to get a better first impression from a better business name and attract even 10% more clients, you will be bringing in more revenue that allows you business to grow.
2. GREAT NAMES GRAB ATTENTION
The average consumer is constantly bombarded by companies and products all vying for their attention and business. A name is a great way to captivate and retain attention while standing out from the competition. The longer you manage to hold a potential customer’s attention, the more likely you are to sell to them.
Think of typical tech company name: IBM, DEC, HP, MassComp, Apple. Which one jumps out? The answer is clear. Apple’s bold move with their name sets them apart and has contributed to their success.
Your name does not only impact the perception of your brand, it contributes to your sales. Customers who are purchasing your product or visiting your shop make snap judgements, and the seemingly small details like a name can actually influence what they gravitate towards.
3. BOND WITH YOUR CUSTOMERS
Your name is your first and most enduring connection to your target audience. A name can appeal to their desires and make promises about outcomes. It can appeal to emotions and inspire people.
You want your company to connect with your ideal customer. Your name can make instant connections: convey a meaningful idea like Triumph, hint at a meaningful outcome like Greenpeace, foster curiosity like Oculus, or promise a great experience like Google Play. The stronger bond you build, the more likely you are to keep people coming back.
Consider how your customers will connect to your business name. They may gravitate towards it due to emotions, visual appeal, a lovely sound, or curiosity. Deciding on a brand name resonates with your market will convert them from casual users to loyal brand advocates.
4. BUILD BUZZ
Difficult brand names don’t get discussed. When information can be processed and understood easily, people develop a natural affinity for it over an idea that is more of a challenge to comprehend. Ensure that your customers can remember and repeat your name so your brand gets talk about, not left in the corner.
You need your customers to be excited to share and discuss your business name with family, friends, and online communities. A confusing or unappealing name won’t cause your customers to get excited about your brand and product.
A name that generates just a bit more buzz will boost sales. Let’s say there are two brands of natural deodorant that a customer is trying to decide between. If they have heard a few colleagues or friends discussing how great Myro is, they’re more likely to try that one over one they have not heard of. The advantage a great name provides is in the way it sticks in people’s minds.
5. DRIVE SALES
Have you ever had one of those moments where you are trying so hard to remember the name of a brand, but it just is not coming to your mind? If a name cannot be remembered quickly and easily, the company risks losing business. As I mentioned earlier, people lose interest quickly in this competitive market.
We’ve all had those moments when we’re desperately trying to recall the name of a business. If we don’t remember it quickly, when we need it, then that company has lost a potential sale.
With the bottom line of your company depending partially on the ability of potential customers to remember your name, the importance of selecting a memorable cannot be ignored. Have a memorable, captivating business name is likely to lead to more downloads or sales.
Even marginal differences should not be ignored because every sale adds up.
6. BOOST SAVINGS
Ideally, your business is the first one your audience thinks to turn to when they have a problem that needs to be solved. Maybe they need a good bag of coffee or have to order a car part online. If your customers have your business name at the forefront of their minds, they will be much more likely to return to you for business. This means that you are investing less in selling to the same people over and over.
In the long run, a captivating name will boost your brand to the top of your customer’s awareness, saving you money and effort. A great name reduces the amount you spend trying to get the same customers returning to your for business. Let a memorable name will do the legwork by bringing customers to you and helping them remember you as time wears on.
7. ENCOURAGE REFERRALS
Organic customer referrals are one of the most rewarding sources of revenue. Creating a remarkable name is a simple way to encourage referrals and let the business speak for itself.
When a customer is trying to recall the name of your business while talking to coworkers, you want them to remember your name immediately. Boring and unmemorable names will lead you to miss out on these important referrals. Just getting one more referral a day from everyone who refers your business will exponentially increase your income. If someone hesitates when saying your name because it’s a cringey or embarrassing business name idea, your company loses out on valuable customer referrals.
8. ATTRACT TALENT
When you capture a solid sense of self in your brand name, and you will not only increase your revenue–you will also be constructing a community that people get excited about joining. An awesome brand name will motivate you and your team every day as well as attract stellar talent.
CONCLUSION
A productive name can help drive referrals, attract talent, capture customer attention, and foster brand loyalty, so it is worth investing in creating a great one. You will see your revenue increase when you have a captivating, outstanding brand name.
A startup that grows steadily to $1 Million in yearly revenue over four years would recoup $1,000 investment in a naming project during those four years if that resulting name increased the company’s overall revenue by only .05%.
Brand Names Matter–that’s why a good name is worth the care, attention, and investment to find. As you continue your search for a great name, get help. Ask for more opinions, or even try crowdsourcing company name suggestions. In the long run, a great name will help guide your business on a trajectory of success.
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 business name ideas.
