When you’re brainstorming for that perfect name for your startup, you might encounter people who say that business names aren’t worth worrying about.
They believe that there is no tangible value to be gained from a startup name because names aren’t worth investing time and resources into.
However, they couldn’t be farther from the truth. Research has actually shown that interesting and catchy names outperform boring names by 33% on the stock market.
Here is what a poorly chosen brand name can do to your business:
Fail to Capture Audiences: There are so many options available for customers today that your audience is likely overwhelmed. This means that your name is more important than ever at attracting an audience that will choose your business over the competition.
Even though you might have unique services or products, without an effective and intriguing name you risk losing potential customers.
If your name fails to capture their attention right away, they will probably move on to the next options without looking into the amazing options that you offer. This will ultimately cause you to lose potential revenue sources and referrals.
Drive Audiences Away: As much as your name must interest your audience, you should check that it doesn’t drive any target audience.
Avoid selecting a company name that is awkward or embarrassing, as they will likely drive potential away and send the wrong message to consumers.
Audience testing is a great way to make sure that your name performs well with a target audience.
A Forgettable Name = A Forgettable Brand: Even if a customer loved their experience with your business and wants to remember your brand name, if it is too boring, they will probably forget it.
When your target audience cannot remember your name, you lose out on future sales from them and the people they would have referred.
Jeff Bezos created an online book retailer called Cadabra, Earth’s largest bookstore. It was supposed to be a shortened version of the magic term “abracadabra,” but Bezos realized that the name was not catching on with his target audience.
It was too tough for people to spell and remember, and many people simply did not pick up on the allusion to magic.
After brainstorming new potential names with his wife, Bezos switched his company name to Amazon, and then his company really succeeded.
A memorable name makes for a startup your audience will never forget. Double check that your brand does not fall to the wayside by brainstorming a snappy, memorable name.
Go through some of these winning company name suggestions to give yourself a better idea of what names catch your attention.
Lose Referrals: In the end, your brand name should be interesting and memorable enough that it sets your brand apart from the competition.
If you fail to establish a good foundation for your startup with an effective name, you will not only lose potential clients but also the referrals you would have gotten from those clients.
Conclusion: All of the aspects of your brand really make a difference in the end. A name can help you get one extra piece of press coverage or a few more chains of referrals, it can make a big difference.
A startup name can actually positively impact your business success.
When you’re coming up with a business name, remember that a name is more than just a simple word. It creates the foundation for your brand, and it can be a handy tool in driving you to success.
(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 creative business names.)