Naming your business is a hectic process. You want to go with a name that will incorporate both your values and your company’s distinguishing characteristics.
There is never too much overthinking when coming up with a business name. Business names are usually the first thing customer is exposed to, and if they are obscure or irrelevant, such businesses will be at a disadvantage from the start. That is why names are important for the growth of businesses and they should convey what you are all about. A business name should be simple, short, memorable, relevant, unique, and catchy.
Below are some reasons that show the significance of a good business name.
1. Stronger Branding
What comes to mind when you hear McDonald’s or KFC? Juicy burgers or fries and fried chicken? This is what branding is all about – giving an experience. Strong branding is what sets a business apart from other similar businesses and a great name helps with that. The business name defines what your company is about (Its mission and vision)
Try to come up with a name that is clear and allows for growth in the future. A name that will resonate not only with your customers but also with your employees!
Quite a few factors go into naming your brand. Simply thinking of a name for your business from the top of your head isn’t a reliable strategy. The best brand name is what defines what you do in 1-2 words. So if you know your brand well, coming up with a perfect name for it will be a piece of cake.
2. Lasting First Impression
As naming business is your first step into the industry, make sure you go with one that stamps your identity in the industry. “A first impression is the last impression” – many would agree with this statement. The entire customer experience is dictated by the first impression so it needs to make an impact. A catchy and memorable name stays in a customer’s mind and increases chances of retention which every business wants. Whether it’s a company name for cleaning services or a large corporation, a lasting first impression is equally significant no matter what the type of business.
3. Potential To Go Viral
Social media has attributed to the success of many businesses. Not just businesses but many influencers are also naming themselves to be memorable!
Brands these days are going hard on their social advertising strategy because that is where their customers are lurking. Social media has the greatest potential to make something go viral. Having a sticky business name can do wonders for your business. If your business can afford to be creative, then opt for a name based on some slang. It will encourage more likes, comments, shares of your posts, and more reach = more business!
4. Creates A Foundation
Your vision. mission, logo, and marketing strategy strongly depend on your business name. A business name provides a foundation for everything else that will follow. A good business name will generally inform people what you do and will leave no room for confusion. That is why it is crucial to have a business name that aligns with your brand’s goals and objectives.
5. Gives Motivation
If you’re a founder of a business, you must have given a great name to it. Chances are it is about something you’re passionate about. For example, A business that is named after a family member is bound to inspire confidence and motivation in its founder.
You want people to see your business the way you do. Names have a lot of power and can become a source of motivation in difficult times. They remind business owners why they started it all in the first place. There will hardly be any founder out there that doesn’t like his/her business name.
6. Word Of Mouth
Word of mouth is the most valuable asset a business can have. People spreading the word about your business is always better than a business promoting itself. We are more likely to buy something at the suggestion of our friends and family.
People often suggest their friends and families buy a certain product or service. And when they suggest, they name your brand. That is why having a memorable name is significant for word of mouth. What’s the point of having a great business if your customers can’t even name it or worse – can’t remember it!
7. Easy To Search
Having a unique and memorable name helps people find your business easily, on the internet or in your local area. Long gone are the days of yellow pages. Now people just type your business name in the search engine every info related to it pops up. If you’re a local business then most of your customers will be local. People will have an easier time giving directions to your business if your name is simple, memorable, and clear.
8. Important For SEO
Like we said before, long gone are the days of yellow pages. Now it’s all about the search engines. The business name is not only important for business but also SEO. Google or any other search engine will rank your website higher if your business name is relevant and close to your niche. And a higher ranking means more business!
Words are powerful and that is why your business name is the first most important thing you create. Just a few words can convey the whole purpose and experience of your brand. It differentiates you from your competitors and identifies you among millions. This is why a considerable amount of time and energy should go into creating a unique, simple, memorable, and catchy name. Name your business to be memorable!