An Unique Business Name. Its About Brand Awareness
Being in my position, I am constantly being pitched new business ideas and concepts. One question I always ask is what will be the name of your business or this particular project? Most of the time I receive some boring same-old name.
Take a second to think about this…
At some point of your business lifespan, you can change everything… except the company name. You can always change the product, logo, rebrand, and so on, but you can never change your company’s name. If anything, you have to create something else under another identity if you want to ditch your name.
For the most part people understand this, but because of that they are scared to be creative when choosing a name, rather they are looking for what I call a descriptive name (i.e. Bob’s Dry Cleaner, The Electronic Shack, etc).
While fundamentally there is nothing wrong with that, the truth is that a boring name does nothing for your brand awareness. Brand awareness is all about separating yourself from the competition. When the consumer is faced with similar options, will your name stand out from the rest?
Take a second to think about some of the popular business and product names today…
You’ve got Pepsi, Gatorade, Bounty, Google, Facebook, and Twitter. I could go on all day, but you get the point. The name of your company doesn’t matter. Its about your product and overall marketing exposure. Years before any of these companies or products were around you would have never known what they were or do, but now these names are almost synanomous with their use.
Instead of saying “go search it,” now they say “Google it.”
Regardless of the paper towel being used, people say “get me a Bounty.”
To sum it up, the determinant of your business’s success is not about how clear your name is. A solid name should be unique and bold. In the end the product should make the name, and not the other way around.
Tags: advice, start a business, start-up