Why the name of your business matters

Why the name of your business matters

The name of your business is one of your main brand identifiers. It influences first impressions with customers, partners, investors, and the general public, and it needs to be unique for your business to be remembered. However, coming up with a name for a business is not an easy task. Your business name has to help your prospects by being catchy and meaningful as well as having longevity. That means that it has to age well and be relevant for years to come. 

Although rebranding is an option in the future, you should always pick a business name with a lot of forethought and research. If you are stuck on names, you can always get help with branding, but you should aim to choose a name that reflects the voice and personality of your business.

Here are four big reasons why the name of your business matters.

It can improve your digital presence

Even if you are mostly running a brick-and-mortar business, your online presence is very important. We live in a digital age where people turn to the internet when in need of a product or a service. That means that they will be presented with a variety of choices when they describe their need to search engines. You want your business name to instantly pop out during these searches, which helps you with lead generation

You must research a name before settling on it. Check website domain availability and think of hashtag visibility in the future. If your name is too common, your desired domain name might be already taken. The similarity in names can even confuse people and make them think that you are the same business with a completely different company. You can easily avoid this from happening by simply Googling the name. A recommended option, however, is to dive deeper and do thorough analysis with a media monitoring tool.

Monitoring tools or platforms can show you how often a brand name is mentioned across all media and with what sentiment. You could pay a company to do the research for you and provide you with a detailed report. Remember, in the future, you will have to monitor the performance of your PR campaigns by following the number and types of brand mentions. If your name is too common, you will face a lot of spam, making it harder for you to get accurate results on your share of voice (SOV). 

A vague name can affect your brand reputation in the future 

A business name might look good when written down, but it must be easy to understand and pronounce. Some businesses incorporate foreign words, numbers, and special characters in their names. Although it might look pretty, it is not always functional. The same thing is true for long names. People should be able to read the business name with ease, remember it, and feel confident when pronouncing it. No good word of mouth begins with the sentence: “I don’t know how to pronounce the name, but they have good cupcakes.”

Another thing to consider is influencer marketing, which is currently one of the number one ways to position your brand in front of your target audiences. You might think that an influencer mispronouncing your business name is not a big deal, but it can lead to a lot of ridicule online as well as a misrepresentation of your business. People might pick up the mispronounced version by thinking it is the right way to pronounce it and roll with it. As a result, you might need to pour a lot of money into PR campaigns to fix this problem. 

Names describe what your business is about

Your business name should provide brand clarity. That means that it should instantly inform customers what your business does and communicate your brand values. For example, while consulting business names should instil trust, design studio names have to convince the customer that they are creative. 

However, be careful not to pigeonhole your business and make it harder to expand. As mentioned previously, you have to make sure your business name can age well. For example, your business might have started as a shoe brand, but as it gains popularity, you might consider selling bags and clothes as well. If your brand name clearly states that you sell shoes, you are limiting the potential of its growth by creating a very narrow image of the brand in your customers’ minds. They are less likely to come to you for bags and clothes if they think that shoes are your speciality.

Memorable names can increase sales and attract the right talent

A strong brand name carries emotions and encapsulates values that people or other businesses like to be associated with. If the name sticks in people’s minds, they are more likely to choose you when looking for products or services. It can also attract talented individuals who would like to work for your business and have it on their resume. If your name evokes strong emotions in your employees and they are proud to be part of your business, they are more likely to be interested in helping it grow.  

That all said, coming up with a memorable name is easier said than done. If you are stuck and cannot think up a name, a good approach is to use a generator. For example, the Shopify business name generator can help you get started and move in the right direction. Once you are happy with a name, always do some due diligence to ensure that the name is not trademarked. You do not want to be slapped with a lawsuit as soon as you start your business. 

Final thoughts

A good business name is impactful and captures attention when put on a building’s entrance, on your website, or even on a Dibond sign. Naming your business should be like investing: deliberate and with ROI in mind. Always make sure that the name you choose clearly defines what your business is about, reflects your values, and leaves space for your business to evolve in another direction in the future.