One of the most crucial decisions you make when starting your business is its name because it has an immense influence on how consumers and investors view your business. In the modern business environment, name recognition is essential. To ensure favorable recognition, consider a few factors beforehand.
Why the Name Matters
Names have to be memorable and easily recognizable. If your brand name is too similar to an already established brand, it will be far too easy for customer to confuse the two. That won’t allow you to stand out from the crowd, and it will become challenging if not outright impossible for your brand to come into its own identity. Being distinct is hugely important.
You may have noticed that many companies with longer names often adopt an acronym or some sort of shorter moniker. That’s not a mistake. Keep in mind that many well-known brands generally have a one or two syllable name. Those names are easy to say, and they’re simple enough that memorizing them isn’t a problem. Brands like Nike and Reebok are known globally. Even people that aren’t passionate about sneakers or athletic wear are quite familiar with them. As a rule, uncomplicated and easily learned should take priority over unique and complex.
Do Your Research
Search the Internet and look for any companies or other brands that are using names like yours. Unflattering comparisons are never helpful, and you don’t want people to associate your brand with something entirely different. Perhaps even worse, being mistaken for a competitor could directly undercut your profits and market share. No customers should ever be confused or tricked into buying something from another company, believing that it’s your product. Counterfeiters are quite real and problematic, but you shouldn’t be making it easy for them, much less sending them your customers by mistake.
Logo and Goods
Are you going to be using a logo as well? Will there be a stylized version of your brand’s name? Will the logo always be accompanied by the name, or will they sometimes be used separately? You should already have these decisions made. Having a great logo can be just as helpful as having a good name. The two will eventually be associated with each other, perhaps to the point that they could even be used interchangeably. As with a name, simpler is often better. Overly intricate and detailed logos are generally less easily recognized. The Nike “Swoosh” is a great example of plain but effective.
Choosing a name is one of the most creative and exciting steps of starting a business. When you’re looking to establish a working capital line of credit in Green Bay, WI, you should clearly convey your business’s identity and goals to customers and investors; your name does just that. Make sure that yours sends the ones you want.