What is the Importance of a Great Business Name?
Your target audience, customers, and the general public are going to recognize your business by its name- so the name you choose for your business, and how easy it is to remember, can make a big difference in the success of your company. There are currently more than 350 million active domain names in the world. And creating a unique name is extremely important to stand out in the crowd.
Your business name, followed by your website’s domain name, is crucial for your company’s success. According to a study conducted by the Society of Personal and Social Psychology, stocks of companies that have easier names perform better than stocks with difficult company names.
So why are business names so important?
1. First Impressions Matter
Business name is the first thing that customers see and first impressions matter a lot in building long-term relationships. It plays an important role in branding success.
- The name sends across a message
- It makes your business memorable
If your company has a short name that is easy to remember, it can have a long-term positive impact.
2. Name Speaks About Your Company
A business name can trigger certain emotions in your target audience. It sums up what your company stands for. Imagine what kinds of message popular brands like Nike, Adidas, and Apple send across, where consumers are not only eager to own these brands, but also to wear their logos.
A Business Name Generator tool can help you find the best name for your company or brand. You can use such a tool using the following steps:
- Use 3 words that perfectly describe your business
- Use your USPs in the company name
- Consider your location (for local businesses)
- Keep it short and memorable
- Create a list of many names and compare them
A business name generator will come up with the names that best define the information you input. It will check for its availability based on domain names to ensure you can have a custom domain when creating a website for your company.
- Your business name gives a brief summary of what your company stands for
- The name has associated beliefs and values attached to it
- When someone listens to a company name, they think of much more than the products
Your business name is your unique identity within your industry. There can be hundreds of competitors in just your region. Even if it is a new niche, it is likely to draw new entrepreneurs. This means that there will be many businesses providing services similar to yours.
So how will you stand out from the crowd and why will your target audience choose you? It is branding that can help you be unique and different. Your brand name makes things possible for your company.
Important Branding Stats
The following stats should help you gain deeper insights into branding:
- It can take up to 7 impressions for people to remember a brand
- Color can increase brand recognition by a staggering 80%
- When a brand is shown consistently across all different platforms, revenues can increase by an average of 23%
- Studies show that 68% of men and 64% of women feel emotionally connected to a brand
- 59% of shoppers like to buy from a brand they trust
Thus, there are many reasons for creating a brand name that speaks volumes to your target audience. So how do you choose a name that can make all this difference?
Creating the Perfect Business Name
It is recommended to follow these tips when creating your business name for success:
- Use easy to spell names: Easy name business names are also easy to find online. When someone is interested in a company’s offerings, they are highly likely to search online for them.
- Use names that support expansion: It is recommended to choose a business name that may seem to narrow down your profile in the future. Your business is going to grow and expand in the future. The name should be future-ready.
- Online search: Make sure to do a thorough online search before finalizing the name.
- Get a .com domain: It is recommended to choose a .com domain for your website. The .com domain is seen to be associated more with a well-established company. The same applies to your social media profiles.
Your business name should convey a relevant meaning. It is also important to check whether the name is catchy or not. You should create a list of multiple names and get feedback from those around you. It will also help if the name sounds good.
So follow all these tips to ensure that you can create a business name that defines success.