William Shakespeare once posed the question, “What’s in a name?” In the context of Shakespeare’s Romeo and Juliet, not much. But in a business context, there is a lot in a name. A business’s name is inexorably linked to its brand – for either bad or good. That’s why business names are so important.
An entrepreneur looking to start a new company could brainstorm for hours trying to find the right business name. Likewise, he could use the TRUiC online business name generator. He could even pay a brand expert to come up with a name for him. But whatever name he eventually settles on will forever be linked to his brand.
If you doubt the importance of this link, step back and think about some of the companies you truly enjoy doing business with. Think about their names, their brands, and their products. All three things are linked together. When you think about the products the company makes, you remember its name. When you think on the name, you are reminded of the brand.
Catchy and Memorable
Branding experts have a tendency to suggest business names that are catchy and memorable. There is good reason for this. The assumption is that a new company will go out of its way to establish a rock-solid brand with a positive reputation. With that in mind, the idea is to choose a name that will attract people and be easy to remember.
A solid brand is more likely to be imprinted on a customer’s mind if the company name is catchy and memorable. And because the link between business name and brand is permanent once established, a catchy and memorable name serves to solidify a brand more permanently in the customer’s mind.
When Companies Re-Brand
The inexorable link between business name and brand is further illustrated by companies that choose to re-brand. Technically speaking, a company’s brand is not really its name. It is that thing, or collection of things, that sets the company apart from the competition. A company’s name simply reflects its brand.
Guess what? Re-branding almost always requires renaming for that very reason. If a company is changing up the unique aspects that set it apart from the competition, its current name may not line up with its new focus. So a new name is chosen.
One of the goals of choosing a company name, whether on your own or using a business name generator, is to come up with something that speaks to what the company actually does. This is further cause for choosing a new name when a company re-brands. The old name might not say anything about the new brand.
For Good or Bad
Branding experts operate on the assumption that their clients will eventually go on to build successful businesses with fine reputations. But that’s not always the case. For example, back in the 1980s there was a nationally known company that had a reputation for building affordable suburban homes in major metropolitan regions.
At first, quality was not a question. But as the 1980s construction boom went full tilt, the company struggled to keep up with demand and quality began to suffer. It wasn’t long before their company name and brand were associated with cheap housing that wouldn’t last. The company is still in business today. However, their reputation for cheap housing still haunts them.
What’s in a name? A lot when you own a business. Company names and brands are inexorably linked in the minds of consumers. That’s why it pays to choose a company name wisely, and then back it up with stellar products and services.