A business name is both functional and symbolic. As mentioned here on MIB Magazine, choosing it is one of the key steps in bringing your business idea to life. It’s applied to technical aspects such as registrations and permits. It communicates to customers what you do best. It embodies the values and culture of the people running the business.
With such extensive impact, it’s no wonder INC went as far as to say that a name “can completely make or break a company.” This article tackles the reasons behind this notion and the role your business name plays in marketing.
Carries first impressions
In marketing, creating a favorable first impression must be a priority. This is done best through your name, as it is the first point of interaction between business and customer. The name of your business will allow customers to connect well with your brand, and these relationships are key to success and longevity.
Just remember that there are best practices to maximize your chances of reaping such benefits. A short name is advised by marketing experts so consumers can easily remember your business. It should be easy to pronounce as well. If they want to recommend your product or service, that recall factor can spell the difference between gaining or missing a new customer. When people are mentioning the name of your business to others, that’s already marketing – and it’s free to boot.
Champions your business strategy
Your name also serves as a billboard for your business strategy. Chron shared examples of this marketing tactic. Banks aim to convey trustworthiness and prudence, while dance clubs project an image of liveliness and fun. Your business name can represent all the qualities associated with the company.
Lets you stand out
From a marketing perspective, success is mainly about what makes your business different from others. You may have a great product or top-notch service, but you can gain more customers faster if that’s combined with marketing. It’s how you get people to notice you, and the first step toward this goal is your name.
This is all the more vital today in a digital age when many people discover businesses through websites and search engines. Entrepreneur explains that having a website allows a business to reach its target market better and learn more about what makes it unique. To achieve this goal, your name should get the user’s attention.
The challenge is that the online space is oversaturated with domain names. Namechk specifies that there are over 350 million domain names registered, with thousands more added daily. In the business sector, companies typically use domain names that are the same as their actual business name. This is why it’s advisable for business owners to check available domains when thinking about their business name. It’s relatively easier to market a business with a unique name than one that’s similar to countless others.
Helps entice top talent
For your business to succeed, having competitive partners or employees is paramount. That’s why marketing should not just be toward customers but hiring talents as well. AllBusiness highlights the case of Facebook and how its name is now synonymous with a company culture filled with benefits. Wellness allowances, premium health insurance, and flexible leave policies are some of the perks tied to the company. For a job seeker, the name Facebook means you have the chance to enjoy benefits that are only dreamed of by many other people.
All of it comes back to the business as well. When employees are proud of their company, it’s more likely for them to talk about their nice experiences or even the products and services of the business. In other words, your employees become your marketers.
Everything above shows how a name can carry the marketing efforts of a business. Think of your name as the foot in the door of customers and prospective personnel. Once you can take that first step inside, you have all the chances to inch closer toward growth.