When getting your startup off the ground, you’re likely overwhelmed by the sheer size of your to-do list. Between putting the finishing touches on your strategy, hiring top talent, and attracting investors, you may decide to simply choose the first name for your startup that comes to mind. One less thing on your to-do list, right?
As tempting as it may seem to write off the naming process, putting time and resources towards finding the perfect name for your startup may help ensure your success in the future. Here are eight concrete reasons to invest in a good brand name:
1. Make a good first impression
The importance of first impressions cannot be understated in today’s competitive business environment, and your name is the first impression your company will make on potential customers.
2. Capture attention
Today’s average consumer is overwhelmed with companies and products all vying for their attention and business. A name can allow you to stand out from a sea of competing products to captivate your customer and drive sales. IBM, DEC, HP, MassComp … Apple.
3. Connect with your customers
Your name is your first and most enduring connection to your customers. You want your company to connect with your ideal customer. Whether you’re intending to convey a meaningful idea (PayPal), hint at a user experience (Twitter), foster curiosity (Uber), or convey a lifestyle (Tommy Bahama)–your name can make instant connections.
4. Build buzz
Names that are hard to say don’t get discussed. When we can process a piece of information easily, we develop a natural affinity for it over something more challenging to comprehend. If you want to be the talk of the town, ensure people can easily recall and repeat your name.
5. Make sales
We’ve all had those moments when we’re desperately trying to recall the name of a business. If we don’t remember it quickly, when we need it, then that company has lost a potential sale.
6. Be front-of-mind
You want your brand to be the first thought of when your audience has a problem to be solved. If your customers have your name at the front of their mind, they’ll be much more likely to return to you again and again.
7. Boost referrals
When a customer is trying to recall the name of your products in a conversation with friends, you want them to remember your name immediately. Organic customer referrals are one of the most rewarding sources of revenue, and creating a remarkable name is the first step to encouraging referrals.
8. Attract talent
Capture your idea in a single word – a name – and you’ll not only have far greater chances of succeeding and boosting your revenue, but you’ll also be creating something people are excited to join. Let your awesome brand name motivate you every day and let it attract great talent, too.
Clearly, your startup’s name can be quite powerful, so take the time to craft a name that is truly evocative great – your startup will thank you in the long run.
How did you come up with your startup’s name?
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