Coming up with a fresh and innovative business concept is only the beginning on your quest for success. The next step involves choosing your name. The creation of a solid and brandable identity can make the difference between success and failure. Such an identity starts with your name.
Wading through thousands of potential names can feel tedious and time-consuming. You must be creative in your choices so that you can stand out from the rest of the industry. It is therefore extremely important to choose a moniker that is catchy and memorable. The more your name sticks in the minds of potential customers, the more successful you will be.
It is also important to choose a name that does not restrict you or the future of your company. Technology has created a business world that often changes in an instant. As companies try to keep up with progress and innovation, old business models quickly drop by the wayside. One of the biggest mistakes young companies make is failing to consider this propensity for change and boxing themselves into a corner.
A perfect example of this phenomenon is Domino’s Pizza. One of the most successful pizza companies of all time, Domino’s has maintained a strong foothold in the industry since its inception in 1960. It is currently the largest restaurant chain worldwide, including 10,000 corporate and franchised stores in 70 countries. The company is one of the most recognized brands in any industry.
Domino’s Pizza recently announced a name change to simply Domino’s. The change is intended to highlight the restaurant’s variety of non-pizza products, which have been developed to keep pace with other similar chains. Had Domino’s simply relied to its pizza to stay abreast of the competition; it certainly would have suffered as a result. As society begins to value healthy eating more and more, additional products will surely be created.
Domino’s name change highlights the fact that certain names can restrict progress and innovation. The simple inclusion of the word “pizza” in the original name gives the impression that the restaurant is a one-product entity. Dropping that word from the name gives the company room to prosper and grow in any direction, not just in relation to pizza.
Today’s business world changes in an instant. It can be difficult, if not impossible, to predict those changes, but that does not mean you cannot prepare yourself. Avoiding rigid specificity in your company name can give you opportunities in the future that otherwise would not be there. It can be very difficult, and extremely expensive, to change business names. That time and expense can be avoided, however, by not restricting yourself with your initial name choice.
Choosing a name that highlights the essence of you company and its values and goals is safer, and ultimately more successful, that highlighting certain products. Ask yourself how you want your customers to feel or the traits you want associated with your business. These types of questions can lead you to a name choice that describes who you are, not what you do.
Domino’s Pizza is spending a great deal of money trying to open up other avenues for their companies. They are relying on the fact that the change will prove prosperous and thus make the investment worth it. Some companies, however, do not have that luxury. Spending hundreds of thousands of dollars is not feasible. That can be avoided by choosing a name that is both creative and expansive. Do not box yourself into a corner.