Many people find that deciding on the company name and operational vision are the hardest parts of establishing a business. Although making such decisions can seem laborious and overwhelming, the hardest part is hardly over. Coming up with a clever and creative name is worthless if you fail to attract customers. Even the most innovative and progressive products will stay tethered to the shelves if there are no customers.
Do you have an idea you consider unique and innovative? Something the world doesn’t even know it’s waiting for? Are you full of ideas that are screaming to get developed? Too many people can answer, “yes” to these questions. Unfortunately, many ideas never get out of the vision stage. It is one thing to have great ideas and enthusiasm; pursuing and being successful with those ideas is something altogether different.
GoPro founder Nick Woodman joined ABC’s Shark Tank panel last month in Episode 610. One of the featured companies in the episode was one called Kitchen Safe, a smart container that helps form good habits by locking away items for a set period of time, mainly cookies and sweets so you have no access to them until the set time expires and unlocks the container. The description of the product went as follows:
Being able to successfully name your business venture is one of the most important abilities you will need as an entrepreneur. Saddling yourself with a generic, bland, and unimaginative moniker can spell doom for your company, regardless of the greatness of what you offer.
Modern history is full of examples of great products that failed to influence their industry, often because they did not have an attractive and memorable name. Today’s consumer is bombarded with tens of thousands of business images and sounds on a daily basis, with the large majority dismissed without any consequence, while just a few make a lasting impression.
Some new business owners make the mistake of thinking that creating a brand for their company involves nothing more than choosing the right name. Although that is a very important part of the process, it is simply one of several components needed for successful branding. For some that may seem daunting – choosing a name can be hard enough. Fortunately, the process doesn’t need to be overwhelming, especially when you can utilize Brandroot’s marketplace to get the ball rolling.
A company’s branding strategy is made up of several distinct elements; one of which is creating a unique and distinctive logo. Selecting a name and determining your company identity is a vital part of the branding process, but without a quality logo to put a face to the name your business name is just a word. Logos are one of the most important parts of branding. Just ask the average customer what a large yellow “M” stands for or which company a red and white target represents. The importance of a quality logo cannot be understated.
New businesses pop up daily all over the country. Some succeed and some fail. Often, the only difference between a burgeoning business and bankruptcy is the company name. Choosing a name that adequately describes your identity and attracts the attention of potential customers is a vital part of the start-up process.
Tips and trends often change with passing time. What doesn’t change, however, is proven scientific facts. Such facts can be extremely helpful in choosing a name. The bottom line is that your business needs a name that will etch itself into the minds of potential customers. A name that quickly passes in and out of the public’s consciousness will not lead you anywhere near brand recognition and recall. Fortunately, there is factual evidence that can point you in the right direction.
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Brandroot focuses only on content related to business naming. Before selecting the name of your venture it is important that you have a solid grasp of what you're in for.
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