Names.
Everyone and everything has one. Names stir up mental images and emotional feelings. Unusual names are memorable and pique curiosity. Well-known names trigger preconceptions and brand identity.
Naming your company can sometimes feel like the hardest part of the business plan. What word or phrase do you want the public to see and remember? What do you want people to think of when they see the name on a business card or website?
Bottom line—your company name is important. Here’s why:
Positive Names
There are two schools of thought when it comes to names. The first school says your name is important because people make snap judgments as soon as they see it—so make sure to use words that trigger the ideas you want.
Think Thrifty Car Rental, Joe’s Crab Shack, Whole Foods, or…Democratic People’s Republic of Korea. The words in the name were specifically chosen to convey certain ideas to the public. Thrifty saves your money. Joe’s Crab Shack is a laid back seafood restaurant. North Korea…is neither democratic nor a republic, but they sure want the world to think so. Companies with words like summit, luxury, edge, or natural in their titles all fit into this school of thought as well.
Original Names
The second school says it’s not the words that matter, but the quality of your business that shapes what people think of when they see your name—your name doesn’t matter as much as what you do with it. In fact, you can even pick a name that has no meaning at all so you can make it your own.
Spotify. Lululemon. Ikea. Etsy. Sony. None of these words carried any meaning until the companies came along with the name. Now, they are recognized the world over and you can’t disassociate the word from the business. They have become a part of everyday language. That’s the power of creating something new and original.
No Substitute for Hard Work
Names carry meaning, there is no denying it. However, looks aren’t everything. Choosing a good name can help get your company started on the right foot, but it’s the reputation and smart business practices behind the name that really matters.
The trendiest sounding, most original names in the world won’t help you one bit if you fail to follow it up with quality performance and smart business choices. Just ask Toys R Us (positive name) or Kodak (original name).
It takes a combination of both—a name and the character choices behind it—to find true business success.