“What’s in a name?” is a phrase derived from William Shakespeare’s play Romeo and Juliet, in which Juliet famously asks: “What’s in a name? That which we call a rose by any other name would smell as sweet.” The phrase implies that a name is merely a label or a superficial aspect that does not define a person or thing’s true essence or value.
However, in business and marketing, there can be a lot in a name. A business name carries various elements and implications:
- Brand identity: A company name is integral to your brand’s identity. It represents your company to the outside world and can influence how customers perceive your brand. It communicates your company’s values, mission and products or services.
- First impression: A company’s name is frequently the first point of contact between it and potential customers. It can have a long-term impact on their decision to engage with your brand. A strong and memorable name can pique people’s interest and curiosity.
- Differentiation: A well-chosen business name can help your company stand out from the crowd. It should reflect your distinct selling proposition and distinguish you in a crowded market. A unique name can draw attention and make your company more memorable.
- Marketing and communication: A name serves as a communication tool, informing customers about your company. It can hint at the type of products or services you offer, elicit emotions, or instil trust and credibility. A clear and relevant name can help you communicate your brand’s message more effectively through marketing and advertising efforts.
- Legal considerations: A business name is necessary from a legal standpoint. It should be unique and not infringe on the intellectual property or trademarks of others. Registering your business name can provide legal protection and prevent others in your industry from using a similar name.
- Customer perception: Your company’s name can influence how people perceive it. A well-chosen name can elicit positive emotions, foster trust, and make your brand more appealing to your target audience. It can also impact customer expectations of the quality, professionalism and credibility of your products or services.
- Professionalism and credibility: A professional-sounding name for a business can increase your credibility and foster customer trust. A bad or generic name may give the impression of a sloppy or inexperienced business, discouraging potential customers from engaging with your brand. While a company’s name does not define it entirely, it can have a significant impact on its success by shaping brand perception, differentiation and customer engagement. A well-thought-out and well-crafted business name can help lay a solid foundation for your brand and contribute to its long-term growth. As a result, it’s critical to carefully consider and select a business name that aligns with your brand values, resonates with your target audience, and positions you for market success.
In the second part of this tetralogy, we’ll look at ten things to consider when picking a business name.
Stay positive, for no one knows enough to be a pessimist.
>>>the writer is an entrepreneur, marketer, TV/Radio show host, events coordinator and author (‘Small Business Bible’). He is a thought leader in entrepreneurship, small business marketing, tourism marketing, and digital marketing. You may contact the author by phone: +233 248 426 235 or via email address: [email protected] or on LinkedIn, Facebook, Twitter, and Instagram.
