Around the world, entrepreneurs will create over 100 million new startups per year. With such a staggering number of businesses creating products across hundreds of industries, you need a powerful way to differentiate yourself from your competitors around the world.
While a unique product will help your startup stand out from the pack, developing a concise and persuasive branding message will help your company achieve success. At the cornerstone of your branding is your name – one or two words that should convey your startup’s missions, products, and brand.
Investing in your startup’s name is one of the best things you can do to ensure your success in the future. Here are four concrete reasons why you should invest your time and resources into your company’s name:
Your name is the foundation of your brand
Your name is the first impression your company will make on potential customers. For this reason, the key aspects of your branding should be reflected in your name. Customers should see your name and get an idea of your company’s mission and brand.
Imagine if Apple had been named Jobs Hardware Solutions instead – the fun personality and loyal fan base that the brand built would be undermined by a clunky, unmemorable name. As a consumer, you’d be less likely to rely on your Jobs Hardware Solutions smartphone daily.
Your name increases your referrals
Organic customer referrals are a reliable and lucrative source of revenue, and creating an easy-to-remember name is one of the best things your company can do to drive those recommendations.
When a customer is trying to recall the name of your startup in a conversation with friends, you don’t want them to struggle to remember your name. During that hesitation, the conversation could move on and cause your company to lose valuable customer referrals, which are essential for a new startup. Don’t miss out on boosted revenue and potential brand advocates with a challenging, boring or unmemorable name.
Your name attracts top talent – and customers
Capture the essence of your startup’s vision in your name, and you’ll not only be on the road to success, but you’ll also be creating something to which people are excited to contribute. Your company culture is that much stronger when you have a name that fosters pride and ownership, and that strong company culture can help you attract and retain talent.
Beyond the internal benefits to your company, your name creates loyal customers and encourages brand evangelism. Just like a great name helps develop a positive internal culture, your brand name can also support the development of an engaged tribe. A name that contributes to an excellent company culture and increased evangelism has clear positive effects on your bottom line and continued success of your startup.
Your name makes your company stand out
Today’s average consumer constantly being courted by startups offering them the next big thing. Your company only has a couple of seconds to capture a potential customer’s attention. In those few short seconds, you don’t have time to address the details of what makes your brand the best.
Instead, you must rely on your name to captivate your customer. Your name could be what makes the difference between someone ordering your product on Amazon, instead of scrolling to the next listing.
An evocative, memorable name can help you create brand advocates and can have a positive, measurable effect on your bottom line. If you want to stand out from the 100 million startups that are created every year, don’t just use the first name that comes to mind. Spend your time and resources developing the perfect name that stands for your startup and everything the company represents.
Grant Polachek is the Director of Marketing at Squadhelp–transforming the way names and taglines are developed by combining an affordable agency-level brainstorming process with the unmatched creativity of “the crowd.” His book How to Develop the Perfect Name for Just About Anything is available to Pixr8 readers for free.