Are you wondering how important a brand name is to the success of your new business idea? Consider:
According to Forbes, it takes about seven seconds for a customer to have a first impression of your brand name. A report from FSB concluded that 5.8 million businesses were started in 2019, a 3.5% increase from the previous year. So technically there's an entire ocean of companies out there, making it a lot more challenging to attract your target customer's attention.
And this is the primary reason you need a brand identity that stands you out from the crowd. Just the same way a person meeting you for the first time takes a first impression about you based on your looks, so also does your brand name makes a first and lasting impression in your customers' minds, helping you stand out from the 5.8 million businesses out there.
Imagine your brand name's a flower in serious need of pollination, calling out to several bees. Be honest with yourself: do you think those bees would love the sound of your brand name? Because how customers perceive the mere sound of your name can make or break your brand.
One look at Uber, Lyft, and Zoom would tell you why it's important for customers to love your brand and have the correct first impression of it. Great business names go a long way in supporting the survival of start-ups.
A Great Brand Name Will Help Customers Easily Identify You
Take a moment to imagine what the future of Google would've been if Larry Page and Sergei Brin hadn't renamed their start-up back in 1998. The name 'BackRub' doesn't capture the unique empire Google's become today. Google, an offshoot from 'googol,' reflected their brand mission, philosophy, and promise to every customer that patronized them.
Consider every successful brand that comes to your mind, such as Apple, Facebook, or Google. They entrench their core business mandates and promise to their customers in their brand names. When going through options for your business brand name, understand that your choice should reflect your business in the fullest.
And just in case you get stuck in naming your brand, don't assume you're the only one capable of generating the best name for your business. Reach out to a brand naming agency that can help set up a brand identity that'll boost your prestige and reach your target customers.
Great Names Easily Connects To A Customer's Emotion
It's true that "People buy out of emotion and justify with logic." And according to Professor Gerald Zaltman, of Harvard Business School, 95% of our purchase decisions happen subconsciously.
As a business, a major part of your success depends on how your brand name, business goals, and missions resonate with your customer's feelings. By appealing to a customer's emotion, a Magnificent brand name can transform one-time customers into dedicated customers who are forever loyal to your brand's services.
As long as multiple companies exist, customers will continue to depend on the feeling they've associated with a brand and word of mouth to navigate the overwhelming choices they have to make.
It Elevates Your Business's Standing Within Your Industry
With 5.8 million new businesses in 2019 alone, we know competition is steep. Other already-existing businesses aren't asleep either. So, besides having a great product, one way to stand out is to have an exciting brand name.
People naturally gravitate towards the most exciting brand they encounter."
Elon Musk's Tesla Motors has gathered a cult-like following because the brand's name tapped on the fame and legacy of Nikola Tesla, the need to protect the earth from greenhouse gases, and electric cars, the revolutionary auto-advancement of the time.
Today, Tesla, a relatively new company, is the best-selling electric car and can compete with other luxury brands, all thanks to its intriguing name and aggressive brand mission.
A Great Brand Name Is Easy To Use
One other way a great business name can offer long-term value to your business' survival is that it guarantees your business an online presence that makes it really easy for your customers to find your products or services in a quick online search.
You don't need to bite off your tongue to pronounce a great brand name, and thanks to the Crowded bar test, you'll know you've got a wonderful name when you don't need to repeat or explain yourself in a crowded bar after saying your brand name.
Making the Next Unique Name Brand
Branding is much more than just making a logo or slapping a strapline on a product. It's more about the experience you create for your customers, the promise your brand gives, the philosophy your company preaches, and the culture you've instilled in your customer. All these things make your brand unique; it makes your brand human.
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Mayra Pena is the former Communications Manager at Liquid Web and has over 10 years of experience in technology.
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