There are over 543,000 new businesses that get started each month. But just how important is the company name?
Your company name is almost more important than your company function. It’s the first thing your customers will see, and needs to make a powerful impression from the very beginning, or what I like to call the “hand-shake moment”. Making an early and positive impact on the customer is the key to branding success. A clever, catchy and unique name will help a customer remember you in a competitive world where alternate options are everywhere.
“Brandability” (yes this is a made-up word)
When Kraft purchased Cadbury for $19.5 billion, they were not purchasing the chocolate or the physical assets. They were purchasing the brand.
People don’t get into a relationship with the product, they are in a relationship with the brand. It’s something called “Brand Loyalty”. With no branding, there’s nothing to differentiate yourself from the competition. With no differentiation, there’s no long-term profitability or room for growth.
The “brandability” of a company name is what allows you to create a strong brand identity like Cadbury, Uber, Google, and just about every other big company that springs to mind.
Brands outlive product cycles, so in the event of an economic crisis, it’s crucial to understand that established brands will always do better.
To sum things up, your company name should not be taken lightly. Your company name, should become the entire identity of your brand. It deserves plenty of attention and when chosen carefully, it can change the entire outcome of your business.
If you have questions about branding or what company name is right for you, then contact us today.