Some entrepreneurs make a quick decision on a name for their business, while others spend weeks trying to come up with just the right name. The name of your business becomes the way the public identifies your company and what you do. But there are several other reasons as to why the name of your business is important and something you should put thought into.
First Impression
Your business name is the first thing that customers notice about your company, according to Nach Maravilla, writing on the Power Home Biz website. If your name accurately conveys the business you are in or the product you are offering, then you have set the proper expectation for your customers. If your business name is not associated with what you do in some way, then not only will customers be confused about your company, but they may choose to do business with a company with a name that gives them more confidence about the products being offered.
Separation
A clever company name that helps customers to associate your company with what you do can be an effective way of separating yourself from the competition, according to Alexis Rubinstein, writing on the Entrepreneur website. For example, a generic company name such as ABC Graphic Arts will not be as memorable as a name such as Smiley Face Graphic Arts Shop. The name lets potential clients know that you are a graphic arts company, but it also helps to set your company apart from the competition.
Internet
Before you decide on a name for your company, look it up on the major search engines on the Internet, suggests Emily Driscoll, writing for the Fox Small Business Center website. A good name that is available as a domain on the Internet can help you bridge together clients that use the Internet frequently and those that do not use the Internet quite as much. You can also help your marketing cause by creating a name that uses words that are already popular on the Internet search engines. The importance of a good business name is magnified when you start cross-referencing powerful marketing mediums such as print advertising and the Internet.
Brand Name
Your company name becomes the brand the public assigns to your organization. By working hard through marketing and advertising programs to establish your company name as a well-known entity in your industry, you have created a marketing tool that becomes a powerful asset unto itself. Think of how quickly the average consumer can associate the name McDonald's with a restaurant or Nike with sporting equipment. Your company name becomes your most powerful marketing agent once you have created an effective marketing name and put in the effort to establish it as a brand name.
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