Author: Jordan French / Source: Entrepreneur Choosing a brand name is one of the first steps in creating your business and certainly amon
Choosing a brand name is one of the first steps in creating your business and certainly among the most crucial — strong, memorable names are a key ingredient to the success of your product, service or company.
While the name should capture the essence of the company, committing to a title that will define your brand for years to come is a daunting challenge. There are no hard-and-fast rules. However, according to San Diego-based Brandroot, it is prudent to think about types of business names when considering your brand name. A poor choice could end up negatively shaping and limiting your enterprise in years to come. Here are some ways picking a restrictive brand name now can fail your company in the future.
This can be tempting. Say you sell windows, and you sell them in Wisconsin. The choice may be obvious: You could call your business “Wisconsin Windows!” You have your geotarget covered, your product in the name and even some catchy alliteration to grab the customer’s attention. But, what if your windows are so good that people in neighbouring Minnesota want them too?
If you plan on keeping your business small, then choosing a name based on where you are located may not have any huge effect in the long term. However, if your market expands to beyond the limits of your locale, then having a name that pertains only to that town or region may hold your business back, with potential customers associating it with that particular area alone.
Family business branding
There is something quaint about having an eponymous brand name. Something familiar, proud and tender. Douglas & Sons, for example, evokes a paternal bond, tradition and nostalgia. However, family branding can have its drawbacks. Maybe your children won’t want to continue the family business when it comes to handing over the reins. In that event, will the empire crumble, taking your name and legacy with it? Or, what if the company runs into legal trouble? Having negative connotations linked to your brand name is not just bad for business, but could also have generational repercussions on your family too.
“Your business name should be future-proof, with the ability to serve you even in the most unforeseen business circumstances. Your business is likely to change or shift direction multiple times during its existence, so the name should consider every possible change or expansion. But, it should also consider changes in technology, economy and demand/need for your product. Yes, a great business name can cover all of these bases and more.,” explains Michael Rader, CEO of Brandroot.
Most companies have a certain demographic they…