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One of the major questions any new company has to ask itself is how does it want to be seen by others? That comes down to your name and brand. You might be someone who likes on the nose type of labeling like lawsonlegal.com.au, or you could be looking for something more creative like Nike – it’s unlikely the average person in the street would hear Nike and think of a Greek goddess these days so they can consider their naming venture a job well done. So with these thoughts in mind, let’s take a look at what you might want to consider when starting your company and building a marketing strategy.
What’s in a name? Well, Shakespeare might not think very much, but when it comes to selling your company to the world, there is quite a lot. You could have something which is totally meaningless like Kodak, which is now synonymous with photography, or a name which signals exactly who you and what you do like the previously mentioned legal firm or Sta Travel. You know exactly what you’re getting with the latter two names, and for some people that is ideal.
Coming up with a business name can often be the hardest part of any company design. You have the idea, and you know how to profit from that thought, but how do you tell everyone else who you are? So when it comes to naming your business, consider the following thought; your names should evoke some sort of meaning in the customer or have an easy to tell story behind it. Apple, for example, has a story about Steve Jobs’ diet at the time of creating the company. Its quirky and has nothing to do with technology, but there is a story to be told behind the name.
Once you have a name, it is time to consider the branding opportunities. You should start by defining what your brand it. Your name doesn’t have to define you, but it helps if it fits within your brand’s context. Design is going to be key to the success of your brand so make sure you are prepared to take criticism from people who don’t understand what you’re getting at. A half eaten apple might seem a little out there when someone first pitches it to you, but with a proper explanation, it could become the biggest brand in the world.
Finally, be original. This is sort of touched upon in the legal advice for naming, but it is vital to branding. The more unique your brand is, the greater the chance it will capture the imagination of your target market and contribute to boosting sales and brand loyalty through positive association.
Your brand won’t be a rose by any other name, it will be your company and should be treated with the distinction it deserves.
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