BSK: Name
In this post, we'll be talking about your brand Name. You're starting a business or a new project, and you need to call it something.
What makes a good name?
It’s clear and straightforward, and you like it.
Hot tip: People should be able to spell your name without too much trouble.
Brainstorming a name
If you can’t pick or settle on a single name - list as many as possible and let it marinate. Leave it for a few hours or days, return to the list, then pick one.
Keep in mind
The thing to remember with a name is that any new brand name will need investment and time to build up (to build up equity in the brand name).
That's why you might want to use your own name as your business name: You already have a reputation - your personal brand - and you can leverage that merit to speed up the process of building your brand equity.
What should you do - make something up or use your own personal name?
The way to work through this is to assess what you want to do in the future.
Do you want this idea to be attached to your name for the long run or do you want to build something you can sell down the track?
Your long-term goals should inform your name.
Keep this in mind - a name is a shortcut.
It's a way to remind people about a bunch of ideas.
Just like a visual symbol reminds you of something - a name does the same thing.
Think about the McDonald's golden arches. There's the name McDonald's, and the logo and symbol are the golden arches. You can be a kilometre away and spot the golden arches, reminding you of McDonald's and cheap burgers, just like someone saying McDonald's reminds you of cheap coffee and burgers.
What if you already have a name? Should you change it?
If you already have a name and are happy with it, especially if you already have a reputation. No, what's the point. You'll have to spend a lot of time and money rebuilding that reputation - your brand equity.
Of course, there are some valid reasons to change your name or rebrand, such as:
Trademarks, IP issues, or other legal issues (which is why you should do your due diligence around this stuff before going too far).
Your name could no longer reflect what you sell or what your business has ended up providing as a product or service.
How important is a name?
A name is important, but your service/product is even more critical.
The way you serve people. The problem you solve for them. Those are more important.
McDonald's is recognizable and gives you the warm fuzzies on a road trip because Macca's has served you a consistent burger for twenty years every time you showed up.
Superman meant nothing till people saw him doing the work and shared the stories of his heroism. You need to do good work to build up that same stellar reputation. That's why building a brand that lasts takes a long time.
The point is that the name is definitely important, and you need to have that shortcut, but what's more important is to have a product people want and to serve people in a way that makes them happy. And to do that for long enough for people to remember.
Last Updated: 28/Dec/2023