Do Creative Company Names Make a Difference In Profits?
The scenario might be all too real.
You’ve created a product or service that you know customers will love. You’ve put the time and effort into preparing a business plan and you’re ready to get started.
There’s just one problem. You have no clue what to name your business.
Maybe the perfect name is already taken. Maybe what you provide is so unique that there’s simply not a word that fits it. Maybe your brain is just fried and you’re out of ideas.
Regardless, it’s important to stay the course and keep researching. Creative company names could make all the difference in how successful your new business becomes.
Need proof? Science actually proves that we subconsciously form initial judgments on others based on their names, and those same thought patterns also affect how we view brands that compete for our attention.
Go retrieve that rolled up piece of notebook paper from the waste bin, unroll it, and grab a pencil. Today, we’re breaking down the relationship between your company name and your bottom line, and how to pick a company moniker that sets you apart for all the right reasons.
Ready to learn more? Let’s go!
Walking The Line With Creative Company Names
Before we discuss the competitive edge that a unique company name can give your business, let’s start by defining what creative company names actually are — and what they’re not.
Finding an interesting and thought-provoking few words to describe your company is one thing. Throwing random, abstract terms at the wall and hoping they stick is another.
For example, a recent study found that stocks with simpler to pronounce names perform better than those with more complicated names.
The basic takeaway? Keep it simple, focused, and easy to pronounce. If possible, look for names that relate to the product you’re selling. If you want to veer into the offbeat, make sure it’s short and easy to remember.
Not everyone has heard of a Whatchamacallit candy bar, but almost everyone can point out a Snickers.
Great Names And Big Profits: How Are They Related?
If you’ve got a great business idea, you might be thinking, “My product is so impressive, it will speak for itself! It won’t even matter what I name my company because everyone will be so focused on the quality I’m providing.”
To some extent, that should be true. Your business name shouldn’t carry the full burden of promoting your brand and drawing traffic to your website.
Yet, in many regards, it will directly influence the first impression potential customers make about your company. Especially if you’re a startup, your goal is to convince people to click on your social media profile, visit your website, or step into your brick-and-mortar store.
If they don’t know anything about you at the onset, will they know more just by viewing your name? If not, they’ll likely keep strolling or scrolling.
To pique interest, grow your brand community, and earn more profit, you’ll need to capture your prospects’ attention immediately. Creative company names help you do that, by demonstrating these three traits:
A lousy name doesn’t just turn visitors away. It also suggests that you’re not fully invested in your company’s performance.
Studies show that people form an impression of someone or something within one-tenth of a second. If you’re not taking the time to maximize that brief window of influence, where else are you cutting corners?
A thoughtful and creative name speaks volumes, telling anyone who looks that you’re invested in your brand, aware of what it stands for, and ready to deliver.
In today’s uber-competitive marketplace, even the seemingly tiniest details can make a huge difference in someone choosing to frequent your business over another.
Creative company names reveal that you see the importance of maximizing every aspect and are willing to dedicate the resources to make every part of it stand out.
To a customer, this demonstrates that you’ll also carry that attention to detail over into other aspects of your brand. Your products will be fine-tuned, your marketing will be tailored, and your customer support will be thorough.
You’ve Got Drive
It takes a lot to come up with a creative name that someone hasn’t already snagged. You’ll have to put in the research, dedicate resources, and spend a substantial amount of time brainstorming.
A name that’s obviously baseline translates to, “The bare minimum is accepted here.”
The wiser message to send would be that you’re willing to put in the extra effort to produce a really great final product. That’s what customers are most interested in, and your name can go a long way to convince them.
Unique, But Web-Friendly: Why It Matters
When considering creative company names, it’s also important to take into consideration that many prospective customers will encounter your business first on the web.
In fact, nearly 40% of customers have their first interaction with a small business on the internet. Moreover, 81% of customers conduct online research before deciding to purchase from a brand.
With more than 1.1. million small businesses in Canada, how can you convince shoppers that yours is one to use?
The answer is relatively simple: Make your site as user-friendly as possible, and optimize for mobile responsiveness. That starts with choosing an appropriate domain name.
If the domain name you’d prefer is already taken, it may mean rethinking your choice altogether. Here’s why:
Hyphenated Tongue Twisters
Sure, it might work to hyphenate your domain name in an attempt to score an open slot. Yet, how will people talk about and share your web address?
Telling someone that they need to visit, “www.name-dash-name.com” isn’t just difficult to remember or pronounce. Customers might even forget the dash and wind up on a competitor’s site — or send their friend to one.
One rule of thumb? Say your domain name out loud to yourself and have a subjective group of peers do the same. Is it easy to articulate? If not, go back to the drawing board.
From Flickr to Chick-fil-A, some of the most popular and endearing brands have made a name for themselves using improper or misconstrued spelling.
In these cases, the gamble paid off, and it might in yours as well. Some of the most creative company names are attributed to off-kilter grammar and punctuation.
Yet, as in the previous scenario, remember that if someone searches online for your brand name and doesn’t carry over all your quirky language adjustments, he or she could end up visiting a competitor. Even if it’s entered correctly, a search result could automatically correct the spelling and suggest other sites, pushing yours deeper down the list.
The takeaway from these domain name blunders? Creative company names are great, but before committing to one, see if the domain is available first. Otherwise, you could lose traffic and lower profits as you render yourself impossible to find on the internet.
Deciding On The Perfect Name
Still holding that pencil, waiting for tips on how to create the perfect company name? Let’s dive into it!
While there is no magic formula for finding a title that fits, these tips can set you down the right path toward that “aha!” moment you’ve been seeking.
Do Some Old-Fashioned Brainstorming
Remember when you wrote an essay in school? Before you even started writing the first word, your teacher would ask you to brainstorm your approach.
Often, this process began by circling one main word in the middle, then drawing tangents off of the circle with words that were related, but conceptually different.
When looking for creative company names, it pays to go back to class and try that process again.
In the middle, write the first word that comes to mind when you think of your brand and what you provide. Then, let your mind wander to other words that are connected, but dissimilar.
Need a little help? A visual thesaurus is a great way to get those creative juices flowing!
Consider the Emotional Connection
Studies show that more than 65% of consumers connect with a brand on an emotional level. That said, even if you’re selling plumbing supplies, there’s a sentimental side that you can tap into.
Take a break from trying to get your company name to literally describe what you’re selling. Instead, focus on how you want your customers to feel when they experience your brand.
Should they feel empowered? Enlightened? Relieved? Pampered? Educated?
Consider your business from an outsider’s point-of-view and use those emotional correlations to expand your naming options.
Creative company names don’t just make customers pause. Often, they make them feel. That’s what keeps the doors revolving and the page clicks coming, so tap into that connection wherever possible.
Find And Register Your Perfect Name Today!
The perfect name is out there, just waiting for you to find it. Using these tips, you’ll be well on your way to settling on one that feels just right.
As you do your homework, we’d love to make the process a little easier for you.
Our Free NUANS Preliminary Search allows you to check your proposed business names free of charge, so you can quickly determine if someone else had the same great idea!
Once you find your perfect fit, you’re ready to secure it. We’ll help you register your business so you can start operating, marketing, selling as quickly as possible.