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 them marinate. Leave them for a few hours or days, return to the list, and pick one.
Keep time 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 associated with your name in the long run, or do you want to build something you can sell later?
Your long-term goals should inform your name.
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 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, which remind you of McDonald's and cheap burgers, just like someone saying McDonald's reminds you of cheap coffee and burgers. McDonald's name and symbol are a shortcut to food.
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:
Trademark conflicts, IP issues, or other legal infringements.
However, it could also be that your name no longer reflects what you sell or what your business provides as a product or service.
Legal Considerations
When choosing a Name it’s critical to consider the legal implications, such as:
What will be your Trading Name versus your Business Name?
Can your business name be registered with relevant government bodies?
Can you Trademark the name?
Are there any Copyright, Patent, IP, or Registered Design conflicts with your chosen name?
It’s vital to do the appropriate research and due diligence around Names before going too far. It is far cheaper in the long run and will help you sleep at night knowing that there are no potential legal disputes attached to your Brand.
How important is a name?
A name is important, but your service/product is even more vital. How you serve people and the problems you solve for them are more critical, especially when you’re getting started and trying to build your core Brand proposition.
McDonald's is recognizable and gives you the warm fuzzies on a road trip because Macca's has served you a consistent burger every time you showed up for twenty years.
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 important, and you need to have that shortcut, but what's more important is having a product people want and serving people in a way that makes them happy—doing so for long enough for people to remember.
Last Updated: 22/May/2024