Really, what's in a name? A name in business could make you or break you. Names like Cascade and Close-Up are cool, and cultural icons like Nike and Cheve aren't going anywhere anytime soon. Technology, however, has opened up a whole new economy. In that economy, there are tons of companies clamoring to make their fortunes or capture a particular chunk of market segment. New economy means new business. New businesses mean new brands to associate with.
Those new brands need names. Those new names have to compete with everyone else and those companies that want a piece of the pie that have been around for a while. The perfect example would be the Campaign for Real Beauty.
Now what do we do? Your name could mean everything in the minds of the consumer. Let's look at some names. What do names like Accenture, Citi, Chili's, Tiffany's, and the ever famous Cingular, remind you of? We all recognize these names and we know what services they do. But what do they do in your mind? What do you think of when you hear these names? How do you feel about names such as Rupert, Hilda or Homer? When I think of Hilda, I think of some massive Ukranian gym teacher with a nasty mole on her cheek that has a deeper voice than my dad.
In branding, you have to give people what they want. If you're talking Scope for mouthwash (What!), or Google. Google is a household name. Love 'em or hate 'em, the reality is that you use them in everyday conversation. You "google" people and companies all the time. It means "search" and it stands for "search". Google means information at our fingertips. And that's what you want in your brand name, everyday use in common language. What does your name say to people?
If you're struggling with your business and are having a hard time getting brand recognition in an already crowded marketplace, try looking at the thing most of us will never forget, the name.