You are probably reading this article because you are about to start either a company or a small business and you want to be successful. You may need help choosing an outstanding company name and creating a compelling story behind the catchy business name. Or perhaps, you have an existing company and a name, but want a rebrand.
Well, regardless of which demographic you fit into, you are on the right page. In this article, we will examine what a company name is, why your company name needs a story and provide you with some innovative tips to help you create a company name.
Like it sounds, a company name is a legal name under which a person or group has decided to examine business activities to make profits. Company names are usually suffixed with either PLC ( Private Limited Company), LLC ( Limited Liability. Company), Corporations; or other legal endings depending on the business structure.
Common business names include Chevron Corporation, Siemens AG Corporation, JDiaz Business LLC, etc.
There are two main purposes of a company name:
1. Identification: Company names help to differentiate where products and services are coming from so your customers can identify particular products made by specific companies.
2. Storytelling: Storytelling is a tool that when used properly has the power to tell a story about how you built your brand and what your brand stands for. This allows you to make an impression, whether positive or negative, on potential customers.
Let's be real: we live in an era where people don’t like to be sold to. The idea of giving away their hard-earned money doesn't settle well with the general population. But marketing principles have proven that storytelling is a tool that effectively builds a genuine connection between businesses and their clients, which facilitates a dynamic of trust and familiarity with the brand.
According to the 2019 B2C content marketing trends, an estimated 52% of marketers who frequently use storytelling in marketing close more leads than the other 48%. Implicitly, effectively utilizing storytelling will help you to stand out among your competitors. Clients may not like you at first, but if they resonate with your brand's story, they will pay you. And you still won!
Ideally, a good brand story should effectively communicate who you are, what you do, and your core values. But more importantly, it should point out the drive behind your business, the challenges you faced before starting, and all the sacrifices you had to make. As well as your customer journey and how it shaped your company values- all the right stuff that makes a customer have a "wow" expression and feel personally connected with your brand instantaneously.
For example, the famous Rich Dad Company founded by Robert Kiyosaki tells the tale of his experience as a poor kid and how his rich dad changed his financial mindset. Hence, he is on a mission to help millions of people gain financial freedom. Their unique brand story buys into people's experiences and helps customers identify with the brand.
Since creating a great business name is your ticket to buying into your customer's emotions, you should take it seriously. Choosing the wrong name can instantly set you up for failure. If you choose wrong, there can be an instant erosion of your company's relevance. Additionally, you may be setting yourself up for more hurdles in the future in regards to your company’s name.
Fortunately, we have compiled a few tips to help you come up with a unique and winning name for your business!
We know how overwhelming it is to find a company name and have a compelling story behind it. At JDiaz, we help entrepreneurs navigate through hurdles easily by providing creative and original name ideas for your company.
Reach out to us today, and we can help you break the digital barrier between you and your customers. You can check our website to learn more about us and how we can help you.