One of the first steps to creating a business is deciding on a brand name. It's how you'll be known to the world, how people will find you and could determine your success.
UK formations company, SUAZ, have pulled together marketing and branding experts to share insights into how you should name your business. The piece covers factors to consider when choosing a brand name, how brand colours play a role, whether your name should be personal to you and more.
Should you choose a business name that is personal to you?
Expert number 1 - Daphne Diluce - award-winning international designer, brand expert, business strategist and co-founder of Roar Media Creative.
Pros of a Personal Brand Name:
'It allows you to showcase authenticity, reflecting your identity and values, which can create a genuine connection with customers. Your personal touch can evoke strong emotional appeal, fostering loyalty among your audience. Moreover, a personal name sets your brand apart, granting it a unique identity that customers are more likely to remember. Additionally, using your name provides an opportunity to share your personal story, adding depth and meaning to your brand.' Cons of a Personal Brand Name:
'It might have limited scalability, restricting future expansion if you plan to grow the business beyond yourself. People may also interpret the brand differently based on their opinions of you, which can lead to misperceptions. Furthermore, using a personal name may appear ego-centric to some customers, potentially alienating them. Lastly, if the business faces challenges, it could impact your personal reputation associated with the name.' ‘To make the best decision, it's essential to consider the balance between personal attachment and the long-term goals of your brand. Think about how a personal name aligns with your vision and how it will resonate with your target audience. Remember, your brand name should reflect your values and aspirations, setting the tone for your business journey.'
Expert number 2 - Chelsea Spencer - Head of Marketing, Fenn 1875.
‘For me I'd rather have a name that either meant something to the customer base or was indicative of the business. I like Klowt for personal branding and GymShark for the gym.
Then there's the more abstract ones like Grenade for supplements and protein and Apple for tech which can work well too.
I also think if a founder is too personally invested it can become detrimental and cause bottlenecks to getting MVP out and starting the feedback / iteration loop process – look at Nike and how the founder wasn't a fan of the logo at first but they didn't let it hold up the process of getting product out there. In a way it's the same with a name. If it comes to it, once you've launched and know you have a viable product or service that sells, you can refine the brand and even rename later down the line if needed.‘
Expert number 3 - Andrew Burnett - founder of helleau®, a thought partner to self-aware brands.
‘If the name works it doesn't matter if it is personal to you or not. Names with personal attachment can mean that objectivity goes out the window when choosing a brand name.
‘It doesn't matter if you like it or not, only if it works or not; Ron Knight didn't like "Nike" when it was presented to him – ask him now if he likes it.‘
You can view the full piece here: https://www.suaz.co.uk/knowledge-base/naming-your-business