while slowing down With the venture capital (VC) market in decline and funding for disruptive startups likely to decline, companies looking to attract capital need a strong brand now more than ever. A strong brand starts with its name. Nothing is used more often or for longer. Moreover, it’s the one thing your competitors can’t take away from you.
A brand name is the basis for an immediate impact on consumers and investors. In today’s digital and global economy, it can mean the difference between a brand being instantly remembered or completely forgotten.
A brand name is more than just a label or a clever description. They serve as powerful marketing tools for creating or changing consumer perceptions and as the first step in building entirely new markets.
Start-ups in particular need a name that indicates that the company and its products are about the future, not the past. You need a company name that creates a brand image, resonates with your target market, and supports your business plan.
A startup needs a name that indicates that the company and its products are about the future, not the past.
A brand name is usually the first thing a potential customer sees or hears about your software or other digital intangible product. In a brand new industry that is just emerging, brands need a distinct, breakthrough name to garner attention and generate early market share.
When we partner with a startup to develop a new name, we use an internal checklist to ask if our recommendations pass the test. Here are his five questions we ask ourselves to ensure the name we create for our startup is memorable, distinctive, and stands out from the crowd.
Was the name an original idea?
Don’t be fooled by the adage that a great brand name tells your story. It is impossible to do that with just one word. Instead, your brand name is the foundation on which your brand story is built. Do you want to build on a rock or sand foundation?
Source: techcrunch.com
