By Ryder Navarra
Many students in Ponte Vedra High School (PVHS) are enrolled in the various business and marketing related academies throughout the school. With that, many students are more than likely going to be involved in various business ventures in the future. In a business environment, one thing before any type of business can be executed is vital for a profitable business: a name. Picking a name for a new company can be seen as a tedious process that can reflect on your brand for as long as it is operative. A well-thought-out name can leave an impression, attracting customers and setting the stage for success. In naming a company, however, there can be various downfalls that can negatively hurt a newly started business. Here are some various notes and tidbits from Forbes magazine for how to name something to look back and not think ‘why did I name it that?’
To start, a common thing to avoid is complicated spelling of a company name that will lead to confusion as to how to look up your services. All it takes is someone to think your brand has an ‘e’ in the name when there is really an ‘a’ to confuse your customers. Simple spelling and grammatical flair are all that is needed to make a simple and effective brand that people can effectively look up and see if they want to do business.
Speaking of simple, it is also important to keep the name of a company bare-bones, in terms of what the brand is about. Having a name that speaks to the core values of what you, and your company, does is critical for easy recognition in terms of being next to your competitors. A name that is chosen should also not Cater to a limited audience, an example being making the name of a company a joke that could only appeal to a young adult and teen audience, and one that doesn’t allow for easy access from an older audience/market. Having a name that is easily associated among all audiences can be helpful, and having one that can stick in a person’s head based on multiple factors (it being funny, having a minimal look, etc.) However, take these terms with a grain of salt and make sure that if motifs such as humor and flashy branding are used that it’s something that isn’t going to be annoying in terms of marketing. A good example of this would be the Shark Shack at PVHS, with the minimal name that describes what it does: sell shark-related merchandise to PVHS students.
Lastly, a crucial detail before officially deciding a company name is to be sure the domain on the internet is available before an official announcement on a name. Having a website URL match the name of your brand is critical. This is because even if a brand name sticks into a consumer’s head, when they go to look it up on the internet and it doesn’t show up, that could lead to a loss in business. Although a website may seem like one of the last things in starting a business, it is crucial for success in getting potential customers. A good example of this is Elon Musk and X. Although many believe the name to be redundant and obnoxious, X CEO Elon Musk payed over a million dollars for the X.Com handle, according to Fortune.com.
