Does choosing the right business name really matter?

Good morning. I brought up this discussion with a close friend of mine earlier this week because I am actually interested in starting my own digital marketing business here locally in the states. I have managed my own websites and marketing for many years and the knowledge I have behind it just from experience I said why not try and start my own marketing company here locally. Here is the question I really had though....

I currently run a local business, it is service based. I have a brick and mortar shop where my business is at but the name is related to that business for the most part but I have really branded my name with friends through word of mouth and social media. What are your thoughts on using the same name and just offering a digital marketing service to my current customers, or would you completely start up a new name and separate both businesses? My end goal is to target local customers just like I am now with my services business.

But is the name that important?

 

Thanks for chiming in. If my current business name made any sense or sounded right, I would totally just branch off the same name. But unfortunately it doesn't sound right at all.

 

YES! A strong brand is the best barrier to entry.

 

Sounds like you'd be wise to establish a new name.

You do have contact with your current customers, right? If it makes sense for them to use your digital offerings a simple message to them would inform them of your business addition.

Also, you'll want a name that reflects the nature of your digital product. Since it's a digital business you're thinking about a website is a must in my mind.

And with a website offering digital products it becomes a no-brainer to eventually think about expanding beyond the local market.

 

It definitely has an impact as you will build your brand awareness based on the name and it should be recognizable and strong so that users can connect it with you all the time. But, I am not sure if you should keep the same name for your new business, I understand your idea as your previous service was popular and people already have heard about that name, but if you just switch it, it can make some kind of confusion, as they will expect your old services and get to see that now you have the new one, What you could do though, is to modify the name a bit or add something to existing company's name so that it can be related to you, but to still indicate that it refers to something new.

 

You should always think carefully about the name. To get the desired result

 

Let's approach this from a different angle: you want to provide digital marketing services with your new business. How you market your own company will be the prospect's first introduction to you and will initiate his or her impression of your potential skills and abilities. You need a good name, a good logo, a good marketing pitch, a good website, a good social media presence, and all of the other components of a comprehensive and strategic digital marketing plan, just as you would hope that they would hire you to do for them.

 

Would you hire these businesses if you saw their ad:

"Lazy Flamingo" - Lawn care
"Catfish Window Cleaning" - Residential window cleaning

 

Im kind of wondering why you want to start another business though. Are there ways to expand your current shop? Ie. Improve online presence? doing online sales?
Or increase customers to your store, and hire more staff to match demand and just overall, use your marketing skills to improve the business.

On a different note, is there an option to have a company name, and then own a different trading name? (some countries do this). You can have your business name such as "boring company", and then buy underneath that trading names such as "awesome cool company".
I would recommend you talk to a local business or tax advisor before doing something like this though.

 

Of course, the name is very important.

 

Absolutely. If your current business name is Dumbo's Septic Tank Service, I don't think that would a good name for an online pharmacy site.

 

Ask yourself. Do you value your identity? Is name your identity factor? Possibly, yes.
Why do you need a brand name?
When you present yourself to the target audience, you probably need an identity to help them remember you. This is where your name, logo, and other describing factors come in the race.
How long you can sustain without a name?
Consider this, you don't get a name. You prefer going anonymous. Who will your clients reach when they need you the next time or when they try to refer you to someone else?
Do you have a vision?
If so, try to link your name with the same. For instance, think of how APPLE owner Steve Jobs connected newton's revolutionary idea of falling of APPLE reason for gravity and named his brand as APPLE.
Does your name have a unique factor?
A brand name has to be easy and simple to use.

 

A short and simple company name is very important. This helps to be remembered by customers. This simple name can also be used when creating a website.

 

Yes so important it's branding it's like designing a logo would you design a logo for $5 or $1000. If you pick the more expensive you understand how important your company is to you as it boils down to branding. Replay I can help you with brand design vector one for you through any idea you have on paper

 

Yes, for me it's really important because this will be your brand name that to be remembered and considered as one of the trusted products or services in the related field. Let it be short, precise, unique, and relevant.

 

Can't you take some recognizable part from your existing brand and then add a new service related word to it? For example, if your current business is named "Soflo auto services", then your digital business could be named "Soflo digital services". Is that possible with your current business name?

 

I think its plays an importance as it helps peoole find you more easy but i dont think it plays a crucial importance .The most important thing its thr value and help you give to your clients

 

Hi there,
I am going to give a Yes and a No here, yes, the name is important, however, the more persistent you are in your advertising endeavours, the better your potential results.

Say you do come up with the best-sounding name, great if no one hears it, sees it, can relate it to your business, does the name matter - then no, not really.
If, however, on the other end, your market persistently, and people see it regularly, will your branding begin to stand out, definitely yes?

Let's take the famous fizzy drink (naming no names but sure everyone knows which one). You would have to be off the planet not to know it. Why? Because no matter how many times you drink it or don't, for that matter, (I dislike it, but that's beside the point), millions love it, and the fact here is you know about it because the company makes damn sure you don't forget about them!

Use all your acquired skills and get that name out there, it WILL, regardless of what it is (though obviously, it helps if it is catchy, funny, rememberable), get it in front of enough people, and it will become your identity.

So, in a nutshell, yes, but there are a lot of other variables in play if strategically implemented (that fizzy drink again), far outweigh the name.

 

Like you choosing a domain name for your website it really matters that you choose a good name for your business.