Step 5
Create a memorable business identity
The importance of your business name
Naming your business may be the most important decision you make. Your business name is your identity and as such, it has a tremendous impact on how customers and investors view you. Businesses have failed in the past largely due to a name that just didn’t work, so it’s important to get this right.
The right name also helps you stand out from the crowd in our over-crowded business world. And finally, with a good name (something memorable and catchy) you won’t have to work as hard at marketing. And that means you won’t have to spend as much on marketing.
Make sure to do online research to ensure that the name and domain you want to use aren’t already taken.
Design a good logo
Your logo is extremely important and it has many very important functions:
- It’s the symbol that customers use to recognise your business and brand
- In a single image, your logo needs to tell someone what your business is all about
- It must deliver an immediate and honest impression of your brand, expressing why your brand is special
- It must suit and support your business name
- It must grab people’s attention and make a strong first impression
- It must invite new customers to get to know you
- It must separate you from your competitors
Some logos are simply the business name in a distinctive text
- others include the business name and an icon, symbol or picture that represents the brand. Either way, it’s always best to go for something that is simple and effective.
Placing your logo on all of your marketing, packaging, products, website, social media, business vehicle, etc. is a way to advertise your brand and your message consistently, everywhere. Always ask friends and family to evaluate your logo. The wrong logo can be disastrous. If your logo looks amateurish or generic, then so will your business.
Create a memorable tagline
A tagline is a short and striking one-liner catchphrase that summarises what your brand is all about. A tagline must catch someone’s attention in seconds and serve as a statement of your brand on its own. The right tagline gives customers an emotional connection with your brand, thus making them feel like they know you.
Taglines are challenging to create. You need to capture the essence of what sets your product/service apart from that of your competitors in around seven words max. Nothing easy about that!