The Power and Pitfalls of Your Firm's Name

Strip away everything from your brand—the logo, the colors, the messaging—and what remains? Your name. It's the most fundamental element of your brand identity, yet surprisingly, many firms give it little thought. As the primary trigger for everything your business represents, your name carries immense weight in shaping perceptions and driving business success.

Why Names Matter More Than You Think

Think about it: without a name, you can't have referrals, business relationships, or brand recognition. Your name serves as a proxy for everything your firm represents in the minds of your audience. It's the spark that ignites all brand associations and the vessel that carries your reputation.

But here's the catch—some names are significantly better than others at performing these crucial functions. Let's explore the five main categories of business names and examine their strengths and weaknesses.

The Five Types of Business Names

Here are your options.

1. Founder/Partner Names

Example: Delgado, Roderick, Cannon, Nguyen & Munoz

Traditionally popular in professional services, these names face what we might call the "Law of Reduction"—people inevitably simplify long strings of names, usually to just the first one. While these names build on personal connections, they can create problems when partners leave or die, and they often become unwieldy as firms grow.

2. Acronyms

Example: IBM, CVS, SHM Associates

Often born from the simplification of longer names, acronyms present several challenges:

• They're easily confused or transposed
• They lack emotional appeal or meaning
• They're usually impossible to trademark
• They blend into the sea of other three-letter competitors

3. Descriptive Names

Example: The Digital Transformation Group

These names fall prey to the "Law of the Generic." While they clearly communicate what a business does, they:

• Struggle to stand out in the marketplace
• Often become dated as industry terminology evolves
• Tend to be long and get reduced to acronyms
• Offer little flexibility as businesses evolve

4. Abstract Names

Example: Amazon, Google

These names gain power from their distinctiveness rather than their literal meaning. Their benefits include:

• High memorability
• Strong differentiation
• Flexibility to evolve with the business
• However, they risk being perceived as unprofessional or eccentric in more traditional industries.

5. Coined Names

Example: Accenture, Zillow

Created from Greek, Latin, or other linguistic roots, these names offer:

• Built-in meaning (for those who understand the references)
• Easy trademark potential However, they can be challenging to remember and may lack meaning for most people.

Signs You Need a Name Change

Consider rebranding if your current name:

• Creates confusion with competitors
• Proves difficult to remember, spell, or pronounce
• Fails to differentiate your firm
• Feels outdated or stale
• Contains names of departed partners
• Carries negative associations
• No longer reflects your strategic direction

What Makes a Great Name?

The best business names typically:

1. Are short and memorable
2. Differentiate you from competitors
3. Support your positioning
4. Engage your audience
5. Establish a distinct personality
6. Carry universal appeal beyond your specific services

Making the Change

If you're considering a name change, remember that it's never too late. Many firms have successfully rebranded with new names, gaining improved brand retention, stronger differentiation, and greater brand loyalty in the process.

The key is choosing a name that will stand the test of time—one that's short enough to remember, distinctive enough to stand out, and flexible enough to grow with your business. While your current name may carry equity from years of use, sometimes breaking with tradition can give you the competitive edge you need in today's crowded marketplace.

Remember, your name is more than just a label—it's an opportunity to establish new associations and set expectations as your firm moves into the future. Choose wisely, because while other brand elements may change, your name will likely be with you for the long haul.