The Importance of a Name

The name of Erik’s previous company was 80|20 picked because he was looking for a company name that was short, abstract, and related to business (the 80/20 rule) with an available domain name. About a month or two into it, someone asked if it meant “80% protein to 20% fat.” Turns out that’s the ratio of hamburger meat and there was a local restaurant in Norfolk called 80/20 Burger Bar and there turned out to be a lot of brand confusion because of this. So he had to start rebranding it as 80|20 Software Consulting because of the brand confusion. Kevin’s company name was ID Web Studios. Ironically, they both wanted to change their names when they joined together as business partners because they both hated the names they were coming into the partnership with. So the company rebranded as Array Digital. If you’re thinking about getting into business, the company name frankly doesn’t matter that much. There’s a lot of huge companies out there with bad names, right? But once you build up your brand’s reputation, it overcomes the bad name. Think about brand confusion and whether you’re going to like your name for the long haul. If you try to morph into something else in the future, how can your name also change with your company? These are the most important factors in choosing a brand name and if you’re not sure it meets these qualifications, pick a new name. — Erik J. Olson is an award-winning digital marketer & entrepreneur. The Founder & CEO of Array Digital, he is also the host of the Journey to $100 Million Flash Briefing and daily podcast, and the organizer of the Marketers Anonymous monthly meetups. — Kevin Daisey is an award-winning digital marketer & entrepreneur. He started his first company when he was just 23, and is the Founder & CMO of Array Digital. Kevin is also the co-host of the Journey to $100 Million Flash Briefing and daily podcast, and the co-organizer of the Marketers Anonymous monthly meetups. — For more information on the show, and to check out past episodes, go to journeyto100million.com!