You never get a second change to make a first impression -- something especially important to remember in the snap judgement-prone zone of doing business.
So why, then, are an alarming number of people failing to focus on branding when launching a new business?
Just 27 percent of businesses owners and managers say they focused on developing the company name, and 26 percent say logo and branding were top consideration. This is the result of a 2015 study conducted by 99designsthat polled small- and medium-sized businesses (SMBs).
What topped this list of considerations when launching a business: finding customers, at 68 percent.
These numbers highlight an intriguing contradiction. In order to ultimately attract customers, a strong brand identity, including a strong company name, is critical. Yet, many SMBs don't invest the time, energy and resources in this piece of the equation.
Even more intriguing: While most new businesses admit that they don't make branding a focus at the onset, these same surveyed businesses recognize the importance of a professional looking website. Nearly 76 percent of SMBs owners said a professional-looking website was key to attracting more customers.
Wait ... isn't a website part of a company's overall branding?
There is a cautionary tale lurking within this data. And research by The Alternative Board hammers it home: A failure to focus on branding essentials at the onset of launching a business -- the company name, logo, mission statement, website -- can lead to regret. When SMBs were asked which areas of their marketing strategy they would have improved when first launching their businesses, the majority said brand building would be their biggest do-over. It was the top response, cited by 50 percent of respondents.
New businesses can learn something from these surveys. Attention to the company name -- both how it looks offline and online -- is something to consider carefully at the onset.
If you're a small business owner in need of a branding boost, click here for an assortment of name generator tools; click here for a variety of new domain options to give your business name some "oomph" online, and make it memorable for potential customers.