Sofa so good for small firms as one in five brits are swayed by a business name
Article Date: 2015-06-11
The Codfather deemed most memorable business name
As quintessentially British as fish & chips itself, the nation’s penchant for fun, quirky and pun based business names can have a real impact on a company’s success – as one in five Brits (20%) admits to avoiding a business just because of its name – and this increases to almost a third (32%) amongst generation Y (16-24 year olds).
With a record 330,000 businesses starting in 2014 and even more predicted to launch this year1, choosing a relevant and memorable business identity could be key to helping ensure future success.
The research2, released to mark the seventh Nectar Business Small Business Awards, found that quirky named businesses are the ones most likely to get people talking, with 44% of Brits likely to strike up a conversation with friends, family or colleagues after seeing one – compared to just 19% for anonymous, non-descriptive names – typically the favoured moniker of solicitors, accountants and advertising agencies.
When asked to choose from 100 existing small businesses with memorable and quirky names, The Codfather (fish & chip shop) came out top with 24%, closely followed by Curl Up & Dye(hairdressers) and Back To The Fuchsia (florist), both on 23%.
Not far behind was Arnie’s Sarnies – You’ll be back (sandwich shop), Florist Gump (flower shop) and A Fish Called Rhondda (Welsh Fish & Chip shop) each with around 20%. Other high ranking businesses included Bits & PCs (computer repairs), Doggy Style (dog grooming) and Barber Blacksheep (hairdressers).
Commenting on the results, Dr Jaywant Singh, Associate Professor in Marketing said: "The quirky British sense of humour is key to the success of these clever and memorable business names, and this is something we excel at as a nation – both the owners creating them and the public appreciating them as willing customers. It‘s factors like brand names and notable awards that help businesses stand out in an already crowded marketplace.
"Brand name is the centrepiece of a company’s identity and its marketing activities. Quirky or idiosyncratic brand names are highly suggestive and are capable of leaving strong memory traces. Customer associations with such brand names are often instrumental in generating recommendations.”
Receiving recommendations from friends and family for a particular business is still key when looking to use a service or company (52%) followed closely by its general reputation (47%). Businesses which demonstrate a family link or long generational heritage were deemed to be the most trustworthy (25%) compared to those that simply use non-descriptive names such as ABC Ltd(2.6%).
Interestingly, in an age dominated by e-commerce and social media, 48% don’t think that having a presence on social media is an important must-have for a business but almost a third (31%) think that a website of some sorts is an important asset.
Will Shuckburgh, Nectar Managing Director, highlights the significance of these findings for the SMEs planning to enter this year’s free Small Business Awards; "What’s in a name? Quite a lot according to our latest Nectar Business research that shows a natty name really does get people nattering. But that’s just one way to make your mark as a small business; recognition for service, vision and contribution are also important and that’s what we celebrate through the Nectar Business Small Business Awards.”
The Nectar Business Small Business Awards are open until 24 July 2015 and are free to enter at www.nectar.com/smallbusiness. Winners will receive an invite to the Nectar Business Round Table with Awards judge and Dragon’s Den star Sarah Willingham where they will be able to ask for her business advice, collect £2,000 and receive 50,000 Nectar points.