Business owners tend to select names for their companies based on what they bring to the marketplace. An example of this is Kentucky Fried Chicken, which mentions the product. Other company name selections may be more strategic and complex, depending on their vision and goals, inspired by symbols and ideas.
Whatever the concept behind their name selection, companies build their brand around the name they choose. And their brand name is, therefore, based on a story unique to them and making them memorable in their niche and beyond. For example, Apple was chosen because it was simple and memorable. Moreover, it was inspirational, the fruit of creation, which reflected Jobs’ view of the computer as a tool for effective creation, the bicycle for the mind.
Similarly, there are other companies too that have chosen or created their names based on inspiration they drew from one source or another. This article explores how the names of corporate giants, such as GoPro, DJI, and Bose were selected, and uncovers the inspiration behind them.
GoPro’s Business Name
The founder of GoPro, Nick Woodman, initially started a gaming company, Fun Bugs, which resulted in a $4 million loss. Woodman decided to recoup by visiting Australia. While relaxing on a beach there, he realized that only surfers experienced the real thrill of the sport while most observers on the shore wouldn’t know what was going on as a surfer mounts a gigantic, majestic wave. That was when he began working on a prototype built specifically to help surfers capture their experiences on tape.
There is some speculation that he built the first model using rubber bands, a surfboard leash, and a disposable Kodak. What inspired him to give it the name GoPro is the fact that most surfers wanted to GoPro or go professional in their careers. Woodman asked himself a significant question: what do me and my friends want to do? The answer was simple: become professional. Woodman explained that the name meant attacking something head on. That led to titles such as HERO and so on, and the rest is history.
Bose’s Business Name
Amar Bose, the founder of Bose, lent his last name to the organization he created. A pertinent question to ask here is; what did the company mean to him? What did he want his name to portray? Bose believed that in the world of business, companies sell “the freedom of expression”. He knew that his view reflected what people value perhaps the most.
With his entrepreneurial approach and an idea that sells in the form of top quality sound, he sold a tool that most people value highly. He also once stated that if he were to work for MBA graduates, there were zero chances that he would survive in the industry, which speaks volumes of Amar Bose’s desire to enjoy his freedom. He began his career at an early age fixing radios, but perhaps always wanted to break that sort of subservience to his superiors.
Although he may have inherited his business genes from his father, the company built by Bose is a result of extensive research and constant risks. Amar Bose was known for his commitment to research and study, and he often leveraged all of the company’s assets and took risks to get the desired top quality results. In the end, it is quality that Bose is known for, and this is a reflection of Amar Bose’s values. His extraordinary commitment and dedication towards the company, as well as his courage to use the family name ‘Bose’ is what him to worldwide success. Ultimately, his risks were rewarded with success.
DJI’s Business Name
DJI has Chinese origins, but its west-friendly corporate branding paints another story. This company is in a league of its own. Da-Jiang Innovations Science and Technology Co. was founded by Wang Frank, most widely known as “the conqueror of the UAV world.” The origins of this drone-technology giant are rather humble; it all happened in a dorm room. From here, the company moved to open its headquarters in a warehouse in Shenzhen. The name Da-Jiang captures the company’s real origins; it is a Mandarin word that refers to a prize or an award. However, it is marketed as DJI, and this strategy is very useful in capturing the global market.
DJI first sold Wang Franks $6000 designs in the market, but choosing Shenzhen as the headquarters paid off. The access to raw material and a bee hive talent pool in Shenzhen has helped DJI grow into what it is today.
DJI specializes in aerial-drone technology and so far has stayed at the top of the market. It has built a corporate identity using its famous slogan, “the future of possible”. DJI is the first consumer-based drone seller and has since remained the market leader in the revenue-generated category. DJI is now considered the Amazon of drones with investors lining up to invest in one of its futuristic designs.
DJI has made a sharp brand image in the western world, naming its products Phantom and Mavic pro platinum has paid off. DJI owns well-over 70% of the unmanned recreational aircraft produced. They have primarily marketed themselves as DJI throughout their existence, and consider themselves an international company.
Your Business Name
Each case discussed above highlights the significance of a company’s name. Your company’s name is the crux of your company Mission and Vision. By choosing a name that’s instantly relatable, the chances of your business reaching the top are higher, as it will be easier for your target market to remember your name.
Reviewing the above cases leads us to believe that inspiration and significance is sometimes drawn from the most succinct of moments. This can lead to selecting names that can have a significant impact on your audience. Research suggests that choosing a name that is simple, yet captivating, stays with your audience and creates a more substantial effect on their spending patterns. Moreover, alternative research suggests that if a name sounds exotic, people will make a bigger effort to try and remember it.