When Brands Take a Game: Naming Strategies That Capture Risk & Reward
William Shakespeare once asked a question that resonates with many to this day. “What is in a name; a rose by any other would smell as sweet?” The famous lines from his seminal romantic tragedy “Romeo & Juliet” are still quoted to this day; but none more so than the one we brought up. While the Bard’s question may be an expression of poetic genius, it does not seem to reflect the business world.
It turns out that a name carries a lot of weight. Brands have banked on that very weight for centuries in hopes of engraining themselves deep into popular culture. It is why we are all aware of names like Starbucks and McDonalds. But what happens when entrepreneurs take a risk and buck naming conventions? Can a risky name pay off in the grand scheme of things?
Striking a Balance Between Risk and Reward
The growing success of the iGaming industry shows us that risk-taking is far from dead. Indeed, it may be that those of us living in modern society are more prone to risk than ever. It is why affiliate platforms like Casinofy are so dedicated to providing us with the best information on low deposit casinos and sports betting websites. The goal Casinofy has set out is to allow its customers to have access to games of risk and chance; while simultaneously being as safe as they possibly can be.
It shows that a balance between risk and reward is key in gambling. But that same sort of balance must exist in all walks of life; especially business. An entrepreneur’s career begins with a visionary product. But it ends with something just as important; a name. A product without a brand can never sell. It is important to give said product a name that is going to stand out and capture the audience. But it simultaneously cannot be a name that pushes the general public away.
Entrepreneurs must strike that balance between a risqué name and one that will ultimately be appealing enough to bring in new customers. The question is how can people who are new to business know which name is going to play with the audience? That is where study and analysis comes in. We can look at data analytics to determine what the culture of the time values. Do they want simple brand names; or are they looking for something complex or ironic? All of these questions must be answered before one comes up with a name for their brand.
Getting Bogged Down
Striking a balance between simplicity and creativity can be just as difficult as finding one between risk and reward. Most people have a different idea of what a good product name is. If the entrepreneur attempts to listen to all voices, they might end up having heard nothing. The biggest risk you can take with your product name is getting bogged down in the mire of trying to please everyone. At the end of the day, the name you choose for your product should be the one that feels the most right to you.
Plenty of businesses in the past have attempted to use some sort of gimmick in their naming scheme. Plenty of 20th century products chose a comedic approach to naming. But one must remember that comedy is not eternal. It is entirely possible for a product that bears a comedic name to succeed in the short term; only for it to suffer in the long run. Comedy is the most volatile entertainment form after all, because society consistently re-examines what is and is not funny.
The modern era is one where we’ve embraced a sort of post-ironic sense of misery. Even online usernames now carry some sort of sadness that ends up being morbidly funny in a way. It isn’t surprising that many businesses are trying to lean into that sense of sadness that has gripped society. But comedy and tragedy are two sides of a coin. Just as how we re-examine humor, we also re-examine pain. What may be a light reference to misery now could just as easily become a sore spot in the future. It is why one must always avoid getting bogged down by the general public.
