TheRichest recently had the opportunity to speak with David Moritz, CEO, and founder of Society Awards, a company that creates high-end custom awards for popular televised award shows among many other things. Our exclusive interview with Moritz included touching on the topic of branding. Moritz was kind enough to chat with us about the name of his company and its significance and why choosing a name for a company should require careful thought and consideration.
Society Awards is known as “the world’s most prestigious award factory” and is fast-growing with two locations (with more possibly in the works) and international clientele seeking their services. The company manufacturers awards such as the MTV VMA Moon Person Award, MTV Movie Award, Koons National Arts Award, CFDA Fashion Award, Billboard Music Award, and the CMT Award. Moritz said that he was working in a law firm while searching for a creative outlet and a “niche industry” where he could “make a big impact” when he discovered a need for a high-end award manufacturer.
Moritz previously opened a bar in New York City called “Society Bar.” He stated in another interview that he chose the name “society” with much care and consideration. The fact that he chose the same name for two separate businesses told us that the name obviously means a lot to him. We wanted to know what the story was behind the name.
Moritz said that when it comes to branding for those who are entering a new market where it isn’t very crowded at the time, the efforts that the target audience will have to put in to make the association of the name should be largely considered. You will want to make it as clear and as easy as possible for the target audience to make the connection of the company name to what kind of services the company provides.
“So with Pepsi, you can spend as much as you need to, to make whatever words you want a known name associated with that category,” Moritz said. “But if you don’t have that kind of marketing budget, you should consider if your name is going to meet an expectation as to what your company does. If you can possibly think of a name that has all of the emotional connotations that you want it to have but also is descriptive of what you do, it will help you in the end.”
We have all likely experienced a few moments of confusion trying to figure out what exactly it is a certain company does, so this makes good sense to us.
“So the considerations that went into how you feel about Society Bar, it’s more when you switch the context and talk about Society Awards,” Moritz said. “It’s clear that we don’t make stationery.”
Have you ever or are you considering starting up your own business? Did this article provide good advice for naming your business? Let us know in the comments!
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