A new report from Mining Intelligence shows that the mining industry suffers from extreme anxiety and lack of fantasy when it comes to brand names. Over 1,000 mining companies use the word “gold” in their company name, while “coal” and “copper” end up in second and third place.
Consensus here seems to be “better safe than sorry,” but in actual fact, choosing a generic, trendy and descriptive name is much more risky:
- It will be difficult to distinguish your business in the industry. You become one in the crowd.
- Trendy names with obvious associations get old fast. What’s hot today is often dead cold tomorrow.
- You come off as a posterior, not a pioneer. Remember, it’s better when the name communicates who you are, rather than what you do.
- You limit yourself and make it harder to expand your business. What happens when you start selling aluminum and lead as well?
In short: the golden mean is often quite rusty.