If you want to build a successful company, choose a name that makes clear what your business does. Otherwise, you'll lose customers -- not to mention, risk getting called out by Marcus Lemonis, serial entrepreneur and star of CNBC's The Profit.
Jamie Wong, founder and CEO of travel site Vayable, knows this personally. She appears in the most recent episode of the Ask Marcus Lemonis video series. Each week on Inc.com, a featured entrepreneur gets the opportunity to ask the small-business fixer one question about a pressing challenge.
Four-year-old Vayable, which helps users discover unique travel experiences such as expert guides or a tour of local street art, is faring all right: It has around 6,000 customers, generally in the age range of 25 to 35. Even so, the company struggles to make a significant dint in the travel marketplace.
"Our biggest business challenge is getting enough people to know about us," Wong admits -- and Lemonis isn't particularly surprised.
"I hate the name [Vayable], because it doesn't tell me what [the site] does," he says, adding that it's too similar to the word "viable." When he asks Wong how she deals with this confusion, her answer is simple: "We don't."
Wong says that she considers herself a good storyteller, but Lemonis isn't so convinced. She has work to do to communicate her business as a "safe, legitimate, and affordable" option for travelers.
To learn Lemonis's advice for landing customers -- including how to use social media to do so -- watch the video above.