In a recent study of logos belonging to the top 100 brands in the world, 37% of them consisted only of text, often stylized using a unique font. These are known as wordmarks or sometimes logotypes (since they are logos composed entirely from “type”).
Wordmarks work best when the name of the company is very distinctive. Google has a simple, minimalist logo design, but it works for them in part because their name is so quirky and memorable (not to mention short). The same can be said for Yahoo, Pinterest, and other brands that use relatively simple text as their company logo.
Text-only logo styles are an excellent choice for smaller companies who are just getting their feet off the ground. When getting the word out about your business is crucial, it’s not a bad idea to have a logo that very clearly communicates the name of your company.