In an era where sales and revenue are driven by brand identity, coming up with a good business name is a top priority. Sure – let’s concede that the process sounds simple enough. After all, how hard can it be? Yet the fact of the matter is that naming your company is one of the most agonizing and frustrating tasks you will ever undertake in your career. After spending much money and time, many business owners still contemplate on several different choices.
We have brought you some tips that can help you speed up the process and make up your mind.
5 Best Practises to Name Your Company
1. It Is More Than Just a Name, It Is a Feeling
Let’s go back to business school. What is in a name? A feeling, a message, a purpose, and many things more. Consumers can interpret your brand in so many different ways. You need to convey a positive message about your services in a word or two. For instance, “Timely Movers” conveys that your moving business never misses a deadline. Most of the people who are moving to a different city, want the process to be done without delays. So that is how you address an issue that predominant while conveying your brand’s USP at the same time through a name.
2. Sit Down With Your Team for Brainstorming Sessions
As soon as you have a brief idea of what your business name should convey, it is time for you and your team to put your creativity hats. Let’s get something straight – names that sound too generic are always a turn-off. It is also important to NOT rush this process.
Agree upon a constant – your company name should have words that address your industry/audience while exhibiting your USP (unique value proposition) at the same time. Now, start listing down names right from the top of your head. You can also go that extra mile by looking up for words that have the same meaning in other languages.
Once you have a good set of prospective names, cross check and verify their availability online. You would definitely not want to have a web address that spells differently.
3. Strive to Keep It Short and Simple
What is a name worth if people can’t remember it? Word of mouth marketing is still the best form of marketing, and if your customers can’t recall your brand name or have difficulty in pronouncing it, how are they ever going to discuss your company? The idea is to diversify and simplify at the same time. For example, look at Tesla. It is a short and simple name but conveys innovation, science and cutting edge technology. If this step becomes too tedious, try studying some successful brands and investigate how they came up with their names.
4. Avoid Enigmatic or Ambiguous Words
Words that are too enigmatic can cost a lot of money. The only way to push uncanny brand names into the market is by pumping in loads of cash into your marketing strategy. For most companies, that won’t be an option. Unless you have a vision and a plan in place that could justify obscure brand names, avoid them at all costs. Some names might sound cool without conveying much meaning – there are always better alternatives to these.
5. Focus on Originality
Being original is not as easy as it seems. However, it is undeniably critical in naming a business that will stand out from others. Most of the time, if you name your business using famous themed movies or actors, it will get lost in a pile during searches.
As a new entrant in the market, your business should be noticeable. In order to generate several unique names, try using keywords that you associate with your business. This method is an excellent way to get inspiration and uniqueness. Also, referring to books like your favorite novel can help spur your creativity. It doesn’t matter whether the book is related to your business or not. Just as you are going through the pages, pen down words that resonate with you.
Still unsure what direction to go? Consider working with a professional copywriter to come up with some creative options.
Let’s say that after a week’s worth of hard work you have zeroed in on what you and your management think is a great name. Don’t settle. Your team’s opinion does matter but always push for an outside opinion. Reach out to your ideal customers for suggestions. Here are a couple of questions you can ask them:
What kind of feeling does “XYZ” invoke in you?
Does the name “XYZ” convey our objectives accurately?
Your survey must be customized according to your needs. You can use the above questions as an example. Remember, you are trying to understand what goes on in your ideal customer’s head when they heard your company name. It is essential to design effective questions to bring out accurate and honest answers.
A Final Word
Here is a fun fact – approximately 77% of all consumers make purchases based on a brand name. That is how decisive a name can be to the future of your company. The power of a brand can’t be underestimated, and every extra second that you invest in the creation of an ideal name is well worth it!