A perfect name is a good match to how people know and understand your business. A perfect name answers many questions immediately. Therefore, choosing the right name is extremely important.
Choosing the start-up name is one of the first decisions you make. Plan to research about different name options to make sure the name you choose is the right one. Because of the value of the business name its important to get it right.
Read our guide before you begin working on finding a perfect name. Planning this at the outset can save time and money later. The right name gives you focus, and gives your customers clarity about the business.
Make it a name that counts
In theory you would think a company with product lines in demand, or a niche product, should expect to earn a good profit. But there is much more to making profit than having a good business idea. The challenge is to communicate an authentic benefit against your competitors.
Your business name is a key factor for success because :
Point of contact . You need prospects to react positively to your business name so that they move towards the business. Customers’ positive response to the business name draws them into the sales pitch and, finally, to buy products.
Initial Appeal Counts. If your competition ‘looks’ more attractive then you’ve got a harder job drawing people to your products. People might choose the competition just because they see it looks like what they’re looking for, and yours’ doesn’t. You don’t even get looked at.
The First Point of Contact. Your business name is the entry card to your business. At this first point of contact you haven’t yet had a chance to sell to them, so the business name impact is vital. Customers will make instant judgements on what they ‘see’.
Therefore, your business name is a key factor to strike the right tone. Even more, the perfect business name adds value by being a unique value of the brand. A strong brand which speaks the value and products of the business is a key to success. In time, brands can literally sell themselves.
What do branding experts say?
“nothing will be used for a longer period of time, or more often, than a company’s name. Its not just a creative exercise. Its a strategic one’ David Placek, Lexicon Branding.
‘creating a new vibrant brand is a challenge which requires a sophisticated strategy. It is not just about a product and a name, its about a lot more’ Scott Goodson, Strawberry Frog (http://www.forbes.com/sites/marketshare/2012/05/27/why-brand-building-is-important/#b37ba201e728)
Your brand is a key component of business value. Its worth it to plan your startup strategy to build a valuable brand. In the initial planning stage envisage your name and branding. Think of an effective, memorable way you help people remember the business. The name can also be portrayed visually. It needs to be recognisable, a direct communication that gets the right reaction, and encapsulate your values and products. A perfect business name represents the essential business purpose. Consider the following:
Saying the name. Its a name that will be said over and over for days and years. It needs to be a name that will become well known. Do you enjoy saying the name? Is it simple to pronounce? Easy to remember? A name to make the people who work for the company feel proud to work there?
Hearing the name. Make sure when you say the name it sounds like a name people will like. Make sure its easy to pronounce. Choose a name you don’t have to spell out because its not clear how to pronounce it.
Looking at the name. Visualise how the name might look in logos and marketing material. Does it look like its a fit with your message and products?
Get feedback in an experimental way until the right name becomes obvious.
Don’t get carried away with an ‘over the top’ look relative to the key business style and products. Its about getting a good balance of good name and branding. The name, logo, and marketing presentations should be a natural blend that lead customers naturally to the products like a perfectly matched package.
Choosing a name; What to do and what to avoid
Avoid being personal. When you’re passionate, and you want to stand behind the brand personally, its tempting to make the business name personal. For example, try to avoid something like ‘Jane’s Fashion’ or ‘Bob’s Bobcats’. Just think, people are seeking something that a fashion shop sells, or that a machinery store provides. Your own name doesn’t make a sale. Its the value the customer gets that makes the sale. Business needs a stand out message independent of you.
Bring a local flavour. But a business name which links to the local area is attractive to customers who link such firms as friendly ‘local’ firm. For example, ‘The Boston Book Repair Shop’, or ‘Barcelona Guitar Repairs’, would be perceived by locals as established reputable business. They can relate to it and thus have trust.
Put Humour Into Name. People love humour. Humour is often memorable, which is what you want. Something like ‘Jurassic Pork’ or ‘Temple of Groom’ would have people admiring the pun on words, remembering the name because its funny, and wanting to know more about what’s for sale. As long as the humour isn’t silly, and doesn’t divert from the perfect brand package, go for it.
Avoid boring names. Instead choose snappy names. The best names are ‘a snap’ – instant recall, original, and instantly informative about what your business offers. Customers should be drawn in because the name stands out from the crowd, and is much more interesting than the competitors.
Naming Your Company … and getting it right. The ideal is to get the name right at the outset. The name communicates the business brand and endures throughout the business life cycle. If you plan to grow the business, make sure the business name doesn’t limit the business. Try to choose a name which can grow in value with your business.
Business planning and strategy is very important for a startup. A good name is a very good start. It sets the tone of everything.