What’s in a name? A lot, when it comes to the success of your small-business. The right name can grab attention and generate a buzz, whereas the wrong one can doom it to obscurity and failure, even before people try your products/services. Ideally, your name should convey the expertise, value and uniqueness of the product or service you have developed.
The process of picking the right name for your business can be quite stressful. You want to choose a name that will last and, if possible, will embody both your values and your company’s distinguishing characteristics. The name of your business is a first impression and if it’s not a lasting one, for the right reasons, then you might end up being just another face in the crowd.
Considering how important it is to get your business’s name right, here are a few tips to guide you.
1.Keep it simple – A strong name should be simple. It should be easy to spell and pronounce for starters, and meaningful to your audience, not just to you. Also, a short name might be an advantage as it would be easier to recall and find.
2.Avoid puns in the name – A pun in your company name is risky. If you land a good one it can make your name catchy, but you don’t want to end up with a cliché.
3.Be original – While a company in your space might have hit the jackpot with a name, it’s not advisable to follow suit and have a similar sounding name. People will notice and might consider your product/service as a mere copycat, without any unique features. Find a name that suits your business and is original, at least in your field.
4.Think Long-Term – Keep in mind the long-term goals of your business when picking a name. An extremely narrow and specific name comes in the way of future expansion and diversification plans. So, choose a name that has scope to include changes in your products and services, while also being relevant.
5.Check the Website Domains Available-Before registering your name, find out if the website domain is available. You do not want to have a website URL that is different from your business name, as it will be confusing to the customers and make you harder to find.
6.Appealing to your customers – The name you pick must be one that your customers can relate to and identify with. A name that is very personal to you might not necessarily work for them.
7.Avoid Acronyms and Abbreviations – They are easy to misspell and misremember. Unless you have a robust marketing strategy to make it memorable, avoid them.
8.Think of Your Target Market – If your customers are big businesses, make sure your name sounds professional and has appeal to upper-level managers. A business name with abstract words like heart, soul, balance, passion, might not be taken seriously by a corporation, as they will be conscious of the impression they’re providing stockholders.
9.Get Feedback – Upon short-listing a bunch of names, run them through friends, family, colleagues and potential clients if possible. A fresh pair of eyes will always provide a new perspective. Ask for their initial impressions and any suggestions they might have, and then include their feedback in your process.
10.Take a break – Put your shortlist of names aside for a day or two and then come back to it with a fresh perspective. You may feel differently about a name you were extremely enthusiastic about before, or your working list may help you develop a new and perfect name when you review it again.
Once you have picked a name and registered it, start generating awareness to create a buzz, so that it sticks in the minds of your customers. The name of your company is the first step towards building a strong brand identity, one that should last as long as you’re in business.