Picking the right business name is crucial as it says and contains a lot such as recognition, identity, reputation, etc.it creates an image of the brand in the mind of potential customers, it shares the idea of what the company or service is about, and when it comes to the internet, it is the most important keyword for internet searches.
Selecting the wrong name is a mistake to avoid at all costs. Gone are those days when companies are being named after their founders/owners, that is, irrespective of what your name is, you become the Apple, The Adidas, or Mamuda of something.
It is more than just a name, it is a personality, an identity, a promise. A 2008 consumer survey by Ad-ology tells that 80 percent of online consumers base their purchasing decisions on brand name alone.
So many entrepreneurs have brilliant ideas for their businesses, but when it comes to picking a business name that actually communicates the vision of the business, they flop.
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You might just be one of those facing a similar issue, but be rest assured as the solution to this issue is given in expl detail here. Some factors worth putting into consideration include:
1. Simplicity
Simplicity reigns in the world of marketing, and this couldn’t be more true in regards to naming a business, service, or product. Business names can be creative but should deliver a short and to-the-point message about your brand, let the name be short and snappy. The name can be one word – which could be an existing word or a completely made-up one.
2. Simply Easy
Naming is by far the most critical but challenging part of branding. A brand or product name should be easily read and said. This can be tested with people who were not involved in the name-storming process. You want a name that your target market can easily key in on search pages. Complex and confusing names are prone to spelling errors and make it difficult for people to find your business on the web. Worse, they may land on your competitor’s page.
Another part of making the name easy is ensuring it can be easily pronounced. For instance, pretend you’re a sales rep answering a call for your company. Read your name list out loud. How do the names sound? Do they sound great during a call? If you are getting tongue-tied pronouncing one, scrap it out of the list. Mispronunciations defeat the very purpose of naming.
3. Catchy
Being short isn’t enough. The name should have a certain “ring” to it, the inexplicable factor that makes some brands just stick. There is a reason why you’d rather pick Pride than call Baxi. Another few good examples of brand names that are catchy are Dior, Adidas, and Nike.
4. Longevity And Mission
When naming a new company, it is important to consider longevity. Just how long will your brand name resonate with your targeted audience? As your brand grows and time progresses, that company name may be less and less familiar or associative to your public. Choose a name that accurately reflects not only the service or product your business offers but the company culture you seek to project. While you may name your company after your only product right now, it is possible you may venture into other products in the nearest future. The name “The Italian Shoes Company”, may have trouble selling suites in the later future.
5. Language
While names are rather language-agnostic, the sound and the etymology can make them sound “Hindi”, “Vernacular” or foreign. When choosing the language, your market should be put into consideration. If you are selling to a young, urban audience, English or a variation is what you should opt for. But if it is the regional markets that are going to be your primary audience, having a vernacular touch in the name goes well.
6. Memorable
When you think of huge brands like Apple, OKfoods, Coca-Cola, and you’ll notice a trend: the names stick. Short brand names tend to be catchy and memorable. People remember shorter names than long ones. Try to make your brand name memorable and not a struggle. If it is long, make an abbreviation (e.g. P&G for Procter & Gamble, Mitsubishi for Mitsubishi Motors Corporation). Spread the word. Don’t leave the decision to truncate to consumers. One of the most frequently asked questions observed is “how did you get your name?” If you answer, “it just makes sense” you missed an opportunity to become more memorable to your target audience rather it should tell a touching story.
7. Search Engine Optimization (SEO) friendly
Now, the name should be simple, short, and catchy enough, but cannot be something so generic that Google can not tell your business name from a general word.
8. Social Media friendly
In this day, when brands are created and enhanced on social media, can you ignore the bearing the name could have on social media performance? For instance, a long name is going to amount to Twitter suicide if you were to create a campaign that went #Eesha’ssureplugforsurprisepackages!
9. Possibility of Claim and Protection
Imagine building your name for years only to receive lawsuits later on by a company who has the same name then starting again from scratch. Taking steps to protect your brand name prevents legal issues in the long term. That way, you not only declare it as proprietary but that you are not infringing on another’s intellectual property. It also prevents other businesses from gaining ownership of the name in the future, and that alone could save you heaps of cash, effort, and stress.
Generally speaking, business names should stand for what your product or service is and clearly define what you want to convey without making it too long or difficult to pronounce. You want people to identify with the name in a positive light regardless of what region, culture, or language they belong to, especially if global expansion is in the offing.