If the name of your business blows, then youâ€™ve got zero chance of success. I know that it sounds superficial, but unfortunately itâ€™s true. 99% of the time itâ€™s the name of your business that makes the first impression on a consumer â€“ So your businessâ€™s name best be dressed for success.
So how do you better your chances of developing a business name that will have consumers hungrily licking their lips for your products? If you keep the following fourteen pointers in mind as you try to have a billion dollar branding brain-fart, then itâ€™s doubtful that youâ€™ll end up choosing a bad name.
Let the pointers begin!
1. If you donâ€™t consider yourself a good marketer, then you need find
someone who is IMMEDIATELY. When youâ€™re brainstorming to figure out your businessâ€™s name, you need a marketing professional to give you insight on how a particular idea for a name could be positioned to the public. â€œGoogleâ€ is a catchy name, but in the companyâ€™s infancy no one was able to guess what type of business they were by just looking at their name. Despite this seemingly bad situation, a marketer was able to step in and advise the company how this catchy name could be given life via some fancy marketing.
2. Your business name should reflect the key elements of your company. Look towards your business plan to help you figure out the aspects of your company that need to be promoted within the brand name.
3. Take a glance at the names of the other businesses within your industry. What is it about certain names do you like? Or dislike? What about the name makes it effective or ineffective? Figure out what you like, and donâ€™t like, about other businessâ€™s names, and you’ll be a 101 steps ahead of the game.
4. Unless you have a million dollar marketing budget, your name needs to plainly tell consumers what it is your business does. In other words, it needs to be meaningful. Use real words, or combinations of real words, instead of terms that donâ€™t even appear in the dictionary.
5. Sometimes a name can be TOO meaningful. Stay away from using geographic terms in your name. If youâ€™re â€œDallas Donuts,â€ and you decide that you want to expand into other markets, what are you gonna do with your established brand name? Also stay away from using generic terms that could potentially become dated in the future. Example: â€œVictorâ€™s VCR Repairâ€ probably wouldnâ€™t be very successful in todayâ€™s world of DVDs.
6. In order to avoid being too meaningful with your name, try developing a term thatâ€™s a bit abstract, yet still descriptive. The name of my business venture, â€œbizMAVERICKSâ€, is a perfect example. It tells people that my product deals with the genre of business, and is geared towards people who are ambitious within the field. Itâ€™s not too broad, or too limited, in itâ€™s personaâ€¦ Itâ€™s PERFECT ; ) Haha.
7. Choose a name thatâ€™s easy to pronounce. How do you expect word of mouth marketing to kick in, if the public canâ€™t even wrap their tongue around its pronunciation.
8. Stay away from naming your business after inside jokes or puns that only you understand and appreciate. I could start a business by the name of â€œFAWFâ€ but only I would be able to truly grasp the meaning of the brand â€“ And as a business owner, I want more than just myself, and close friends, as customers.
9. Only use â€œInc.â€ at the end of your businessâ€™s name if you’re actually incorporated. I know thatâ€™s obvious to most people, but youâ€™d be surprised how many â€œBusiness Inc.â€™sâ€ are out there that donâ€™t even understand the concept of incorporating.
10. Try to make up a new word for your brand name. Sometimes coined names can be more meaningful than existing words. If youâ€™re starting a new business youâ€™re more than likely introducing a new product, or a new twist on an existing product â€“ So why not makeup a new name while your busy acting as an innovator? Youâ€™ll find that the new name will increase the freshness of your new business idea.
12. Bounce your ideas off friends and colleagues to see how they react to the sound of your new brand name. When you pitch the idea to them, make sure you say the name in a confident manner â€“ If you appear unsure of the names value, they will catch on to your uneasiness and reject the idea immediately.
13. Would it be beneficial to begin the name of your business with a letter that appears towards the beginning of the alphabet? As a kid I was always picked last because my last name is â€œWilliamsonâ€. Will your business be called on last when customers search for your services in a phone book or online directory?
14. Finally, once youâ€™ve narrowed down your list of business name ideas to around 5 good ones, itâ€™s time to do a trademark search. If your search reveals another company by the same name, then mark off your list of possibilities. The last thing you need during the launch of a new company is a lawsuit over a trademark.
Hey bizMAVERICKS! Itâ€™s question timeâ€¦ Whatâ€™s your businessâ€™s name, and how did you go about creating it? How much of an impact has the name had on the success of your company? Post your answers in the comments section belowâ€¦
Wishing you continued successâ€¦