The name of your business could also prove to be a competitive advantage to you. There are many things that you have to keep in mind while choosing a name for your business. Whether you want to take your business online or offline, the name you choose for your business builds the foundation of your business in many ways. The name of the business is also the brand of your business. Therefore, when deciding a name, also think of the logo that would go along with the brand name. Here are six tips to keep in mind when naming your business.
1. Keep It Simple And Memorable
• Use names that are easy to remember and pronounce.
• Do not use names that are common, though General Motors have been an exception, but, if you want to diversify, then you have to rebrand with a different name if you choose a name that is commonplace.
• Let the name you choose to carry significance and meaning that is related to your business. When Steve Jobs created Apple, it was easy for his company to get into diverse fields, such as, music and movies, apart from technology. He created the name Apple with the philosophy that it was a fruit described in the bible and it was also based on the principles of Newton’s law of gravity. Steve Jobs chose a name that would gravitate his passion for technology.
• Do not use complicated names. You can create a new name which has no meaning in the dictionary, but, your customers will find it hard to relate to it. Also, due to non familiarity, they might not even remember it.
2. Avoid Mapping Your Company In Your City
Kentucky Fried Chicken is a popular brand that has used the name of its original city. You can use the name of your local area and embed it in your business name; however, this would limit your options. If you are looking at growth options, then using the local or city name could be a tricky situation and create a bias with regard to your brand value. While it has worked for a few brands, it might not work for all. There could also be many social economic reasons why certain people might choose a place or not. Also, there is no guarantee that everyone is going to love your city or town. When you attach the name of your city to your business name, you are creating a platform for bias in the minds of your customers. As a business, you would always want to project a neutral and a candid image, especially, when branding it.
3. Use Metaphors
Instead of using names synonymous with the meaning of the words, top, best, etc., use metaphors that signify the meaning of these words and the brand value that you want to create. For instance, if you are a company that provides security services, then you might want to create a business name that signifies reliability, strength, and robustness. You cannot use a random name when it comes to naming a business, because these words carry a lot of weight and significance for your business.
4. Coined Names
You can get innovative if you do not want to use simple names or metaphors to name your business. Many businesses, like Xerox, Verizon, Accenture, etc. has coined their own names to start a business. You too can coin your own name for your business, but make sure that you are good at marketing and advertising your business, as coined words have no meaning, and people will not be able to draw any familiarity with your business name. So, the onus is entirely on your to advertise and brand your business properly if you want to succeed.
5. Avoid Offensive Words
You want to create a business name that is friendly and familiar, and also unique. Therefore, avoid using offensive words in your business. Unless and until you are a company that creates creative products, and that is the USP of your business, to create unconventional products, do not use offensive or irrelevant words for your business, as it creates confusion in the minds of people. For instance, if you are an IT company, avoid using words that have a creative meaning. Also, choose colors and fonts for your logo that are uncomplicated, straight laced, and conventional, unless and until you are a company like Google with a vibrant work culture.
6. Short Names And Creative Spellings
The length of your business names must be short. If you use long business names and also use phrases that only you understand, it will not do any good for your business. Many companies which are successful have short names, whether coined or not. You might also not want to use the unconventional spelling for your business name that has a familiar word. For instance, you might want to use these letters ‘Ph’ for a word that starts with a letter ‘F.’ Use this technique sparingly, as it may fetch good results only if it is catchy. It is advisable not to play with spellings unless and until you test your business name for some time before registering it. Also, stop forming a committee to create a business name. You can use your business name for a while before registering it, to check how it is performing in the market, and modify it as per the feedback before you finally register it.
These are a few important tips on naming a business, a product, or a service. You have to fully research for a good name and also be clear about what do you want the name to represent. There are also many naming firms available online and offline who could provide you with a list of names for your business. When you choose a relevant name, you will not be misleading your customers into thinking what your business is not. Therefore, choosing an appropriate business name is essential for the success of your business, products, and services.
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