You’ve given life to that idea that’s overstayed its welcome in your notebook for years and it’s time to give it a name.
So what makes a good business name?
There is no right or wrong choice when it comes to naming your business because there are many different factors that can affect your choice, such as preserving family heritage, using a name that concisely describes your services, or coming up with an abstract name that stands out from the competition. Whatever you decide to call your company, pay close attention to this crucial first step because changing it later can be expensive. Building a brand requires a significant upfront investment of time and money, which may make changing it later challenging or even impossible. For this reason, it is crucial that you make the time and effort necessary now.
You might be fortunate enough to already have what you consider to be the greatest name for your company, or you might be having trouble coming up with suggestions. In order to lessen the probability that you will need to change the name of your company, it is crucial to take into account future challenges and ambitions for your firm, regardless of where you are beginning. You'll have to put up with it for a very long time, much like your given name at birth.
Remember there are just 5 possible ways to name your company, despite the numerous influencing elements and challenges that you will have to overcome.
Think of where you want your company to sit within the marketplace. Brand positioning and strategy will help influence your naming decisions.
Below we explore the 5 ways and outline some tips to help you in this process.
Evocative
Names that are nondescriptive to what the business does. These words typically conjure up feelings and emotions to help suggest what the business stands for or how it conducts itself. Businesses that have evocative names are free to do what they want in the future and aren’t pigeonholed into a single offering due to their name describing what they do as a business, they’re free to add new products or services without the need to rename.
Traditional
Businesses named in the traditional sense often take their name from the founder, partnerships tend to use a double barrel name.
Invented
As the category name suggests, this is a term or words that have been created specifically to explain what the firm does or to assist present an emotion that will draw customers or users to your organisation.
Acronym
Acronyms are usually the more practical option when a company has a really long traditional or descriptive name because it can be a bit of a mouthful to try and develop a brand around.
Descriptive
Words that figuratively define what something is, what it does, or how it functions are known as descriptive names. Startups frequently take this path at first because they believe that no one will know what they do or who they are. As with all successful brands, establishing the connection and giving the name significance takes time.
It's worth bearing in mind that regardless of your business name if your marketing messaging, SEO, Pay per Click ads and strategy are done well then you will be found online
To help you choose the best brand name for your company, follow these steps.
Understand your mission and values
In addition to reflecting your brand, your brand name ought to encompass its core principles. You need to consider your overall purpose, mission, vision, and values before deciding on your brand name in order for it to accomplish this. Without this crucial foundation, your brand identity is probably going to struggle.
Take inspiration from your competitors
Check out the names of your rivals' brands. Are they something you wish to somewhat emulate, or are you thinking about making a drastic departure from what is often expected in your particular industry?
Take a look at where your rivals fall among the five naming conventions; there may be a solid reason why a category isn't included.
Mindmap ideas to help you generate your name
Any approach used to generate brand names should include idea generation as a critical step. It is important to involve all of the staff in brainstorming prospective brand names, as well as potential customers, rather than simply the business owners. As many stakeholders as possible should be gathered to contribute to the process.
What do they anticipate from a business that plans to offer the goods and services you are offering?
Brainstorming sessions should be structured if they are to be effective, with a range of guidelines and constraints to help guide the process.
Try this useful exercise:
After you've listed all of the adjectives that best characterise your product or service, make a list of how you want your clients to feel when they use each one. You may then begin freely linking words with your products and services after that.
Many internet applications that use algorithms to suggest potential names are available if you are completely out of ideas. They provide you with a solid foundation upon which to develop and are a terrific place to start.
Here are some suggestions:
BrandRoot / NameRobot Toolbox / Wordoid / Idiom Tool
Inject some personality
Adding your unique personality is the last step before establishing your shortlist. Which of the names on your shortlist best captures the essence of your company's identity?
Do any of them have room for modification, and are there any you can dismiss for the time being?
Keep in mind that you will have to live with your brand name for a while, so it's critical to make sure it matches your brand personality and won't alienate either customers or employees.
Is it legal or in use?
Verify that none of the brand names on your list are trademarked or in use before using them. Make sure to conduct a thorough Google search of your brand name to see if it is already in use anywhere in the world in addition to searching for existing trademarks. Although you can potentially use the same or similar name to a business elsewhere in the world you may encounter legal issues or simply cause confusion when customers are searching for you online.
You can use the government's trademark search tool, you may determine whether it is currently trademarked. Access this tool here.
What about the future?
Will your company name endure the test of time? Keeping your name from going out of style or becoming a liability is crucial.
Will the name you choose allow your company to expand and possibly even veer off its original course and become something else?
Is your name too closely associated with the zeitgeist and idioms that might soon become obsolete? What can appear brilliant and on-trend now today may not seem so smart in a few years time.
Make sure your name is simple to recall.
Your name ought to be unique and remembered. It is unlikely that a brilliant name that is challenging for clients to remember can endure without restricting your business.
The world is a small place, so it's crucial to consider markets outside of your immediate area. Will you be able to expand outside of your native nation and have your brand name make meaning in other languages and cultures?
This is a process that you don't have to go through alone, we've experience guiding many clients through the naming process. If you're thinking about naming or renaming your business and want help with the process let's talk.
