Finding a suitable business name is critical since it can set you up for success by making it easier to build your brand, cut through the noise, appeal to the target audience, and represent your business and brand values. While you will find plenty of resources on what the various attributes of the business name should be, it can be more difficult to learn how to proceed with the process of naming your business. It all starts with asking the right questions to enable you to craft a comprehensive creative brief. Some essential questions to ask before trying to figure out a name for your new business or brand:
What Are You Naming?
While naming a company is relatively easy, brand names for products and services can be more complicated. While you can start with a clean slate for a new product, naming a new product that is an extension of an existing product or service line can be more difficult because you need to keep the connection to the product line intact. It helps to get the naming strategy right before launching the first product because you can decide whether the product will be standalone or part of a suite of products.
What Is Your Target Market?
The business name must be relevant to the target audience for it to be effective. You must, therefore, analyze the profile of the target audience. You need to conduct intensive research into the target audience and think of names that are relevant to them. The name should be specific enough to have punch yet broad enough to allow the business to expand to other audiences. The company name will also depend on whether you are a B2C or a B2B business. You can use an online name generator for company utility for ideas.
What Names Do Your Competitors Have?
Your business name has to be distinctive, relevant, and memorable for it to be successful. You need to, therefore, find out the names your main competitors are using and why. It will help you avoid names similar or sounding alike because you don’t want to confuse your target audience. There are quite a few ways of structuring a business name, but your aim should be to come up with something unique, crisp, and easy to spell and pronounce, yet relevant to your business and customer needs.
What about Words from Other Languages or Cultures?
Many entrepreneurs incorporate words from foreign languages to make the business name distinctive. However, the strategy can backfire if the target audience does not know what it means because you will have to educate them. Using foreign language words only makes sense if they are relevant to your business and potential customers understand them easily. For example, many people understand common Spanish, Italian, and French words. According to Forbes, you should get feedback from others before finalizing the name.
Conclusion
A business name is for keeps since you will build your entire branding strategy around it. Changing the business name midway is something you should avoid because it is expensive, takes a lot of effort, and can potentially confuse customers familiar with the earlier name.
