| As true as it is that a picture is worth a thousand words, a business name, consisting of 1, 2 or 3 words, or perhaps an acronym, has the potential power of a thousand pictures, if chosen properly. However, it also has the serious opportunity to become lost in the morass of poorly developed names.
So, what are the critical points to consider when choosing a name? A name needs to do certain things for your business. It needs to be able to position, grab attention, convey worth and engage. Such names aren't easy to come by, and honestly, are why marketing consultants and branding experts are paid well.
Here are the ten things that should be considered when naming your business:
 Your name should achieve differentiation from your competition-
Your name should be different from the competition, as should your messaging. When given the chance to be unique, oftentimes businesses end up imitating the successful leaders, instead of carving their own niche - this is true right up to the name. Look around you, see what others are doing, and then find something new and effective.
You name should reinforce your positioning in the marketplace -
A name that simply enters the marketplace without making an impact and bringing forth some sense of the company's position is not a strong or appropriate name. This is one reason the owner's last name is often not a strong choice. You need to seek out something that says who you are, and if possible the benefit you bring to the client.
Your name should engage the consumer or prospect -
Without this, your name is passed over in the sea of noise, in the massive amount of other companies who are getting some traction with the customer or prospect. The name should be something that causes interest, causes inquiry and causes potential for action. The name should make them think twice and if possible, provide a hook they will remember.
A name should be unforgettable - or at least, less forgettable -
How many times have you seen a great product or company service, and promptly forgotten the name of the company, but recalled what the product or service did? Names need to be chosen that will embed themselves in the collective consciousness, tie themselves to mental signposts in the consumer's brain and help the consumer remember the name when speaking to friends.
A good name has a life of its own -
A company name needs to carry a self-sustaining message, something that identifies what the company does or provides, without additional messaging or clarity being added.
Worthy names evoke deep wells for graphical images -
this is important in helping develop a logo, and design for websites, etc.
Your name should rises above the goods and services you provide -
The name you choose should not be tied into just the things you provide - it should have a greater, more encompassing edge to it - because if it is tied to services or products, and they change, your name might well need to, also.
A name is only strong when it has what it takes to dominate the category -
This comes from the ideas expressed previously, of timelessness, or not needing to change, of speaking to the consumer in an unforgettable way, but it also goes above and beyond that - evoking the power to dominate by placing barriers to entry to others trying to mimic or copy you.
And perhaps the most important issue in today's time and age of the internet:
Your Url MUST be available for registration or purchase as a web address-
If the .com is not available, and the name is not protectable under trademark, there is not point in moving forward if you want your company to have a successful future. Also, do not settle for hyphens or abbreviations in your web address. No one will remember them, and you will lose traffic. .com is still important, as if you settle for .net or .biz, your competition who owns the .com will gain between 10-20% of your "return" traffic.
One other word to the wise re: Taglines and Catchy Slogans-
Don't! Without a lot of thought first - And if you do, take the slogan, and apply it to three of your top competitors. If it works for them, guess what? It isn't going to do great things for you. Sometimes there are slogans that play well off the both the company name, the mission, the product, etc - but they are rare - and even less likely - is the idea they will stand up across time.
Best of luck with growing your business and Happy Naming, folks. |
