If you think an excellent business name happens by luck, think again because even casual, low key names have tremendous emotional appeal and were given considerable thought. How can you ensure the name you choose will be worthy of representing your business? While there is no magic pill, you can shift the odds in your favor by avoiding some common blunders. Here are the top three mistakes entrepreneurs make when naming a business.
No. 1: Underestimating the Value of a Great Name
Whether you realize it or not, the name you ultimately choose to represent your business will become valuable intellectual property. It’s important, and if it’s done right, it is long term. The right name is a key part of creating recall, connecting with your audience and positioning your brand. With so much value, choosing a name cannot be an afterthought, but part of a deliberate process of identifying attributes, differentiators and any other characteristics of your business that you want your name to express.
No. 2: Relying Too Much on Descriptors
Savvy business owners understand the days of naming an enterprise. “John’s Shirt and Dry Cleaning” or “Uptown Bakery” type names are over. Names that rely too heavily on descriptors lack the flexibility to grow with your business as your needs change over time. Brandable, flexible names like those offered at Brandroot make the best choices simply because they are unique, memorable and can stretch as your objectives and goals change. High quality names are strategic as well as creative, and that ensures longevity and permanence, despite what strategic direction your business takes.
No. 3: Playing It Safe
The best reward comes from taking risks. In business, there are many opportunities to take risks, some that will pay off and others that will not. When it comes to naming your business, playing it safe will not give you the edge you need to differentiate yourself from your competition. In today’s world where media consumption is high and information is available instantly, consumers are bored with “safe” and are always looking for new, innovative products and services that can improve their lives. Your business name is your first chance to stand out from the crowd, to “wow” potential customers and entice them into trying your brand. Play it safe and you may miss out.
Choosing a name for a new business can be overwhelming. The right name is more than a few trendy words or a logo, but an important element of your brand and a key part of defining who you are. Avoid common naming mistakes by recognizing the value of a great name, steering clear of too many descriptors and choosing a brandable name that is unique, memorable and hard to forget.