A company’s name is often a very undervalued component. It should be, however, one of the most important. In fact, it’s far more than just a component; it is the foundation on which an entire business stands. This is especially true for Internet startups. With a bad name, a startup loses points on scales for credibility, legitimacy, influence, and even confidence. Understanding exactly what a business name is, how it functions, and the consequences of choosing a bad one will quickly set your business apart as a one that is accomplished and trusted.
Tip # 1: Your Business Name should NOT be a Description
First and foremost, it is important to understand that your business name should not describe your product or service. What you offer is new, exciting, and better than the competition. Your business name should reflect that with a newly coined word or mesh of words not known to come together.
The biggest and most profitable companies in the world use unique, unrelated business names - and for good reason. Customers adhere to these names because they feel involved with something new and special. One of the largest issues that face big companies today is losing that sense of exclusivity with their customers, who also get bored and want to move on to something current and cutting-edge. Using a name that describes what you offer invites this sense of boredom in your visitors right away. On the other hand, tag lines, catchphrases, slogans or motto's are a perfectly acceptable way to hint at (but still not completely reveal) what your business is.
As detailed in this previous article, visitors are not only bored with descriptive names, so are search engines. Search engines are viewing keyword-stuffed domains as spammy ways to get their attention and get ranked. Search engines prefer brand titles, ones that a customer can connect to and continue to revisit for their needs.
Tip #2: Your Business Name is the First Impression
A business name is the start of a conversation. It truly is the first impression of your business to all who discover it. Choosing a business name that exudes a certain level of confidence and strength is the first step in establishing a positive and profitable reputation.
Customers are bombarded with a plethora of advertising on a daily basis. Your name needs to jump out from the masses and demand attention and respect. Choosing a business name that invites questions with its unique and imaginative nature is the first step towards building a customer base that will continually expand and transform itself.
Think of your name as the first five seconds of a job interview. How do you want to introduce yourself? What impression do you want your customer to have? You need a name that looks your customers in the eye, shakes their hand, and authoritatively exclaims, “I am the company you want to be part of!”
Tip #3: Your Business Name is The Beginning
It is used to begin the organization of your business. Once you have a solid name, you can build on it as a foundation for the story, values, and principles of your business. The business name serves as the door into what your company is and stands for.
Name recognition is the first step towards creating a loyal customer base. Those customers need to know whom they are dealing with and what they can expect. Successful businesses have names that are immediately associated with business traits like trust, service, and competency. Nothing tarnishes a company faster than a negative reputation.
In ten, twenty, fifty years, what do you want your name to say? What morals and ethics do you want your company be anchored to?
Tip #4: Your Business Name is a Title to a Book
A good book title is an inspiring, creative text that stimulates interest, incites curiosity, and demands attention. Your business name is the title of your story. An author chooses a title that will entice the reader to look inside and read the first page. A business name needs to do the exact same thing. Choosing a name that is bland and unimaginative will not get customers through the door.
Just as the title of a book doesn't describe it's content or story, the business name should not attempt to reveal the nature of the business. Your goal in choosing a business name is to intrigue the customer into wanting more. Names that stop customers in their tracks and facilitate questions are the ones that lead to success.
Tip #5: Your Business Name is Timeless
While many aspects of a business are flexible and will change with time, a business name should be timeless and never change. The business name encapsulates not only the life of the business, but also it's history. The chronology of your business can be accessed by its name. As such, you need to choose a name that adequately describes your vision and articulates the type of company you wish to be.
Changing the name of a business generally means creating a new business. Nobody knows exactly what the future holds, but choosing a name that has the ability to grow and adapt with your business will enable you to begin writing your history.
The importance of choosing a name that puts your business in the best position to succeed can make the process seem daunting. Fortunately, Brandroot has done much of the legwork for you. Brandroot’s names are creative, unique, and innovative – exactly what you need to be looking for. We have meticulously chosen names that will give you the foundation you need to build a successful business. The hard work has already been done. All you have to do now is choose the name that is best for you.