Okay, so you have a brilliant idea for your next venture and with some effort, things are going to get off the ground pretty soon. But what do you name it? Naming a company is one of the trickiest jobs ever; it’s like walking on eggshells. A study shows that 77 percent of consumers make purchases on the basis of a brand name, hence a good name is all you need to make an impact. Whether you come up with the name yourself or you hire creative minds to do it for you, there are certain points that should be taken into consideration by all.
Here are some essential tips to select a perfect name for your company:
The name of the company is inextricably connected with the identity of the company. Remember, the name will appear everywhere from business cards, websites, letterheads to promotional materials. Hence, it should to effectively tie your brand to the quality of your services.
Once you understand the message that needs to be conveyed, get your team to brainstorm words that best describe the company, its products, services, and functionality. A good way to go about this is to find Greek and Latin words for the English ones. This brainstorming session is bound to take some time, so don’t get too flustered easily.
Think of all our favourite brands – Apple, Nokia, Vodafone, Adidas – all these companies have one thing in common, the names are easy to remember. Most startups rely on word-of-mouth, and it has been proven to be one of the most effective forms of marketing. If your customers can’t remember, spell, or pronounce the name of the company, then it’s of no use.
People love a brand that they can relate too, so using a completely unknown word as your brand’s name is not going to fare too well with the consumers. It might be too difficult to remember, or worse, fail to associate itself with the company. Either way, use common phrases and words to stay out of the danger zone.
If expanding into other parts of the world is not something that you are looking to do, then go ahead and use a geographic location in your brand’s name. But global expansion might require you to do away with it. Hence, be wary of making such a mistake and always think about your future ventures.
Every business evolves with time, and yours just might too. Hence, avoid using words that are specific to one niche. You might sell only one product now, but you might expand later. Be wary of using absolutely literal words as names.
We admit choosing a name can be difficult, and at times, nothing will sound right. But just a little patience and a whole lot of creativity will get things done faster than you know it.
Also read: Brand name is your company's identity