Choosing your company name is undoubtedly an exciting moment. Your mind could be overwhelmed with plenty of creative names, and the chances are you might settle for your favorite name.
Trust me; the process is worth every second because a brand name determines the foundation of your business identity.
Did you know that a business’s brand name is directly linked to its conversion rate and profitability? Customers remember names easily before associating them with certain products. Fortunately, a tool like a business name generator can come in handy in helping you get a relevant brand name.
It is important that you aim to choose a name that will market your company and maintain an excellent reputation for your brand. But which powerful brand name can turn your company into the Amazon and Coca-Colas of the world?
Read on to find out everything you need to know in successfully naming your company, including best tips.
If you want business ideas, I wrote a whole article where I share excellent business ideas to get you started.
Factors To Consider When Choosing a Good Company Name
An ideal company name creates a great first impression on your customers and ultimately takes your business to the next level.
But I have to tell you that it takes time and lots of brainstorming to choose a suitable name that describes your brand and core values.
This article provides insight into small business name ideas that resonate well with your clients.
Authenticity denotes the element of trueness to a worthy cause. So, in your brainstorming sessions, ask yourself the following questions:
- What are my company’s core values, goals, and mission?
- What do I want to be known for?
- What are my core products and services?
- What customer needs do I aim to meet?
Your response to these business questions will help you to create a descriptive business name that tells your customers who you are. They do not need to google your name to know what you sell.
Granted, you have direct competitors selling the same products and services in the same market.
So, how do you differentiate your brand and stand out from the competition? A distinctive business name will help you avoid confusion with other brands in the same industry. You don’t want customers buying your competitor’s product as yours.
For instance, think of Nike and Adidas; they sell similar products, but you can differentiate them by their unique names.
Furthermore, less distinct names can inflate your marketing budgets as you try to differentiate your brand from the competition.
Why are companies like Best Buy, Dunkin’ Donuts, Mc Donalds, Coca-Cola, and Cadbury famous? While some people will say it is the quality of their product, there could be more to their success.
If you carefully look into these brands, you will realize they have one thing in common; they kept their names short and sweet.
What is the point? You want a name that is simple, easy to pronounce, and memorable.
Another arsenal in your name basket is alliteration.
So what is alliteration? Webster’s dictionary defines it as:
Does this bring to mind names like Coca-Cola, Best Buy, and Dunkin Donuts?
Who can forget this name?
Alliteration can help you resonate with consumers regardless of their buying journey. People love brands that sound nice on their tongues, from prospects to loyal customers.
Copyright laws are sensitive, and their breach can have dire consequences for your company.
Therefore, ensure that the business name ideas you choose are not owned by another brand and are legally defensible.
What do I mean?
Before registering a company name, do your due diligence within your industry and country to obtain legal rights to use such a name.
Note: In some cases, companies can have the same name as long as they operate in different industries.
I know not all entrepreneurs have legal minds. However, you can hire an attorney to help determine the defensibility of your name.
Many entrepreneurs know that building a brand takes time, resources, and effort. So, it is vital that you choose a name that can stand the taste of time.
You also know that businesses continue to evolve, so choosing a long-lasting name will play to your advantage.
This means you want to be careful with trendy names. I do not deny that they can significantly increase your bottom line and make your brand popular, but your business may become oblivion once the trend dies.
Therefore, avoid brand names that may become unfashionable in a few years unless you have deep pockets to rebrand.
How Can You Know That The Brand Name You Have Chosen Is Enduring?
You can brainstorm to establish whether the name is flexible enough to accommodate future growth, potential acquisition, and mergers.
And, also consider if the name will still be ideal should the company change its objectives, focus, and line of production.
To underscore the need for choosing an enduring brand name, consider an example of a company with a trendy name, “Only Wedding Cakes”.
This name could be restrictive and fail to capture future growth of producing other cakes since consumers are made to believe that the brand bakes Wedding cakes only.
What are some proper brand names that you can suggest for this business?
I can think of a few, such as “Sweet Tooth cakes” and “Mummy’s Yummy Cakes.”
5- It Should Show Creativity
Where do you think Google, Facebook, Amazon, and Snapchat got their names? There were no specific name archives or the internet to guide these entrepreneurs. It was up to creativity and ingenuity.
And you know creativity is not dead. You can think outside the box by misspelling words or combining two popular concepts.
Consumers are often drawn to creative risk-taking and independent brands that try not to play safe. So as your competitors take the easy route and settle for overlapping names, distinguish yourself.
Creative names can make your marketing and branding program easier if done right. Therefore, spend time playing with words; you may experience a Eureka moment.
A good company name should emotionally connect with your target customers.
Before settling for a brand name, ensure it does not evoke negative emotions in your target audience. You want to avoid brand names that elicit strong political or religious emotions.
Politics and religion are emotive issues globally and could hinder your business growth.
Therefore, choose a name that resonates with your target audience. For instance, you can use metaphors for innovation or intimacy, functionality or fun, and luxury or high tech for your brand strategy.
If a company’s core products consist of fun, what words do you think could elicit audience emotions? Think of Safari or Express. You see what I mean.
You might also enjoy reading: 15 Ways To Make Money Even For Not An Expert- Here’s What You Need To Know.
Tips For Choosing a Company Name
Thus far, we have discussed what makes an excellent business name; now, let’s consider how you can generate your own. You may even create a household name with these criteria.
- Tap into your name: if you run a service-based business, you can use your name for your brand.
- Use your business functions or products: If your business sells products, you can derive a name from them. This is an easy one with benefits because it tells your potential buyers what you are selling.
- Make a portmanteau: A port what? Yes, a portmanteau. They are two combined words that relate to your company, which you can use to form a new word.
Do you have a message you want to pass or a feeling you want to convey? Combine two words that aptly convey that message to create a name.
- Give an old word a new meaning: You can give an old word a new meaning by using it in a new context, thus providing a fresh take.
- Change word spelling: You can swap or remove letters from a word to make them familiar to your target audience.
- Incorporate suffixes and prefixes: This trick works like spelling alteration; you can use prefixes and suffixes of existing words to get a unique brand name.
- Look into other languages: I once show a hotel in my hometown with the title “Pronto Café.” The word “pronto” is Italian, which means ready. The restaurant owners wanted to convey the idea of readiness, and a foreign language helped.
- Use acronyms: Acronyms help create a longer descriptive brand name, and including them in your brand name will help you with scalability in the future.
A good company name is a gateway by which your clients enter your business. Therefore, ensure it is catchy, memorable, enduring, authentic, defensible, and distinctive.
The brand name should represent who you are, your values, goals, and aspirations. It should also highlight what your business is all about and create a lasting impression that resonates with your potential clients.
You also want to ensure you choose a trustworthy brand name that stands the taste of time as your company evolves through the years. I guess every entrepreneur would want that.
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