What should the business name say about your business? What part does the name play in the success of your business?
Ideally the name of your business should tell the customer as much as possible about your business. What does your business say and what are the things that should me reflected in the brand name? Look at your mission statement and go over the process that you went through for creating a niche. You will get a clearer idea of what you want the name of your business to say about it.
Many experts are of the opinion that the more self explanatory the business name is, the less hard you have to try to market it. In fact a useful thing to do is to start observing the names of the existing businesses. If you did not pay attention before, do it now. Notice which names impress you and why. What are the most memorable name and what does the recall value come from. Is it just the name or a combination of the name and the logo? Sometimes certain names allow for very creative marketing and advertisements.
Two common trends to notice when coming up with a name for a business is that they are either comprised of known words or are made up from coined up words. The opinion on what is a better approach depends on whom you ask. Some say using coined names allows you to write on a blank slate and make the brand name say anything you want.
The other advantage is you do not have to compete with words that are already taken up and most of the known ones are. However, what other experts have to say is that people prefer and identify more with business brand names that mean something. It tells them instantly about your business. Another common mistake that people make when choosing a name for a business is that they pick something that is novel but is also difficult to pronounce. This makes people less keen on speaking about your business and less word of mouth marketing happens as a result.
There are many brands that have been established with a name that does not say anything, such as Spencers and even Amazon. However, with time and effective marketing, these are international businesses that almost everyone has heard about. One of the greatest reasons for success for these brands, we believe, is the niche that they exist in. Amazon is a brand name that every one knows because they started in a niche that was largest seller of books online.
But, for a small business, it might be important to hit it off with the consumer straightway. It is not just the fact that the business name should speak about what the business is all about but also it should instill a feeling of comfort and association. For example, a bakery that specialize in every day fresh products could do well with a name like Oven Fresh. It tells that customer that they are getting fresh baked stuff when they shop there. It creates feeling of comfort, confidence and close association with the business.
At the same time you should take care not to be too specific. Taking the same example as above, lets say you start a cake shop. If you keep a name that has the word cake in it, you might be limiting the significance of the business name in the future should you decide to expand in to breads, muffins, pastries etc. Or it could go the other way as well. Someone who specializes in wedding cakes or other cakes can keep the word ‘cakes’ in the business name as it will enhance the notion that business is a specialized one. Basically, you need to keep a lot of things in perspective.
There are no fixed rules regarding choosing real words or existing words. Professional naming firm do a very good job of combining both to come up with terms that are new and yet mean something to the consumer. A very good example is Compaq, taken from Compact, which is what the company launched itself with, compact personal computer. Other names like Hewlett Packard have become institutions just by the sheer merit of being pioneers of computer products and delivering value to the consumer.
The popularity of business hinges on many aspects. The name of the business is one. And even then, the name itself hinges on other aspects like marketing, advertising and quality of the service and business product. At the end of the day, your business name should make all of the above easier. It should be easy to market and advertise by being memorable and it should be something that people associate with quickly either after being exposed to your marketing or to the product/service itself.