Advantages and Disadvantages Of Choosing A Coined Make-Believe Name For A Business
When known language names are taken up by exiting businesses, coming up with a coined name for a business presents several creative opportunities. It is getting more and more difficult to find words in the existing dictionary to name a business.
Coining names for a business name by creating words that are new and not in the dictionary have been popular for a long time. However, coined names do not fit every business.
We also feel that coined business names are better suited to larger businesses that can create an image with extensive branding and marketing efforts. This may not be possible for smaller businesses. Smaller businesses often rely on their business name saying a lot about the company and the kind of business it is. This is in fact one of the points that a good business name should reflect.
That been said, coined names also allow for the nature of the business to reflect instantly. Naming firms such as NameLabs have been experts at making new words that are actually a contortion of existing words. There is a change in spellings and combination to two or more words something even words from a different language that are used to come up with the business names.
Two good examples of coined names that are actually derived from existing words is Compaq, from “Compact” and Italiatour, from “Italia” which is from the Italian language and “tour”.
Even though the name is a combination, the business name is easily understandable for the english speaking population. It far more effective than just “italy-tours” as well. It is more colloquial and creates a classier image for the business.
There are both possible pros and cons to using a coined name to name a business. One of the advantages is that when it is a completely new word, you are working with a blank canvas. With your product and business features as well as marketing design you can make the name have any association that you wish with your customers.
Coining a name also removes the limitations of a particular language and vocabulary. You are can create a more competitive name and have a better chance of creating that is entirely unique. Coining new words from existing words means that your unique business name can still have instant association with the consumer.
However, the limitations are that coined names can sometimes give the impression of being complex.
You consumer will be hesitant if it makes the product or the business sound too complicated.
For example, small business, related to cooking, house cleaning etc. ideally have a easy to remember and homely names.
Something very technical could dissuade the consumer from using your business by intimidating them.
As mentioned before, coined name are better suited to larger business and companies because first of all they might give the impression of complexity and secondly, they may require additional marketing and branding to get across the nature of the business and the business product to the consumer.