Naming your business can be a daunting task. With so many types of business names where do you start? Names can often include the name of a founder, fabricated words, descriptions, or suggestive ideas. The style you choose depends on which will work best for your business. Your name should be meaningful and accomplish what you want it to.
Fabricated words can be fun and attract quite a bit of attention, but keep in mind the spelling, how easy it is to pronounce, and if customers will relate to it. Detailed descriptions that include the location, a specific product, or a specific service work well, if your business is defined by its venue or you do not plan to expand your products or services. It’s a good idea to generalize your company’s characteristics or imply what you do in your name if you are planning to expand. Founder’s names often work well especially to set you apart from your competition, but again keep in mind the spelling and pronunciation.
Begin developing your name by considering how it will fit into your positioning strategy. The more delineated your position, the more effective it will be. Determine how your name will affect your brand and marketing materials. Will your target audience relate to the name and establish an emotional connection? Does it possess a fresh flare that will stick in people’s minds and start conversations? If it does, you’re brand is already being developed.
When you start generating names, it is a good idea to gather input from a diverse group of people. You will want your list to be long and extensive. Therefore, ideas from different age groups, cultural perspectives, and your target audience should all be considered. If you rely on family and close friends, the input you receive will only be partial to what you need to successfully name your business.
Once you have an assortment of names, check the availability first. Is there already a company registered by that name, and is the URL that you would prefer available? Doing this step now will more than likely save you funds and time later on.
Finally, you should narrow your list down based upon a set of factors. These should include, but not be limited to: pronunciation, spelling, effective communication, and appearance. The name should be striking and meaningful. Follow these basic guidelines and your name will start promoting your business from its launch and on into expansion.
If your business has already been growing and your name is dated or no longer encompasses everything that you do, Marc Taylor Creative can help you determine your next steps in how to rename and reposition yourself effectively in the market.