Creating a business name
Creating a name for a business can be a complicated and expensive process which has the ability to determine the success or failure of a company. Ideally, your name should reflect the expertise, value and uniqueness of the product or service you have to offer. If marketed effectively, brand names have the potential to be an intangible competitive edge in the industry or environment they operate in. McDonald’s is a fantastic example of this and according to Forbes, this fast-food chain has a brand value of approximately $37.4 billion.
What should your name communicate? This is an essential question to brainstormBrainstorming method at the initial stage of this process. Names should:
- Reinforce the key elements of the business
- Express the value and culture of the business
- Communicate with your target market
- Be meaningful to allow you to branch out into other markets
There are certain aspects that companies should stay away from when developing a name:
- String of numbers
- Long names
- Geographically specific or generic names
- Confusing names
- Personal puns
Names should be able to capture the attention of the target market and communicate a certain message. Companies should consider using names that are:
- Creative and conjure pleasant memories
- Coined or made-up such as Acura
- Different forms of spelling for existing words such as Prezentt
As mentioned, coming up with a business name that communicates to your target can be a complicated process. Enlisting consulting experts from professional naming firms can be of great assistance. Although these firms can charge up to $80,000, naming firms have elaborate systems for creating new names and have knowledge in trademark laws which will save you money in the long-run.
Fortunately, there is a cheaper tool that helps small businesses create names whilst taking into account trademark laws; NameMesh. This tool uses an intelligent ranking and classification program to help find the perfect name for businesses. NameMesh provides different ‘genres’ of potential names such as common, short, fun and more which allows companies to develop their name based on what they want to communicate.