Naming a business is a crucial step in executing the business plan. It contributes greatly to building a brand image and identity. Entrepreneurs should put in as much effort in naming their businesses as they do in the planning and execution process. A brand name is the first introduction of the business to the outer world. It should, therefore, be impactful and reflect the business values with a defined clarity in market positioning. Various websites help in generating suitable business names for startups. Through any regular internet service plans such as the Spectrum one plan, customer can easily access these websites. Let’s discuss this in detail.
The Dos and Don’ts of Naming a Startup
Following is a list of factors that must be considered while choosing a name for a new business venture.
The DOs
Description
Business names should be descriptive. They should give a clear idea of the nature of the products and services the business offers. Descriptive names make it easier to create the brand identity and are easily remembered by consumers. Suggestive names such as “Whole Foods” and “The Body Shop” give a clear idea of the nature of the business and its product line.
Simplicity
A business name should be simple and identifiable. It should contain elements of the business concept amalgamated into short impactful names. Business names like “The Moving Guys” and “The Coffee Girl” are simple and descriptive of their products and services which makes it easier for consumers to recall and identify the brands.
Intelligent Naming
Much thought should be put into naming businesses. Small names with easy spelling and pronunciation are easy to remember and contribute to forming a strong brand identity.
Time
Naming a business should not be an overnight process. It should be researched from all angles to include all important aspects of an impactful brand name. The process requires time, to come up with a suitable name and then reprocess it to check If the sound of the name and the sense of it is suitable according to the business and socio-cultural values.
Consultation
Branding experts should be consulted while naming a business. These professionals are aware of the dynamics of an impactful brand name and are familiar with trademark laws. Therefore, branding firms can help businesses in coming up with the best choice of the brand name by researching their market and suggesting names that and powerful and effective that help in creating brand recognition and market identity.
The Don’ts
Avoid Personal Names
A brand name should be powerful and reflective of the business values. Using personal names in naming businesses is a popular concept in many countries. This is an ineffective way of naming businesses and should be avoided. Even if the business venture fails, owners will not have to face the consequences of their name being associated with the business.
Avoid Trendy Names
A business name should be classic and suitable for all times. Including trendy words in your business name make it time-specific. It may gain temporary popularity owing to the fad but it may lose its impact in the longer run. Therefore, entrepreneurs should name businesses that are relatable at all times and suitable across the globe if the company wants to expand internationally.
Ineffective Naming
A brand name must reflect the essence of the brand and the value it provides. For example, a bakery adds value to its products by choosing the best ingredients and providing fresh products. Therefore, a suitable name for a bakery should be reflective of these values such as “Hot Cakes” and “Sweet Salvation”.
Avoid Double Meaning Words
Brand names should be chosen carefully and checked for dual meaning and dialect variations across different cultures within the country and internationally. Some words have different meanings in different countries, therefore, a brand name may be popular in one country but may have a negative connotation in another. Therefore, choosing a suitable brand name calls for extensive research across different cultures especially if the company has global expansion plans.
Avoid Similarity
It is essential to choose a name that is unique and reflects the company’s market positioning and brand identity. Having brand names similar to competitors creates a mixed-up identity and negatively impacts the brand reputation. It seems as if the brand has intentionally tried to create confusion among the brands to benefit from the already established competitor’s market. Therefore, businesses looking to uphold their unique position and build their name should opt for names that are unique and sound different from their competitors.