Name a company It’s not as important as naming a child, but it evokes a similar feeling. If things go well, this is your legacy: a company that could survive and provide decades of innovation, service and support to employees. That’s why everyone wants to make sure they choose a worthy name for their business.
Additionally, your choice of name can have an impact on whether the brand accelerates to formidable, commanding heights or is forgotten within a few years of launch.
This is a lot of pressure and there is not much room for error.
Why is your company name important?
Your company name has a significant impact on success in several ways:
- First impressions. What will people think when they hear or see this name for the first time? This will kickstart the brand-consumer relationship and should not be taken lightly.
- Memory and relationship. Ideally, your company name will be practically unforgettable. If it’s unique, catchy, and interesting enough, your customers will be much more likely to remember, talk about, and engage with the brand more directly.
- Availability and Legality. You may have an idea for a company name that is appropriate, interesting, and extremely memorable. But what if another company already has it? Choosing the wrong company name can lead to legal problems later.
- Marketing and advertisement. Some trade names are more beneficial than others for advertising and marketing purposes. Choosing a strong company name can make all of your marketing strategies more effective, especially when it comes to marketing. Search engine optimization (SEO) and digital marketing.
What are the main barriers to generating your company name?
Everything starts with finding inspiration. You probably know what your company is doing (especially if you’ve already started creating a business plan), but how do you choose a name that fully sums up the concept?
There are many good places to start. You can start by looking at other brands and studying the most effective and memorable names. From there, you can get inspiration from almost anything. Include words in other languages, history, mythology, science, and information from other subject areas that will help you capture complex ideas precisely.
- To find out more, will you be naming your brand? Do you know 7 tips to get attention
Dealing with the competition
You also need to find a way to deal with the competition. If you find inspiration that a certain name would be a perfect fit for your business, chances are you’ve been beaten up by another entrepreneur in your industry.
Fortunately, there are plenty of tools you can use to identify potential competitors and copyright restrictions. A simple Google search is all it takes to test that your ideal name is available. You can also search for domain registrars to see if the name is currently in use.
Prepare business for the future
You may find a name that serves the brand well as it is in the current concept. But what happens when your company expands and serves a completely different market? It’s hard to predict what to expect for your business in the future. Hence, you need to choose a name that is flexible enough to give you some versatility.
Overcome translation problems
Just because a name sounds good in your native language doesn’t mean it will work on a global scale. If you have international plans, you need to carefully translate the name and consider other possible options. Otherwise, you could damage your company’s reputation with an unintentional and unprofessional name.
For example, when Mercedes Benz entered the Chinese market, they tried to market their brand as “Bensi” to match the dialect without realizing that “Bensi” means “hurry to die”.
- To Learn More: 8 Mistakes To Avoid When Naming Your Business
Opt for style elements
Once you have an original, interesting, and appropriate company name, there are still a few smaller decisions left to make. Here are some examples:
- Capitalization. Is your brand always capitalized? Always lower case? Are you going to use Camel Case? How are these changes affecting your audience?
- Acronyms and nicknames. Can you turn your company name into an acronym or shorten it in some way? Is that an advantage for you?
- Punctuation. Are you going to include the use of punctuation?
The good news is that this doesn’t have to be a hasty decision. Unless you are severely lacking in time, you can usually spend a few weeks or even a few months narrowing your list of potential names, doing research, and making a final decision. Use this time wisely and give your business the best possible start with a name that will last forever.