Importance of a Business Name
An effective branding system starts with a great name.
You must put a name to your company that will distinguish it to proceed with creating a brand.
It is similar to a nursing baby, whom you must give a name before the quality you want the world to see can emerge.
Then, you can chisel it out with subsequent methods that aim to create awareness of your brand in the market and lay the foundation for business growth.
Creating a Name
Naming a company or brand is more challenging than coming up with a name for a boat, a pet, and similar.
Indeed, multiple factors come into play, such as producing a name with a good recall on the consumers, the type of product/service you have in your business, its features and usage, and other benefits that consumers can experience from using it, such as solving a potential client’s need/problem.
That is one of many aspects you must consider when naming your product/service or brand.
The other end of the formula requires you to envision yourself in the mindset of the consumers.
How is the product/service valuable to me?
And what benefits can I get from using it?
Add to that all other competing businesses that offer the exact product/service as you do. These are all pointers you need to consider if you want to gain a market share and increase your sales rate.
Do’s and Don’ts
Creating a business name can be confusing sometimes, for lack or excess of ideas that make it challenging to maintain the concept.
Below are a few tips you should consider when naming a business:
- Opt for memorable and catchy names instead of generic ones that are difficult to register in the minds of the consumers.
- Never use names that literally describe the product/service.
- Go for a creative one.
- If possible, do not use geographical names because it limits the scope of your business.
- However, this is advantageous if your product/service is associated with a given locale or affinity.
- Refrain from restrictive names, which can save you trouble in the future if you want to expand your line of business.
- Keep them short to produce memorable names.
Name as Part of Branding Strategy
A business name is not just a name; it represents your business identity.
And in the business community, the way you represent and project your image is crucial in determining success.
The reason is that perceptions, more than the actual value of the product or service, are essential in helping consumers decide whether to buy that product/service.
On top of the brand itself, it is associated with the company and its reputation.
That is why most businesses spend and invest most of their efforts in building a trusted business reputation that will strengthen consumers’ trust in their company.
Your business name essentially determines how far your company will go in this endeavor.
When people encounter your business or brand, you only have a little time to make a first impression.
You must do so to avoid losing a potential customer.
Not only is it interesting, but a good company name can also give you momentum in your target market.
If you can produce a great name, it will catapult your business to your desired commercial success.
A good business name is not just a superficial aspect involved in branding but a legitimate business factor that you must consider.