Naming your business right can make or break your company. A good company name is essential to a healthy brand’s lifetime. While names such as Pinterest might seem random and lucky for catching on and becoming verbs, they’re not.
What makes a good company name?
Successful brand names are successful for a reason; they’re well-thought out, reflective of the brand’s nature, easy to remember, and compelling to consumer interests and needs.
When it comes to naming your company, take your time and take it seriously. Naming is a science that can critically impact company success, for better or for worse. This is why professional brand naming agencies exist; names are the first most important creative element in a marketing strategy.
Follow along to learn three simple steps to design the perfect name for your brand.
How to name your business?
First, decide what kind of name you want. The world of brand names can be placed into a handful of categories:
– Named after the founder
– Descriptive (American Airlines)
– Acronyms (BP, GE)
– Real words
– Composite (Facebook, as in, a book of faces)
– Inventive or suggestive (Pinterest)
– Associative (Amazon)
– Abstract (Rolex or Kodak)
Which kind of name do you want? The category you opt into says a lot about your brand before consumers even play with the name.
As an exercise to jumpstart the naming creativity, try coming up with a few names in each of these categories. It will quickly become clear which categories do not project your brand’s image.
Second, decide what you want the name to say. How do you intend to use your brand name to reflect on your company? Do you want it to communicate the service you offer or broadcast your brand personality?
Brand names generally communicate one of these four ideas:
Third, balance originality and legality. This step requires homework. All sorts of legal limitations will arise as you name your company.
Maybe the name you select is trademarked or perhaps the corresponding URL has already been purchased.
You can either avoid legal limits by double checking the names you come up with or find a way to work within the legal confines; this can include paying for legal rights or entering into legal coexisting agreements.
Naming a business tips
Have a list of a few names in case some don’t work. Don’t break your own heart by becoming convinced about a brand name only to find out it’s taken. Always stack your list with a few options that can be great.
Reconsider name category if you cannot afford to legally win yours. If your name is taken and your young company does not have the means to purchase it, opt for a different category. Revisit the “name categories” and come up with a few new clever options.
Create your own name. The easiest names are invented as they are less subject to infringement and less likely to be repeats.
Crosscheck the name you picked with social media. Even if your brand name and URL are available, double check that the name does not exist as a personality or service on social media channels.
Want Branding offers intelligent and creative marketing solutions during the early stages of strategy development so that you can put your best face forward as you introduce your brand to the world.
Reach out to Want Branding’s incredible team to learn more about the experience that brought us to serve you today, and find out about a naming strategy that will meet your brand’s highest potential and exceed consumer expectations.