15 May Picking the Right Name for Your Business
One of the first impressions people get from your business is the name. If it’s hard to pronounce or doesn’t convey the right feelings, a name can destroy your reputation before anyone even has a chance to try your services. So, what’s in a name? You want to choose a name that will paint a picture of quality, reliablity, and trustworthiness, all in a few words. Since it’s much more rare these days to look up a company under “services” in the yellow pages, it’s important that the name of your company that pops up on Google is a perfect depiction of what you do and why you’re the best for the job.
What are You Trying to Do?
When you’re trying to think of a good name that really tells a potential client that you’re the right company, think about what you do and what your mission is. The president of Tungsten Branding, Phillip Davis, says that a good start to naming your company is to try and create something called a “pivot point,” or quality that your company revolves around. Are you speedy? Is your price point exceptional? Are you the first of your kind in your market?
Once you know what you’re all about, you can try a number of creative strategies. While you’re brainstorming, create as many names as you can with as many strategies as you can to give you a wide choice. You can try a metaphor (think “Amazon” – from A to Z), a descriptive hybrid (“LendingTree”) or a blend of words that people associate with positivity (“OnStar”). You can even try naming your company after its key attributes, so if you’re fast, “SpeedyTech” may be something you would consider.
How are You Different from Your Competitors?
Standing out in a particular market is a delicate and difficult thing to do, but the more ways you can find to do so, the more likely your company will find success. To guarantee your name is different from your competitors, find them. Write their names down. Now, when you have a list of names you want to consider for your own company, cross out any that sound even a little like a competitor.
A descriptive naming strategy is a good place to start, but that doesn’t mean you should always describe what your business does with your name; this could cause you to fade into the background with all of your other competitors, which would be a waste of the time and energy you put into naming your company.
Can Your Name Grow with You?
Choosing a name like “20th Century Carpets” can really put a damper on how people interpret you. And you must also keep in mind that somewhere along the way, you may want to change the focus of your business. A great flexible business name example is “Midas”. Being named after a Greek king with the touch of gold denotes quality service and attention to detail, but not necessarily anything else. So when Midas expanded their services past mufflers and into other automotive parts, their name could come with them.