What Makes a Great Business Name?
If you're about to launch a new business, you know that there is a lot to do before you sell your first product or provide your services.
Before you have to register your business, set up a business bank account, make hiring decisions or iron out your offerings. There is a one crucial step that many get stuck on, it’s choosing a business name. Your business name could affect the number of referrals you get like how long your business stays relevant, and even how much you can grow more precisely it either make or break your business.
To choose a business name that will stand the test of time, follow these tips to discover what makes a great business name.
Great Business Names Are Memorable
Do yourself a favor and choose a business name that people will remember.
We see a lot of business owners playing it safe when it comes to naming their business. They go with business names that are highly describes their business nature, but lack imagination. For instance, Joe's Car Repair, Jan's Hair Salon. While these business names get points for being easy to understand, they lose mega points in originality. If people who are new to your business don't know who Joe or Jan are, why would they remember the name of your business? There's nothing to differentiate you from Dan's Car Repair or Jane's Hair Salon. They all start to blend together in the mind of your customer. And the last thing you want to do as a business owner is blend in.
Having a memorable business name will make it easier for them to find you once they need to use your product or service again. If they've had a good experience with your company, having a catchy business name that's easy to remember makes the referral process even easier. Don’t get yourself into well in which others went.
Great Business Names Are Simple
So how do you create a simple business name? Start thinking of the simplest brands that you're familiar with and see what they all have in common. What can you learn from them? How can you apply what you've learned to the naming of your business?
Ended the thinking capacity? Wait. We’ll help you out here!
Apple. Walmart. Amazon. Some of the most iconic brands of our time are also the simplest. These businesses didn't let trying to be clever detract from the point. Make it as simple for your customers. Make it easy to understand. Make it memorable. Don't make them work for it.
Great Business Names Are Easy to Spell & Pronounce
Think, is it fair enough to incorporate a misspelling into your business name or come up with a name that could be pronounced in six different ways? Think again.
If you're considering a name that is hard to spell, you're making it exponentially more difficult for audience to find you through an online search. Don’t do it!
If they don't know how to spell your business name, they might not find it at all. In this way you will confuse the customer, and this is one of the worst offenses you could commit. People don't like to be confused or feel too dumb to spell your business name or say it correctly.
Imagine the frustration someone would feel if they tried to get directions to your business with a voice search and not get the results they need because they're saying your business name incorrectly. Pronounceability is part of what makes business name great, especially in the growing era of voice search. It's estimated that, by 2020, 50% of all searches will be voice searches. You can prepare for this in advance by creating a business name that's easy to pronounce.
Great Business Names Has Room For Growth
One of the problems with choosing a business name based on the product you sell or the service you offer is that it signifies very short-term thinking. What if you add products to your product line in the future? Or expand into a new segment? Or start to serve a broader target audience?
For example, if Bob's Pest Control decides that they also want to offer lawn services, it will be extremely difficult under their current brand name. And if Jan's Hair Salon wants to add mani-pedis and massages, customers won't know that by the name of her business. Make sure that the name you choose doesn't limit your profits in any way.
Part of what makes a great business name is the space to grow. So, think out of the box. Plan for the future.
Great Business Names Work Well In Many Languages
Do you have dreams of penetrating foreign markets? If so, it's essential that the business name you choose flows in multiple languages. For example, the German car brand Audi is easy enough for English-speaking markets to spell and pronounce. But if a German insurance company incorporated the word "Rechtsschutzversicherungsgesellschaften" in their brand name, it would have fallen flat in countries not familiar with this word. (It means "insurance company that provides legal protection" in case you were curious).
Quick notes to take, if you're using an invented name, the name you choose shouldn't mean something else in another language. Do a Google search for the business name you're considering and see if any foreign language results pop up. If so, make sure that the brand name you chose doesn't have a meaning that you wouldn't want your business to be associated with. Easy!
Great Business Names Avoid Trends
As a business owner, you don't want someone tossing out your company like a passing trend that's worn out its welcome. When coming up with a business name, think about if it would be relevant ten years ago, and if it might be relevant in the next ten years. It might be tempting to hop on the fad train when creating a name for your business. That will make you and your business cool, right? Wrong. What's cool today may be decidedly uncool tomorrow.
Stay away from current trends and fads and go with a brand name that will stand the test of time.
Are you struggling with coming up with a brand name for your new business? We can help! At Brandsoo, we offer company name, domain, and logo packages that take the guesswork out of creating a strong brand. Want to discover more? Click the button below.