Steps To Business Success – What’s In A Name

What does your name say about you?  Are you comforting, stern, specialized?  Selecting a name for your business is an important part of your branding process.  What are you selling to your customers, will your name convey an industry position, or will it torpedo your brand.

Major companies spend millions of dollars researching and testing out names for new products and services that they offer.  Even with millions of dollars in research they can still come up with junk that just doesn’t sell.  So while your name can sometimes be the difference between moderate success and viral success you still need a product.  I’m not sure anyone is really all that qualified to judge good names or bad, but I can certainly provide a little assistance.

Name From Product

This is where you name your company the same or similar to the product that you will be selling.  While it doesn’t stand out as being totally original it does help embed your product and company into the mind of someone looking at your product.  Since one is the other it can provide a good mental connection.  This doesn’t work if you have a wide range of different products to sell.

Name From Industry

This is where you name your company based upon the industry or product line you are working in.  This can be especially useful when you have a storefront or want customers to be able to find your products online by keyword.  An example would be Payless Shoes.  This makes sure a customer can easily identify what you are selling.

Make Up A Name

This can be as simple as taking two words and combining them somehow to make a word you like, to as complex as inventing a new word.  Successful companies like Google have done this.  By using a completely made up word it can be simpler to register names and get Internet property.  The cost is that you will have to build your brand from the ground up since your company does not immediately convey what you are selling.  If you are in a new niche this can be very useful since it lets you define the buzzwords.

Maybe these few pointers will point you in the correct direction of choosing a name for your business.  Ultimately you will have to apply your own special creativity to come up with a name that defines you.  You may be selling a product or service, but your name sells you first.  A name that people can recognize and love will simplify the sales process and make everyone happier.

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