Your business name can mean the difference between gaining traction or fading in anonymity. A catchy business name brings up a mental image of the brand in the minds of potential consumers, communicates the core concept behind the company or service, and is an essential keyword for ranking in the search results.
If you have grand ambitions for your business but feel nervous about coming up with an encompassing, catchy business name, don’t be!
Browse through the following factors and assess your business naming strategy!
-
Brand-Appropriateness
Choosing a name for your business is essential for brand recognition. It will set the tone for how people see your business. So, we recommend working backward by focusing first on your brand identity and vision (including target demographic, culture, and mission). Once you’ve nailed it down, you’re ready to start thinking about your name. By doing so, your company’s ideals will be adequately reflected in your name.
-
Simplicity
Choose a name that is not too long or complicated. Keep in mind that your company’s name should be appealing to your customers. It should sound friendly, familiar, and elicit pleasant thoughts.
As an example, think of the business name Zippil, which is not only difficult to say but vague and obscure as well. It’s not a good sign if you have to explain your company’s name.
-
Future-Proofing
One thing you don’t want is to come up with a name that impedes your future growth goals or limits your reach.
Say your business manufactures women’s shoes but plans to expand into the male market in the future. Having a name like Heel Goddess practically shoves away a massive percent of your potential male leads.
An excellent way to future-proof your business name is to think big. If you’re starting with women’s shoes, think about where your company wants to be in the next ten years. If you think a male shoe line is in the works, you may want to consider creating a more encompassing business name.
-
SEO-Friendliness
When creating a business name, a typical error is to focus solely on how it connects to your business. If you want to establish a digital presence, everything about your business has to be fit with search engines.
Do some research on your potential business name with tools like SEMRush or Moz to see how popular it is for organic and sponsored searches. While seeing high engagement with the term can be a positive sign, an absurdly high competition for the business name should push you to look for another one.
-
Trademark Availability
Don’t start setting your hopes on the “perfect” one until you’ve made sure it’s legally available. Most categories are already quite saturated, so many competitors have gone through the same name formation process.
Some of them may have used the same tactics as you and come up with a similar or identical business name. Do your research, go the extra mile and check in with the United States Patent and Trademark Office for any trademark issues. Trust us; it’ll be worth your time.
Final Thoughts
In an increasingly crowded business environment where leads often can’t differentiate one brand from the next, your company can’t afford to publish a half-baked, ill-informed business name.
You can have the best products and services in the world, but a lousy brand name will undermine your efforts every time.
Are you thinking about starting a business but don’t know where to start? New Business Centre can help! We offer an affordable business education program to help aspiring entrepreneurs like you succeed and hit the ground running. Start your training today!
