A business or brand name is the lexical part of your business: It is spoken, as well as heard and seen. A business name introduces a business; it represents all that the business stands for, and should therefore be strategically formed so as to earn its place in the daily vocabularies of customers/clients. Being professional naming consultants, we have seen several business names that fell below standard as a result of the insensitivity of some business owners to consider few important factors before finally settling for their business names. The following factors are worth considering if you must come up with a business name that would resonate well with your target audience as well as stand the test of time.
This basically talks about the visual associations the words that form your business name carry. In other words, a winning business name will have some visual element in it. When you look at your business name, what image does it create in your mind? Does the name even have any visual element at all? For example, a name like Minute Coffee quickly creates a picture of a coffee done quickly. Your brand name should be able to create some awesome images about your brand in the minds of your clients. Your potential clients should see your uniqueness, understand your brand personality and be willing to be identified with your unique business story through your name. Your customers should be able to visualize your brand image and get connected to you through your brand name.
A quality business name should be memorable and be made easy for people to say and spell. Yes, having a catchy name is good but if your brand name is constantly misspelled and not pronounced correctly, you are indirectly raising a red flag about your business! Examples that readily come to mind are Twitter and Google. These brand names are catchy as well as memorable. Since your goal is to attract customers to your business and your product, making it difficult for them to spell or pronounce your name gives them an impression that they are not needed and this might make you lose them to your competitors. And you know this could be costly. To them (customers) it means you are simply telling them to "look" or "go elsewhere." You will make your business or brand very attractive to your potential clients when you make them feel comfortable when spelling and pronouncing your brand name. However, this does not mean you should ignore the choice of having a catchy name; you just have to make sure it is also memorable and easy to pronounce. Remember, you want to win as many customers as possible.
You always want to present your business in a positive way (not the other way round). And one of the best ways to do this is through your name! What kind of meaning does your business name have? Or may be you did not even think this is crucial to the way your potential clients would perceive your business. The Coca Cola's Sprite and Verizon, a telecommunications company, are great examples. Sprite was as something refreshing, lively and energetic, while Verizon suggested a reliable and forward-thinking company. These names carry with them some positive meaning. The word mom or dad tends to signify closeness, friendship or sense of care and openness that flow from a mother or father to their children; whereas the word mother or father tends to present a neutral, generic meaning. A good business name should not have neither neutral nor generic meaning.
Rather, the meaning should be positive and emotional. As emotional beings, we are easily connected to something that speaks to our emotions. We are often favorably disposed to whatever it is that appeals to our emotions, quickly. A good business name should be able to do this. What kind of meaning does your brand name portray? How do people feel when they see or come across your brand name? This factor may influence the action they would take concerning your business or product: deciding to transact with you or choosing to go elsewhere. Your brand name should create some positive feeling about your brand and should resonate with your target audience's emotional needs.
Considering these three factors before choosing a brand name will definitely work to your business' favor, now or later.