How not to be mistaken when choosing a name for your own business
When choosing a company name, there are often many difficulties associated, as a rule, with attempts to avoid too bizarre and difficult to memorize, as well as too general or, conversely, too restrictive names. But the main problem lies in the fact that, on the one hand, the name of your company should be eye-catching and easily remembered, and on the other hand, it should ideally suit your business and reflect its specificity.
Considering the name of your future business, you should definitely take into account that it will significantly affect the success of your company’s introduction into the market of goods and services. So, before you opt for one of the options under consideration, answer the following questions:
1. Will the name play in favor of your business?
The name of your business project is designed to help you make yourself known in the market, stand out from the competition and shape the image of your company. In order for these goals to be achieved, the title must be original and at the same time easy to understand. For example, Apple was able to declare itself, including due to the abandonment of the name with a corporate sound, such as IBM and NEC. In addition, the name should reflect the fact that your product or service is created solely in order to satisfy the tastes and needs of the potential consumer, and therefore it should be quite simple and understandable for the average person.
2. Will your name limit your future business opportunities?
Creating your own brand, you should consider the prospects for business development in the future. Avoid names that will lose their relevance when expanding the line of goods or changing the specifics of the services provided.
3. Is it worth investing in the title semantic load?
In most cases, it is more appropriate to choose a name that carries certain information about the features and orientation of your business. As for distracted fancy names, choosing them is a more risky step, as they do not always work positively.
4. Is the name of your company easy to remember?
The shorter and simpler the name, the better. Moreover, it is recommended to avoid in the names of hyphens and other special characters. Acronyms should also be avoided, as for many they may be misunderstood. In addition, taking into account that all databases and file directories are organized in alphabetical order, it can be argued that a name that starts with one of the first letters of the alphabet will be more advantageous for your business.
5. Does your name cause difficulties with pronunciation?
Some companies deliberately choose such unusual names that some consumers cannot even pronounce them. As already mentioned, such a way to stand out and declare oneself is risky and, if possible, it is recommended not to resort to it. It is considered that the most optimal solution is the choice of names, the spelling and pronunciation of which coincide.
6. How will your potential customers react to the chosen name?
Of course, an unusual sounding name will help give the brand you create some zest and attract consumer interest. But in this case, almost a necessary condition is to conduct a large-scale advertising campaign so that your name does not cause confusion, everyone has heard it and your potential customers understand what lies under it.
7. Is the name sounding like?
The harmoniousness of the company name not only does not cause difficulties in reading or pronouncing, but also contributes to better memorization and causes positive associations among potential customers. Here such companies as Apple, Oracle, Virgin can be named as successful examples.
8. Will the name be understood by most people?
Names with a veiled or understandable meaning only for you will not tell anything about the specifics of your business and will not help increase the popularity of your brand.
9. How does your name visually look?
It is also necessary to take into account how the name you chose looks on various kinds of logos, advertisements, billboards. From the point of view of design, titles should strive for external compatibility of letters, proportionality of syllables, repeatability of letters at the beginning and end of a word, as, for example, in the names of companies such as Volvo, Xerox.
10. Has an appropriate market survey been conducted?
So that time and money for creating and promoting a name for your company are not wasted, it is first necessary to conduct research in the field of existing and officially registered trademarks. And if your name is unique and does not violate anyone’s copyright, you can register it and start a campaign to develop your brand.