One of the most important decisions you will ever make in business is your choice of business name. A good name can create the perception of integrity, professionalism, or value-for-money – it could be your business’s biggest asset. A poorly chosen name can discourage potential customers by making your business appear farcical, or even offensive.
What’s in a name
If you haven’t thought of any names yet or the names you have come up with are not suitable, the first step is to relax. There is hardly anyone who can come up with the perfect name straight away.
Take some time to play with concepts, ideas and words to find a name that fits your business and its intended market. Running ahead with a name that is inappropriate will result in additional costs further down the track.
There are some handy tools to get you started:
A basic thesaurus or dictionary – This will give you endless options and allow you to gather words together to create potential names.
Free or low-cost naming programs – There are a number of computer programs that will calculate names for you on the basis of keywords you enter from a database of common words and phrases.
Draw up a list of words and names that appeal to you, as well as a list of words applicable to your business. Try different words and combinations, then create a short list of potential names for your business.
Make it memorable
Being creative can help your business stand out, but its name also needs to be easy to spell and remember. If a potential customer types in your web address, it only takes one misspelled letter for a browser to declare they can’t find the server – or worse, take them to the site of another business.
Think about how your name sounds when spoken and whether it’s easy to spell when searching for you online. Short, simple names are easier to remember for word-of-mouth referrals.
You might be tempted to play with words or incorporate humour into your business name. Whether this works or not will depend on the nature and size of the business, whether you need to portray a professional image, and what appeals to your target market.
If you are uncertain about the name you should go with, you can always:
Canvass the opinion of close friends
Run a poll targeting possible customers
Get some professional advice from a marketing expert.
Invoke an image or positive connotation
This can be tricky but try to think of a name that invokes an image or a feeling, preferably related to what your business offers. These names are both easier to recall and link to a positive feeling with your product.
Reference what you offer
For a business on a budget, having a name that tells potential clients what you offer is a good way to minimise money spent on marketing.
Names that reference what you offer are also better for Search Engine Optimisation (SEO) and Internet advertising. If someone is searching for a product or service you provide and it is part of your business name, your results will be more prominent in search engine results. You will have a competitive advantage over businesses with more abstract names.
Testing the market
Testing the market is a good way to gauge responses before taking the plunge.
Ask family and friends to comment on the name – they might point out some issues.
Ask existing customers or a sample segment of your target market for feedback.
Ask a marketing professional for advice before you make a final decision.
The Materials are provided for general information purposes only and are not intended as professional advice and should not be substituted for, or replace, such professional advice.