Your company name should have a common thread that leads to the core of the business. When this isn't taken into consideration often mistakes are made. The same marketing energy that you use to develop your business name needs to flow throughout all integral parts of your business.
Your business name means everything when it comes to marketing your business, it could make or break your business, so do not take this part of planning lightly. A business name automatically contains a marketing element; your job is to choose a name that will help your marketing efforts. It's not as difficult as it sounds, but you do want to spend some time doing it. I've listed some questions below that will get your creative juices flowing and jumpstart your thinking, so that you can begin developing ideas for your business name.
- Write down a description of your target audience.
- What problems does your business help them solve?
- Make a list of words and phrases that appeal to them.
- List three to five benefits that you offer to your customers.
- List out the names of 4 of your competitors.
- Make a list of characteristics that differentiate you from the competition.
Now take these answers and formulate a list of 5 to 7 names. Once you've chosen a name it's time to put it to the test. Visualize your target audience and ask yourself the following questions:
- Can the proposed name be pronounced easily?
- Does it read quickly and clearly?
- Can you say it and others understand it, without having to spell it?
- Is it spelled as it sounds?
- Is it short? Experts recommend that a business name have eleven or less letters and four syllables maximum.
- Does it contain negative internal words?
- Is it unique and sensory? These two traits make words memorable.
- Does it spark interest? Is there a story behind it?
- Does it represent who you are? Is it authentic?
- Does it express or imply a desirable message?
- Can your employees say it proudly?
How did your proposed business name do? Is it a keeper or is it time to go back to the drawing board? Be honest with yourself, in the long run you will be glad you did.
Having a great name is a powerful force when it comes to your marketing campaigns. Your name differentiates you from competitors, makes an emotional connection with your audience, and helps to build a strong brand that your customers recognize and trust.
Source: About Marketing.